It is important , now more than ever , to have an experienced real estate agent who is versed in negotiating multiple-offer situations , creating offers that will stand apart from the rest and having relationships within their community to make deals happen .
While inventory has remained relatively low over the last three to four years , homes that are competitively priced are moving fast . It is important , now more than ever , to have an experienced real estate agent who is versed in negotiating multiple-offer situations , creating offers that will stand apart from the rest and having relationships within their community to make deals happen . Sellers need an agent who is current on market demands and how to list to drive multiple offers . Buyers need an agent who can give their clients the tools to be as prepared as possible when making an offer .
If the past is any indication , and I believe it is , we are going to see a market shift soon . Interest rates , which have reached historic lows , will inevitably rise again , because nothing in real estate stays the same for too long . And inventory , which also has been very low , could increase too , especially if the unemployment rate continues to be high and more people lose their jobs and are forced to sell . These shifts , which typically are cyclical , can produce a great market for both buyers and sellers .
Whether you are buying or selling , it ’ s important to put yourself in the best possible position when negotiating perhaps one of the biggest purchases or sales of your life . Here are 10 tips to help you through it .
1 Don ’ t talk in front of the house . In our technologically driven world , many homeowners have homesecurity systems that record audio and visual activity in front of the property , so they can hear what you ’ re saying .
2 Be educated . It ’ s important to know the current market and choose a trusted agent who knows the market too .
3 Be informed . An agent ’ s role is to make your offer the most appealing to the seller . Many times , price isn ’ t the only incentive . Let your agent find out if a rent-back agreement or a furnished home , for example , are important elements for the seller , and adjust your offer as needed .
4 Write that letter . As a buyer , write a letter to associate yourself with the offer . Homes are personal , so it communicates sincerity and also gives the opportunity to provide reasons if the offer is not at list price .
5 Don ’ t offend the seller . Make an offer that is respectful of what the market is and what the home deserves .
6 Don ’ t ask too many questions . Asking a lot of questions of the listing agent before writing the offer can oftentimes give the impression that you ’ ll be a difficult client during the escrow process , and that might play a role in the seller ’ s decision of which offer to accept .
7 Have proper financing lined up . Find a trusted loan officer who can provide your preapproval letter and who has already indicated how much you can afford to pay .
8 Don ’ t hire a relative or casual or part-time agent . Many people want to save cost on the commissions paid for selling their homes , but agents who are the best in the business are that for a reason . Hire an expert , someone who deals with transactions daily , markets accordingly , and instinctively knows when to push and negotiate the best deal possible . The $ 5,000- $ 10,000 a seller may try to save could be lost without these skills .
9 Know the competition . Lack of knowledge about where other buyers are coming from and what they can offer can affect your offer . Know who you ’ re competing with so your offer is the most desirable one . Give it your best shot . By the time you walk away from an offer , you should feel confident that you did everything you could to make it your best .
Real estate agents want sellers and buyers to be as informed as possible . While we are all trying to figure out what the new normal will look like , agents should be a resource for helping families find a home in which they will feel secure and comfortable .
Tim Collom , a residential real estate agent , has been helping people in the Sacramento area buy and sell homes for more than 20 years . He specializes in older established neighborhoods .
What ’ s been your experience buying or selling a house during the coronavirus pandemic ?
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November 2020 | comstocksmag . com 23