Selling a house? Buying a home? The housing market is not what it used to be today so Penny Pinching Hints is offering some tips that can help you actually consummate deal.
- Inspect your home before you put it on the market. Make the repairs yourself. You can control the costs and there will be fewer reasons to have to lower your price. The house will also show better if it’s repaired.
- Always keep the door open to negotiation. Even if you have received an insultingly low ball offer, don’t ignore it. Respond by thanking the client for his/her interest. Ask for a more earnest offer. Provide the buyer a list of recent sales in your area that show your price is reasonable.
- Be willing to move out right away and state that up front. This gives you a couple advantages. One, for buyers who need immediate occupancy it means they do not have to spend extra to rent. You will also be able to compete with short sale homes in your area which take a long time to close.
- Avoid contingencies. First, put your house up for sale before looking to buy. (An average sell takes about three months.) Also make sure you prequalify for a mortgage loan. These two steps will give you leverage as you will have no contingencies to write in a contract. You’ll be a surer customer for a seller, and you’ll better know what you can afford.
- Make a reasonable offer. The best place to start is at about 10% below the list price. From here you can negotiate. Most homebuyers will end up paying about 2.7% of the list price. If you really need a better deal, negotiate closing costs.
- Be willing to walk away. There is never only one dream house, especially in today’s market. Your best buying tool is the mental determination to stop negotiating when the price isn’t right.
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