Drama-Free Real Estate Advice
By Mildred Wong
MYTH: The right house will turn up at the right time for the right price if I wait long enough.
FACT: There is no “perfect” time to buy a house, just like there is no “perfect” house. When you find a house, don’t second guess interest rates or market conditions by waiting. Changes don’t occur that fast to make that much difference in price. Similarly, a good house won’t stay on the market long.
Since there are so many “For Sale” signs in yards, there must be many houses for sale. I can take my time. GET REAL! “For Sale” signs do not guarantee that the houses are still available. Real estate signs often remain in the yard until the house has officially “closed” and is off the market. This happens because deals sometimes don’t work out and the house has to be put back on the market, after being taken off for that buyer. Your real estate agent will be able to verify the true status of properties at all times.
When you are ready to make an offer, don’t try to be a killer negotiator. Make sure your offer is attractive, stands out, and gets the seller’s acceptance. Your agent will help you determine the most appropriate offer price, based on the recent sale prices of comparable houses. Be sure to have another house that you would also be happy with in case your offer is not accepted.
The price is $3,000 more than I want to spend. If the seller “really” wants to sell, they will accept my offer. GET REAL! While it may be a buyer’s market, sellers will still look for reasonable offers, and they have a choice in the offer they will accept just like you have a choice in the house you will purchase. If you love the house and feel that it is the perfect fit for you, negotiate fairly. $3,000 divided by 360 months (30 years) is only $8.33 more per month. Don’t lose your dream home haggling over dollars and cents.
It is an emotional rollercoaster when you set out to buy a house. If you are a first time homebuyer, the emotions are intensified because you don’t know what to expect. Once you commit to a house, especially after looking at many houses, you will wonder if you chose the right one. This is a common feeling that will go away once you settle down and envision living in your new home.
CALL TO READERS: In the process of buying or selling and have questions? Call or email and your topic could be the next discussion. Mildred Wong is a Licensed Real Estate Agent at City Central Realty, LLC. She can be reached at 617-236-2020 or firstname.lastname@example.org. Follow her on Twitter: @GetRealwMildred.
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