Yes, home prices are still high, but we have turned the corner into a new market where Sellers are more MOTIVATED than ever. The sellers who have arrived late to the party or have missed the top of the selling peak, despite this, are listing their homes creating a lot of new inventory in the market and sellers are optimistic to get top dollar.
Despite high interest rates, still rising....this week, and the "fear" of a full-blown recession, yes - people are losing their jobs, expenses are being cut, etc., there are a lot of buyers still determined to buy a new home.
Buyers are going shopping today knowing that there's a lot more inventory on the market, they have more choices, time is on their side, and they have more negotiating power than in market past, they are and should be taking full advantage of this new market.
Sellers are being told by their agents to take every offer serious and to be willing to make concessions, negotiate, fix items that need fixing and more.
SELLERS ARE MOTIVATED:
HERE'S YOUR CHECKLIST
1. Find a motivated seller. Look for the combination of a house with a lot of equity and an owner who wants out fast. This includes owners looking for something smaller, as well as those who are preparing to move out of state.
2. Determine your price and terms. Before you can begin negotiation, you must know what you have to offer. You must have an idea of the market value of the home, as well as an idea of needed repairs. When you have this information, you can determine the price and terms that make you comfortable.
3. Meet with the seller. Always allow the seller to name the price first. This tells you how realistic the seller's expectations are. If the price is too high, explain what you can offer and why. If the asking price is very low, don't take advantage of the situation. Make your best offer.
4. If necessary, offer incentives. Some sellers still will not budge on price. For those people, explain that you will be taking this load off their shoulders. You will take care of repairs and maintenance from now on. In the event that you are paying cash, explain how that speeds up the process. If they still will not move then it is time to walk away.
5. Wrap up the deal. If the seller agrees to the price, sign a purchase agreement and schedule a date to close. If you cannot agree on a price, leave the seller your card. Ask permission to contact them in the next few weeks for follow up. Either way, your negotiations are complete. You can now move onto the next.
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