By: John Ternullo, REALTOR
The Ternullo Real Estate Team
RE/MAX Heritage. LLC
- FALLING FOR THE D?COR - While the furniture may look pretty- keep in mind, it doesn?t come with the house! Too much clutter or conversely, an empty room will make a space look smaller. Does the space and layout work? If you can look past the vintage wallpaper and don?t mind painting, you stand a better chance of buying more home for your money.
- NOT BEING READY - It could take months before finding the right home or it may be the 1st home your agent shows you- Are you ready to make an offer? Is your financing in order? Many buyers continue to look even after finding something great and priced right? just to ?be sure?. When they finally decide to move forward, or when they are ready- often enough the home has generated other interest (now it will cost more if you want to buy it) or even worse -the home is no longer for sale and is under contract.
- ?IT?S A BUYERS MARKET? - A buyers real estate market doesn?t mean there aren?t ANY buyers in the market! If the home looks good to you, chances are it looks good to many more?Even in a down real estate market a quality home that is well priced will move fast. Ask your buyer?s agent about the local real estate market trends- What may be happening on a statewide or national level may or may not be the case in your neighborhood.
- HANGING YOUR HAT ON THE LIST PRICE - You never want to search for homes for sale above your price range and over extend your budget, however it is not uncommon for sellers to list their home 5, 10 or even 15% over market value. If you find a property that meets your search criteria, but looks like it is slightly over your price range, ask your Realtor for a home market analysis, it may be just over priced. Conversely if you find a property that seems a little too good to be true- it very well may be the seller?s strategy to attract a large amount of buyers. If your agent?s market analysis reveals the property is aggressively priced, keep in mind when you submit your offer that they may be some competition.
- LOW BALL OFFERS - If an offer is substantially below home market value, some homeowners may get insulted and decide to reject the offer completely rather than counter the offer. It also gives impression that the buyer isn?t serious, so a homeowner may counter, but might be reluctant to offer their best terms and may be slow at responding- (While an offer is being countered, in the mean time, a good listing agent may be informing other prospects about the offer to generate others in hopes to create a bidding war!) Has there been a lot of activity on the home? What is the seller?s motivation for moving? If your offer is low ? have a (non-derogatory) explanation why.. If your offer is genuine, with good reason, you stand a better chance of getting it considered.
- THE SELLER IS THE ENEMY! - Buying a home isn?t a game of winning or losing. Treat the seller as you would like to be treated and be flexible on issues that are less important to you. Once buyers and sellers ?draw the line? it?s nearly impossible to successfully negotiate. At some point of the negotiations or transaction, you most likely will need the sellers cooperation?and more often than not the more they like you the more they are willing to offer you.
- LOSING YOUR COOL - The whole process of buying real estate and moving are ranked high on the list of most stressful events of our lives- Its easy for emotions to get the best of us. Maintain a good sense of humor, expect problems, and remind yourself buying real estate is a business transaction. Keeping the right mindset help you make smarter decisions and more importantly, keep your sanity!