The low end market is just flying in the greater Boston MA area. There are tons of buyers looking for their ideal home because of low interest rates, first time home buyer tax credit and lower prices than we have seen in years. I see many buyer's dissappointed because they did not get the house they wanted. Here are a few things to think about when negotiating on a home.
- Work with a professional- Take the time and find the proper real estate agent to help you in the capacity of a Buyer's Agent and please make sure you understand who your agent is working for in the transaction. I hate to say it but most Buyer's Agent understand the real estate market better than your neighbor Bob or your Dad who bought 20 years ago. We do this everyday and know the pulse of the market.
- Fair Market Value- Any seller can list a home for anyprice they want. Obviously there are tons of houses that are overpriced in the market place. But there are also sellers who pice at fair market value or under fairmarket value. The first key to your negotiating strategy is to know what fair market value is on the house you would like to purchase.
- Understanding the Real Estate Market- Sure there is a lot of gloom and doom in the market, at least the news says so. Here in Massachusetts the lower priced properties are starting to get gobbled up. If a good property is on the market and priced well, it will go fast... do not just assume you have weeks to negotiate. There is a lot of buyer's getting dissapointed because they feel they are in control. One thing a Buyer's Agent can provide you, is the absorption rate of the homes selling in a given price range.
- Its not always about getting the best price- Buyer's can get so focused on the "I have to win" attitude that they forget how many houses they have looked at to find one that truly interests them. Don't forget your objectives when your negotiating..... $5,000 or $10,000 does not translate into a whole lot of money on a 30 year mortgage if it means you have bought a house that you really like.
If you approach negotiation as a process to get the house you want at a fair price instead of beat the seller at the game.... you might just find yourself moving into the perfect house.
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
I pride myself in the quality of my work while helpingbuyers and sellers make dreams come true.
Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury
