In the current real estate market scenario, finding an ideal house or a homebuyer has become a daunting task. Although for home sellers, it is relatively easier to find a prospective buyer. Many real estate companies are now providing secure house buying services.If you too are lately thinking that it is the right time to sell my house fast Virginia Beach, you can grab a good deal anytime.
Coming over to the house buyers, no doubt buying a house is an exciting time, but it is stressful as well. It becomes a real task to find the ideal house that fits perfectly within the budget. But more importantly, cracking the house offer is what gets to most of the home buyers. So, what is the smartest way to break a house deal without putting a hole in your pocket?
The key is, be objective rather than emotional.
Find out the market condition:
Like any market, the real estate market works based on demand and supply. Observe the houses that are up for sale in the market. Evaluate the duration for how long the house stays in the market. If they remain in the market for long, whoa! It is a buyer’s market. It means you have the edge over the sellers. With a strong position to negotiate, you can open the offer below the price listed for the house.
Similarly, if the houses on sale go into contract soon after entering the market, it is a seller’s market. Here you would need to offer a little higher than the price listed for the house.
Is the house in the market for too long?
Once you have figured out the market condition, you need to check the duration of time the house has been on sale. This might help you evaluate if the seller has priced the house appropriately or not. If a house in the market is taking too long to convert than the average time, the seller might have priced the house unfairly. Here, you will have the power to negotiate it with a lower offer.
What is the competition?
In a tight real estate market, a house on sale would often get multiple offers. Not only other home buyers but real estate companies offering we buy homes fast for cash services would also be making a bid on it. Here, the competition can get more stringent. But by putting an ‘escalation clause’ in your proposal, you can get an edge over other bidders.
But how does it work? Say for example the listing price of a house is $300,000 and you know there will be many offers. You can make an offer of $305,000 with an escalation clause up to $320,000. If no one else offers a higher bid than your initial proposal, the offer will be of $305,000. If another offer is made that is higher than your initial offer, the escalated clause value will be your next bid.
But keep in mind to get pre-approval from your mortgage lender. This will only help you close your home deal quicker.