Seven Ways...
to dominate the End of Summer Sales Season: Buyers
The dog days of summer can be the perfect time to score a deal on homes you may have previously overlooked. Here are seven ways to capitalize on potential soft spots in the market:
- Revisit - Quite simply, take another look at some of those listings you may have glossed over a month ago. In the initial frenzy of entering the market, you may have missed a diamond in the rough. Do so with an open mind as to the potential, even if there are a few flaws or characteristics you don't necessarily love.
- Disregard List Price - Homes that have been sitting on the market for more than two weeks have been doing so for a reason: they are probably overpriced. At some point a seller will have to relent if she wants to sell her home. Make an offer you feel the home is worth. You never know, it just might stick!
- Understand the Effect of Days On Market - The longer a house sits, the more likely the seller is willing to make a deal. As those numbers add up, a home becomes less desirable. Don't let that bother you. See it as an opportunity, and ignore the psychological barrier.
- See Beyond Previous Roadblocks - So the kitchen and bathrooms need to be redone. Don't let this thwart you from making a go of it. Work with your agent to determine what the potential costs of remodeling might be, and have this be reflected in your offer price.
- Get FULLY Underwritten - A fully underwritten pre-approval allows you to drop your contingencies, which may help a seller overlook an offer that is less than the asking price. Most lenders perform this, especially in our current market climate.
- Strategize - The timing of your offer is also important. There are certain days and times of the day that are more advantageous for a buyer to position himself to score the deal. A great agent knows how to navigate this timing.
- Relationships - No matter how many online real estate services there are out there, nothing compensates for the relationship your agent cultivates and maintains with other agents. Being privy to information that may not be readily available to others could be the difference between kicking rocks or getting a new set of keys.
* Bonus(es) - A) take a great photo for your cover letter. If you have pets, put the pretty pooch in there! B) Slim is sexy - trim your contingency periods to make yourself look more attractive.