As Charlotte Real Estate Heats Up This Summer, Keep It Cool!
Buying a home is a business transaction however, one of the most difficult things for home buyers to do is to keep emotions completely out of the process. Most sellers in today’s market already know that they need to roll out the red carpet for their potential buyers. And buyers shouldn’t make the mistake of thinking that just because the Charlotte real estate market is down, they can take advantage of sellers. Keep your cool this summer and avoid upsetting sellers so that your home purchase goes smoothly and for a fair price.
Don’t put down their home. Many buyers and their agents feel that pointing out everything that is wrong with a house, you will force the sellers to take less money. This strategy hardly ever works; in fact, you’re more likely to anger the seller to the point that they either won’t continue negotiations or they become ‘bull-headed’ and won’t be as accommodating as they would have normally. That doesn’t mean you can’t fight for the best real estate deal possible, but be careful not to shoot yourself in the foot.
Don’t present an absurdly low Offer. In today’s market, there’s often little room to negotiate on Charlotte real estate and offering something WAY too low, will often insult the seller. You’re far better off coming in with what you think is a fair or a slightly low Offer — and negotiating from there.
Get your loan pre-approved. There’s nothing that will frustrate a seller more than getting almost all the way through the purchasing process only to find out you can’t get financing. With your pre-approval, you’ll know exactly what you can afford so you won’t waste your time or the seller’s time. As well, should you become involved in a multiple Offer situation, the fact that you’re pre-approved could actually be worth more than a higher sales price! What a great negotiating tool!
Don’t re-negotiate in the end. Never Offer more than what you want to pay and then attempt to ask for a massive price reduction to fix every single minor repair. Of course, I’m not referring to a major repair which needs to be completed; you can certainly expect a large or major repair cost to be reflected in the price. Just don’t attempt to lure the seller in with a price that you know you’re not willing to pay.
If you’d like to work with a real estate agent who can help you stay cool while purchasing Charlotte real estate this summer, call me or email me at today for more information.
(THE best Charlotte home search available - no kidding!)
Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310
Debe, it seems like we often need to "read" people in an intuitive sense, because some really like the negotiations and others are throwing out their "best and final" because they don't want to waste time and then there are those who don't want to "insult the seller". The cheapskates I find are like that through the whole process (hate those!!!). It's so so gray sometimes and I am usually representing both sides of the deal and truly want everyone to walk away happy even if there is compromise involved. Clear communication is PARAMOUNT.
When I ask for feedback from a buyer I ask for "constructive criticism" as well as what they LIKE about the house. There are so many thoughts that come up when I read your post today!
We REALLY earn our money.
Very good advice....most sellers who have any equity have already lost a ton of it...and if a buyer isn't realistic then we need to "chat" Educating buyers is really a big part of our jobs these days...some it works on and some it doesn't !
Well here is hoping ALL the real estate markets heat up this summer, yours and mine included.
Now, about that frosty beverage...is it an adult one?
Buyers smell blood in the water . . . they don't care about a "fair" price, or the seller. It puts me in a very compromised position at times. I feel like fishing chum these days.
All extremely valid points made here Debe, especially the pre-approval one. With the new due diligence clause in our NC Offers to Purchase, this one is essential.
Debe,
Again, your dotting your "i's" and crossing your "t's" with straightforward and prudent buyer tips. Hope you all can keep cool in Charlotte... g
Debe --- excellent points. My favorite(or is it my least favorite???) ---- negotiating and re-nogitiating throughout the transaction. YIKES --- It frustrates me just thinking about it. ARRRGH!
Excellent points, Debe. Buyers do need to be sensitive to the fact that Sellers have pride in their homes and won't take well to be strong-armed into selling. Mutual respect is the way to win.