1. Don’t Get “Pre-Qualified!”… Get “Pre-Approved”
Do you want to get the best house you can for the least amount of money?
Then make sure you are in the strongest negotiating position possible.
Price is only one bargaining chip in the negotiations, and not necessarily the most important one.
Often other terms, such as the closing date, or the strength of the buyer’s financing, are critical to a seller.
A ‘pre-approval’ is VERY POWERFUL and a weapon we recommend all of our clients have in their negotiating arsenal.
2. Sell First, Then Buy
If you have a house to sell, sell it before selecting a house to buy!
Let’s pretend that we go out looking for the perfect house for you. We find it and you love it!
Now you have to go make an offer to the seller.
You want the seller to reduce the price and wait until you sell your house. The seller figures that’s a risky deal, since he might pass up a buyer who DOESN’T have to sell a house while he’s waiting for you.
So he says OK, he’ll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency.
The Trap:
Now you have to sell your existing house in a hurry to get the dream house! To sell quickly you might take an offer that’s lower than if you had more time.
A good real estate consultant will advise you of the best strategy and what to do first, after listening to your goals.
3. Play the Game of Nines
Before house hunting, make a list of nine things you want in the new place. Then make a list of the nine things you don’t want.
We call this “NINE OF THIS AND NONE OF THAT”.
You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you’re comparing dozens of homes.
Keep in Mind “SKIN AND BONES”
When house hunting, keep in mind the difference between “SKIN AND BONES”.
- The BONES are things that cannot be changed such as the location, view, and size of lot, noise in the area, school district, and floor plan.
- The SKIN represents easily changed surface finishes like carpet, wallpaper, colour, and window coverings.
Buy the house with good BONES, because the SKIN can always be changed to match your tastes.
4. Don’t Be Pushed Into Any House
Your agent should show you everything available that meets your requirements. Don’t make a decision on a house until you feel that you’ve seen enough to pick the best one.
Review the Multiple Listing printout with your agent to make sure that you are getting a COMPLETE list.
Tip: In a fast market, you may be advised to make an offer ON THE SPOT. This works best when you are clear about your values.
Know your market conditions. At certain times in the market, homes sell very quickly, usually less than a few days after listing.
Summary: 4 Quick Tips That Could Save You Thousands
- ✅ Don’t Get “Pre-Qualified!”… Get “Pre-Approved”
- ✅ Sell First, Then Buy
- ✅ Play the Game of Nines (and check the “Bones”)
- ✅ Don’t Be Pushed Into Any House
Want early access to serious buyers?
If you’re going to be moving in the next six months, what you might not realize is that there are a significant number of buyers searching for homes like yours.
In fact, for every buyer actively viewing homes right now, there are 5-10 more about to begin their search, or eagerly waiting for the perfect property to come up.
If you’re interested in getting a head start on finding a buyer for your home, leave us some details below… We’ll see if we can find a match!
Want to know what your home is worth?
Before you put your house on the market, you need to find out how much it’s worth in today’s market, so you can make your plans based on the most current information available.
We can prepare a detailed Pin-Point Price Analysis for you that shows the most current market activity in your area for homes like yours, and we can recommend an optimal marketing price range that will give you the best odds of selling quickly – and for top dollar!