With So Many Homes For Sale…
A Top Realtor’s Techniques for Getting the Best Buy in a Buyer’s Market
- Know what you really want in a home. – Getting a great price for a house you won’t enjoy is not a bargain. In our initial home buyer’s consultation, I can help you paint your “ideal scenario” and prioritize your wants. That way, you can align your dreams, desires, needs, no-no’s and budget with the real estate for sale. (If you’re interested in an investment property, please click here.)
- Wow the seller with your ability to close the purchase. – When it’s time to make an offer, price is only one factor and not necessarily the most important one to the seller. The more like cash-in-hand your position is, the better price I can negotiate for you. I will introduce you to well-known and esteemed mortgage representatives who will give you a qualification letter the seller knows he can take “take to the bank.”
- Offer to close on the seller’s schedule. – With your mortgage just half done and an expeditious attorney and inspector (I can recommend the best) you can close in a couple of weeks and save on price. That said, some sellers want things to go slowly or flexibly.
Sometimes, older sellers are worried about how they will move a lifetime of possessions. Your flexibility on timing can be worth thousands when the seller is evaluating your price offer.
- Assure the seller you will “perform” honorably and expeditiously. – Many buyers exploit attorney review and inspection contingencies to make the terms and financial result less favorable to the seller than originally negotiated. If we can honestly assure them your offer is real, it is worth something on the price.
- Don’t chase the market. – They don’t ring a bell at the market bottom, so finding a home that fits you and arranging financing that works for you will serve your total wealth better than scrambling to get that “great deal” in a rebounding market. Any savings you might lose can easily be made up (and more) by properly negotiating other aspects of the transaction and taking maximum advantage of financing opportunities. As your Realtor®, I can help you with every aspect of these negotiations.
- Obey one cliché. – When it comes to real estate for sale, pay for location, location, location and prioritize it above everything else—especially condition. Every nail, gallon of paint, landscaping improvement, plumber visit that you put into your new home will cost the same in Location A as it does in Location B. But the resale value of the improvements will be commensurate with the location. Location is the one buying decision you can never modify. When the market goes up, prized locations appreciate the most, and when the market softens, weak locations suffer the most. There are “hard” quantifiable location factors and soft, subjective ones. If you have your sights set on a house, hang out on the block a while and even ask some neighbors for their opinion. Get a feel for what it would be like to live there.
Read more about location factors to consider when looking at homes for sale in Westfield.
- Recognize the difference between skin and bones. – Our Realtors® can show you the best real estate for sale in Westfield, NJ”Bones” are aspects of the property that cannot be changed, such as floor plan, location, view, lot size, noise, and school district. “Skin” is composed of easily changed surface finishes like carpet, wallpaper, color, landscaping, window treatments. Focus your attention on a home’s underlying merits (the “bones”) not the seller’s decorating skills. You can always change the “skin” of a home with good “bones” to match your taste. One way to do this is to imagine each home you visit as a vacant house that’s never had an owner.
- Think ahead. – It is much more cost effective to upgrade a house that’s the right size than to enlarge a house that may be in better condition. Cosmetics and mechanicals are easily improved; putting on an addition is much costlier. Retaining a home’s original architectural integrity can also make it more attractive at resale.
- Stretch within reason. – With a fixed rate mortgage, your payment will never go up, but your income probably will. As a result, your payment will become relatively smaller in the future. Meanwhile you will accumulate possessions and maybe add new family members, leaving you less and less space over time—unless you plan for this growth…
Putting on an addition (or even trading up later) is ultimately much costlier than buying a bigger house now. .So buy with the future in mind, even if you have to eat a lot of macaroni and cheese the first year. It’s the most cost-effective, wealth-building choice, and who doesn’t love macaroni and cheese occasionally anyway?
“Your Realtor® Owes You an Overview of All The Real Estate for Sale In Westfield—Not Just One Or Two Properties.”
- Try to like more than one house at a time.
Sellers pay attention when your Realtor® can say: “Here’s my client’s offer and we would love to do business with you. By the way, we’re making an offer on another house later, so please let us know.” Competition focuses their thinking and sense of urgency.
- The price of money is a huge component in the ultimate price of the purchase. – You can do to make this fact work for you. One way is to use the historically cheap, government- subsidized money while it is available. Another is to work with your lender representative to improve your credit profile so you qualify for the best rate you can. You can also apply for a rate fixed just for the period you realistically intend to own a home—why pay the higher 30-year rate if you know your job will take you away in 7 years or less?
Having participated in hundreds of transactions on behalf of buyers and sellers, I can guide you toward optimizing your search and buying strategy. As your Realtor®, I’ll do my part to keep it fun and smooth for you. Let’s plan to get together.
- Don’t be pushed or rushed into a decision. – We can show you all the homes for sale in Westfield, NJA Realtor’s first job is to supply you with as much information as you need or want. Your agent’s automated system should inform you of all the real estate for sale that meets your search criteria. Don’t make a decision on a property unless you have unrestricted access to all the data in the Multiple Listing Service about (1) list prices of similar homes for sale, (2) prices of similar homes that haven’t sold and (3) prices for similar homes that have sold for over the past six to 12 months. Only when you have all the facts can you make an informed decision.
- Stop calling ads and get an overview of all the real estate for sale in Westfield. – Realtors® write ads to make the phone ring. Many homes for sale have drawbacks not mentioned in ads, such as poor floor plans, traffic noise, power lines, or litigation in the community. What you need is complete information on the entire market – not just what happened to be advertised that day. If you’re searching for property by calling real estate for sale ads or calling numbers on signs, you miss out on the best buys. Here’s why:
(1) 17% of homes for sale don’t have for-sale signs.
(2) Many Realtors® never hold open houses.
(3) Most “discount” Realtors® never advertise their listings.
(4) The best property values often sell before they are advertised.
To obtain a total market overview, have your Realtor’s real-time information system provide you with instant notification on all properties meeting your requirements the day the information becomes available.
- Obtain factual data. – True real estate service begins by furnishing you with factual information. All the information you want and need. Whenever you want it. Unfiltered and unscreened. Without cost. Without obligation.
That’s why I offer my HomeFinder Service at no cost and with no obligation or pressure to buy. The system provides you with real-time notification on every home for sale that meets your requirements – the instant the information becomes available — unfiltered and unscreened by a Realtor®.
Here’s how it works: Simply tell me what you want – price range, square footage, location, style and whatever else you find important. I’ll program the system to download all the information on real estate for sale that meet your exact specifications, then set the system to deliver the information to you by e-mail as often as you want it – daily, twice a week, three times a week, or weekly.
- I have direct access to MLS mainframe computers, so you’ll know about new homes for sale the day they are entered into the MLS computers. This is often one to three weeks before these homes are advertised or held open.
No matter what style of property you want, if it’s out there, our computers will find it. Do you want two or three baths? A three-car garage? A spa? A fireplace? A fenced-in yard? An acre of land? A wooded lot? A quiet cul-de-sac street? If you specify it, and it’s out there, you can have that information the same day it appears on the computers – even before many Realtors are aware of it.
- Take the market’s “pulse”…first. – Using the HomeFinder system, you quickly develop a true sense of the “pulse” of the market. You see exactly all the homes for sale at once. You obtain a “30,000-foot view” of the market. What is selling, what isn’t.. The instant an interesting property comes available you can move quickly. I’ll arrange for you to tour the inside, at your convenience, no matter which Realtor® or real estate company has the property listed. There’s never any pressure to buy. No one will ever say to you, “This is a red-hot deal! A cream puff! You had better make an offer on this property today or you’ll miss out!”
As you can see, my team and I have a different philosophy. My HomeFinder Service is free. I am paid by the seller if you buy a home. To get started on the HomeFinder Service, just give me a call at 908-698-2630. My job as your Realtor® is to help you find the perfect home at the very best price and terms.
Contact our Realtors® to discuss the current real estate for sale in the Westfield, NJ area.