Last Updated on March 31, 2024 by Ali Hamza
You’ve spent a long time looking for that perfect home, and now you’re ready to list it. But what do you do before actually listing your property? Should you do a ceremonial first walkthrough to make sure everything is to your satisfaction? Or should you just wait it out and see if the right offer comes in? The answer is – it depends. With the current market conditions, most sellers won’t take offers less than their asking price.
However, some clever sellers may wait patiently for a buyer to come along, only to counter-offer after the contract is signed. Here are some tips on buying your first home that will help you reduce stress and increase your chances of getting the best outcome from this difficult process. These tips are explained by the Lentor Modern – A top-notch real estate service provider.
Don’t Be Afraid To Negotiate
When you list your property, you want to make sure that the person buying it can afford it. But how do you know if they’re actually ready to buy? That’s where negotiations come into play. Most home sellers are in it for the money, and they’ll happily agree to a deal you put together without seeing any financials. But sometimes, you have to be willing to walk away from a bad deal to get the best one.
If you’re the one offering the lower price, don’t be afraid to negotiate. If you come across a home that you think you could buy for less than what it’s currently worth, offer to lower the price. Don’t be shy about discussing your finances, and don’t hesitate to lower your asking price if you think the seller is underleveraged.
Use Your favourite software for home buying
When it comes to buying a home, most people use a service like Homescale or Zillow. These websites enable you to search homes using a number of criteria, and show you similar properties across the US. This is great if you’re looking for a specific type of property or want to see as many homes as possible.
However, it also means that other homebuyers could be seeing the same home, and thus, being unable to negotiate a lower price. If you’d like to limit your search to homes in your specific area, you could use an app like Allmyplaces. This website allows you to search for homes in 30+ countries, and shows you similar properties all around the world.
Find a Real Estate Agent You Trust
Real estate agents are a crucial part of the home buying process. They know the area well, and have contacts in the real estate industry. This could be further illuminated by the fact that most of them also have a personal connection with the house you’re looking at. When you list your property, you want to make sure that the person buying it is comfortable with the idea of buying a home. You can tell this by asking them how often they think they’ll need to buy a home.
If they say they don’t really worry about it, or they think they could manage without ever needing to own one, they probably aren’t the right person for the job. Real estate agents have to be able to make tough calls like this, and they also have to have some level of experience.
You can find a great many novice real estate agents, but you can’t find a great many great real estate agents without having done something wrong first. Real estate agents are compensated on a commission-only basis, and thus, they don’t need to be the most successful real estate agents – they just need to be the best at what they do.
Make Offers That Are Even-Minded
Buying a home is a financial commitment, and should be treated as such. While some real estate agents may try to up-sell you on special financing or other benefits, others will be equally honest and treat your purchase as a cost you will have to pay regardless of the agent or other terms.
Stay Flexible By Listing Early
If you want to get a head-start on the bidding, it makes sense to list your property as soon as it’s for sale. While it’s natural to want to hold off on listing your home until it’s sold, you could be missing out on lucrative offers and other important information.
You don’t want to miss out on fantastic offers simply because you were busy trying to save for your first home. Resist the urge to put yourself in a holding pattern until you can list your home, and instead, list it as soon as possible. Don’t put yourself in a position where you have to carefully consider every offer you receive, or you may miss out on great opportunities because you were too busy being unsure.
Celebrate After The Deal Is Closed
After you make the final payment, officially close on your first home. Now is the time to enjoy your new identity as a homeowner, celebrate with family and friends and most importantly, celebrate with your mortgage lender and real estate agent.
Once the mortgage has been paid, you’ll have officially purchased your first home. Celebrate by heading to the liquor store, or by indulging in some of your favourite foods. Now that you’ve finally got your foot in the door, it’s time to make your mark on the real estate industry. Don’t be shy about promoting your abilities as a homebuyer, and don’t be afraid to show off your newly minted savings.
Bottom line
Buying a home is a costly and serious business. It’s important to find a real estate agent you trust, and to stick to serious conversations about your home purchase throughout the buying process. Don’t be afraid to negotiate, stay flexible by listing your home early, and celebrate after the deal is closed.
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