2007 Real Estate Guide
BankRate.com recently published "20 Steps To Get The Best Deal On A Home In 2007."
I am happy to announce that step 6 is "Hire a buyer's agent." Obviously, there are some smart folks over at BankRate.com.
"A good real estate agent can help you focus your search and avoid the pricing pitfalls. Ideally, you want 'someone patient, someone focused on the neighborhood you're interested in,' says Tyson. Talk to several agents. "Have they taken advanced classes or received a designation?" says Fitzgerald. 'Is it somebody that you feel comfortable with, somebody who's going to listen to your needs? Is what you're looking for what they're showing you?' Don't fall victim to the trap that you can save money by not using an agent. The seller, after all is paying that agent in most cases, and even if there's only half a commission involved, don't you think the seller wants to save that same amount you have your eye on?"
Step 8 is "study comparables." I'm not so sure "comparables" is a word, but I have advocated in this blog the importance of researching comparable home sales when considering an offer.
"Do this before making a first offer. When you look at the comps (which should be within six months and ideally within three months), what's the relationship between the list price and the sales price? That's going to give you a good idea of just how much room you have to bargain. And just how much your first offer cuts from the asking price can vary with the town, neighborhood and price range. 'In some areas of the state, people wouldn't be distraught," at an offer than came in 15 percent to 20 percent below the asking price, says Phipps. "In my area, the sellers would be offended and you wouldn't get a counter offer.' And that's why it can pay to have a professional on your side. Especially in today's market, 'you need a buyer's agent to explain the nuances of the market,' he says."
Contact me, if you're interested in obtaining some home sales data for the community your considering buying in.
Comments