If you’re a first-time homebuyer, you might be tempted to avoid properties listed that are a bit above your budget. But in most markets, you’ll find that the listed price of properties is far from the final sale price. In fact, fewer homebuyers these days end up paying the listed price of a property, and even fewer end up having to pay more.
What this means is that, as a homebuyer, you should be more than willing to make inquiries for properties that you initially thought was way out of your price range. More importantly, that property that you think is priced just right could very well be had for a lot lower.
What Should I Look Out for as a Homebuyer?
Of course, you can’t just go haggling blindly. There’s a science behind it.
For example, if you’re scouting real estate properties in a particular area, you might want to do your homework first. In particular, taking a close look at the final sale prices of comparable homes within the same area will give you a better clue as to whether or not the listed price of a particular property you’re eyeing has wiggle room or not.
By understanding the relationship between the listed price and the final sale price of properties in the market that you’re looking at, you increase the likelihood of you ending up with a deal that you can walk away from happy and contented.
How Sellers Can Position Their Properties Better
Does this “new” reality in real estate prices mean bad for home sellers? Not exactly. Part of the reason why there’s an increase in discounted real estate properties is that there are so many home sellers that price their properties higher than they realistically should. The resulting discounting of their properties then becomes inevitable.
Far too many home sellers fall into their own trappings and biases. They believe that just because they paid for a certain amount for their properties, including purchase, renovations, and upgrades, that a home buyer should pay just as much as well. Some also believe that just because their neighbor got a certain amount they feel that their home should sell for just as much as well, if not more. But that’s not how things work when dealing with real estate properties.
The reality is that the final sales price of your property is largely determined by current market conditions — not how they were years ago when you bought your property, and certainly not when your neighbor found a buyer for their property.
Factors such as the most recent comparable sales prices, mortgage rates, and the state of the local economy all affect your property’s final sales price.
How Can I Sell My House Fast?
Now, for home sellers who want to sell their house fast, there are other things that you can do as well. For starters, according to research, listing your house with a precise number (listing it as $201,750 instead of $200,000) increases the likelihood of it receiving a higher offer. This may have something to do with giving off the impression that you did your research and your property is priced “right” compared to others.
Of course, the home selling process is long and tedious. It’s not just a two-step process where you put a property up for sale and find a buyer. Instead, it’s a process with multiple steps that could fall through in the end for a number of reasons.
For a sure-fire sale, heading to a cash buyer is a good option.
In as little time as a month, you could find yourself free of any and all financial obligations related to your real estate property and with a reasonable amount to show for it.
