If you are a home buyer, you want to get the very best deal on a new home. You want your offer to stand out, your offer to be accepted and your deal to flow as smoothly as possible. But, it all starts with setting yourself up for home buying success. Here are five creative tips for getting the best deal on a new home.
#1. Start with a great lender and the right mortgage.
By talking with a lender on exactly how much you want to spend, what you feel comfortable with each month and then asking for the right tools in order to make a solid offer, will give you a better set up for offer acceptance. Shop around for the best lender, because going with the wrong lender can actually cost you thousands of dollars over time. Do your homework, talk to your lender about the best option or program for you and how they can help you present the best offer.
#2. Go with the great real estate agent.
This is not the time to give your cousin’s, husband’s brother a chance at this real estate business by letting them facilitate the deal as their first transaction. Yes, of course you want to help them, but we’re also talking about hundreds of thousands of dollars and if you want the best deal, it really pays to go with an experienced agent that not only knows the market but the individual neighborhood in which you’re buying. If the real estate agent understands a particular neighborhood they may know how to sway a seller by writing up an offer that is more attractive to that particular seller. If you go with an agent that is unfamiliar with the offer process or simply doesn’t have the experience, your offer could go to the bottom of the pile and you could lose out on the home of your dreams.
#3. Consider buying during off-peak times.
There are always good times and bad times to buy real estate; it’s when to buy and understanding those seasons that can really get you a great deal. Right now as school gets out is probably the most popular time to buy a home, however, as the end of the summer approaches more and more sellers will be motivated to get their home sold fast and therefore, may offer discounts, deals and reduced prices. Talk to your agent about the best time to pull the trigger and if you can hold out for a better deal.
#4. Make yourself an attractive buyer.
I’m not talking about fixing your hair before viewing a home but I am talking about making yourself look good on paper. Sellers want to know that they’re dealing with a solid candidate. If you can buy with cash, a large down payment, have motivating factors in your offer and even present a personal letter stating how much you love the home to boost the seller’s confidence, are all ways you can make yourself one of the most attractive buyers to a seller. Talk to your real estate agent about the best way to word a personal letter and write up a solid offer making you look like the ideal buyer.
Related: What is the Sherman Oaks Real Estate Market Like Right Now?
#5. Don’t forget to get your money’s worth.
When it comes to buying a home nearly everything is negotiable. Most buyers don’t realize this and simply go with what the seller is stating on the listing, however, appliances, furniture and even plants can all be negotiated into the sale. You might be surprised as to what sellers will be willing to part with in order to make the home sale more appealing for a higher asking price. If the seller will not come down on the price, consider asking for a few extras. You might consider a one-year home warranty plan to cover parts of the house that may fail after purchase.
Again, an experienced, knowledgeable and seasoned real estate agent that is fluent on buying and selling in a particular area knows how to negotiate for their buyer’s terms and price the best. Contact me today to find out how and let’s get started looking at homes throughout the Sherman Oaks real estate market and Woodland Hills.
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