How To Save Yourself A Bunch Of Money When Buying Fort Lauderdale Real Estate Homes Or Condos!
How to Save Thousands When You Buy You’re Fort Lauderdale Home Or Condo. If you’re like most home buyers looking to buy your Fort Lauderdale home or condo, you have two primary considerations in mind when you start looking for a home.
First, you want to find a home that perfectly meets your needs and desires, and secondly, you want to purchase this home for the lowest possible price.
When you analyze those successful homebuyers who have been able to purchase the home they want for tens of thousands of dollars below a seller’s asking price, some common factors emerge. In negotiating on your behalf, there are three key factors that I will discuss with you that must come into play long before you ever submit an offer.
These steps will help you save tens of thousands of dollars when you buy your Fort Lauderdale real estate home or condo.
Have An Idea As To What You May Desire And What You Actually Need
When you begin your search be prepared by having a very good idea as to what you want in a Fort Lauderdale real estate home or condo.
As simple as this sounds, many homebuyers don’t have a firm idea in their heads before they go out searching for a home. In fact, when you go shopping for a Fort Lauderdale real estate home or condo that you may want to live in, there are actually two homes competing for your attention: the one that meets your needs, and the one that fulfills your desires.
Obviously, your goal is to find one home that does both. But in the real world, this situation doesn’t always occur. When you’re looking at Fort Lauderdale real estate homes or condos , you’ll find that you fall in love with one or another home for entirely different reasons. Is it better to buy the 4- bedroom home with room for your family to grow, or the one with the big eat-in kitchen that romances you with thoughts of big weekend family brunches?
What’s more important: a big backyard, or proximity to your child’s school? Far too often people buy a home for the wrong reasons, and then regret their decision when the home doesn’t meet their needs.
Know What You Can Afford
Don’t shop with stars in your eyes: satisfy your needs and capabilities financially first. If you do not have one, I will help you obtain a mortgage pre-approval. This is a great time to be a buyer, IF you know you can qualify for a mortgage. It also lets the seller know you are real in their eyes and a pre-approved buyer often makes the seller even more motivated to sell at a price that you want.
If you’re lucky, you’ll find a home that does this and also fulfills your desires. The important thing is to understand the difference before you get caught up in the excitement of looking.
Understand How Sellers Set Their Asking Price
For you to understand how much to offer for a home you’re interested in, it’s important for you to know how sellers price their homes. In the current Fort Lauderdale real estate market, the listing price is irrelevant as we will be offering what YOU are willing to pay based upon our collective due diligence, however it’s very interesting and revealing to understand how the seller arrived at their list price.
Here are 4 common strategies you’ll start to recognize when you begin to view homes in the Fort Lauderdale real estate market:
a. Clearly Overpriced: Every seller wants to realize the most amount of money they can for their home, and real estate agents know this. If more than one agent is competing for the seller’s listing, an easy way to win the battle is to over-inflate the value of the seller’s home. This is done far too often, with many homes that are priced 10- 20% over their true market value.
b. Somewhat Overpriced: About 75% of the homes on the market are 5-10% overpriced. These Fort Lauderdale homes will also sit on the market longer than they should. There is usually one of two factors at play here: the seller either believes in their heart that their home is really worth that much despite what the market has indicated (after all, there’sa lot of emotion caught up in this issue), OR they have priced it higher to leave wiggle room for negotiating.
c. Priced Correctly at Market Value: Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their Fort Lauderdale homes or condos based on a thorough analysis of other homes on the market.These competitively priced homes usually sell within a reasonable time-frame and very close to the asking price.
d. Priced Below the Fair Market Value: Some sellers are motivated by a quick sale. These Fort Lauderdale homes or condos attract multiple offers and sell fast – usually in a few days – at, or above, the asking price.
If you are looking to get the best deal that you can on the purchase of your Fort Lauderdale homes or condos then it is important that you have an insight in to the mind of the average seller. Knowing their strategies and that of their agent will help us arrive at an offer that is acceptable by the seller and one that saves you tens of thousands of dollars!
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