Buyers who know how to think like a seller are ahead of the game!
They will understand a homeowner’s bias; they will be more comfortable with negotiating, knowing it is just another human being on the other side; and best of all, they may even save themselves money – just by being prepared.
Understand homeowner bias
Often pride of ownership outweighs a seller’s objectivity; someone who has lived in the home for a while likely has an attachment to the property that could skew his or her sense of the home’s worth. This also happens when substantial improvements have been made to the property and the seller expects to recoup these investments in the sale price.
Bring ‘reality’ to the table
Buyers – particularly if they are now or have been sellers themselves – will “get” this right away. But that is not to say they will agree with the sellers’ valuation. Instead, with the help of their agent (and maybe some effort on the part of the listing agent to bring “reality” to the discussion) they will reference area comparables indicating the true market value of those improvements.
Be savvy about a home’s condition
Smart buyers will know that there are some sellers out there that may attempt to cover up condition problems, and will walk around the house being very observant, including checking the foundation for issues or checking for evidence of water damage.
Despite evidence to the contrary in some cases, sellers all want to end up at the closing table. And he or she will have a good idea of what must be done to get there. The smart buyer will know this and be prepared for some degree of compromise.
If you are ready to buy your first home or another home, contact a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors, a United Real Estate Company, today at 469-262-5411, or just complete the GET IN TOUCH form on this page, and we will get back to you as soon as possible.
We can help you do the right due diligence, and can represent you throughout the home buying experience so that you achieve your homeownership dream, and do so with minimal stress!
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