Buyer Update: How To Spot A Seller Who Is Willing To Negotiate A Good Price
Debbie Deeb, one of the best real estate buyer's agents in the Tampa Bay area, spotted this information on Good Morning America recently. Debbie called the info to my attention; I'm sure she will use it when house-hunting for her buyers in the future.
Here's what Debbie found out ...
A fellow named Glenn Kelman of the on-line real estate firm of Redfin, has done some research to determine which sellers are most likely to negotiate a lower price with a buyer. Essentially, Kelman says buyers should look for five things to determine if a seller is willing to negotiate.
1. Look For "Price Reduced" Signs. If a seller has reduced the price once, he is likely to be predisposed to drop it again. Buyers should keep an eye out for a pattern of price lowering on the part of a seller. Just one word of caution: if a seller has just dropped his price, he may not be quite so receptive to an offer that is even lower than his new asking price. As the old joke goes, t-t-t-timing is everything.
2. Look For "Fixer-Uppers". Kelman says that in the real estate world today, there's a heaven and there's a hell. If you are trying to sell a fixer-upper, you are in real estate hell. Buyers are afraid of anything that does not look like it has been well maintained. Fixer-uppers just are not selling. As a consequence, people who are selling a fixer-upper are more concerned with unloading the property than trying to make a big profit. If you're a buyer willing to put in some remodeling work, you might save a lot on a fixer-upper.
3. Look For Homes Owned For 10-Years Or More. I've called this out as one of my buyer criteria for a long time. Someone who has owned a home for 10 or more years probably has a lot of equity. People who have a lot of equity have more room to negotiate than someone who has owned the home for a short time and has little, if any, built-up equity.
4. Look For Homes Owned Less Than 3-Years. These homes are most likely owned by "flippers" who have been caught short in this downturn. They are just trying to get out without owing the bank anything. You can usually get them down to a price that just allows them to break even with the bank.
5. Look For Homes That Have Been On The Market For More Than 90-Days. If somebody has had a house up for sale for over three months, they're getting nervous and will likely jump on a lower price just to get shed of the property.
Good info! Thanks Debbie, and thanks to Glenn Kelman for the research work.
For more information on real estate in the Tampa Bay area, visit my website at www.TheStPeteRealEstateSite.com.
Here's what Debbie found out ...
A fellow named Glenn Kelman of the on-line real estate firm of Redfin, has done some research to determine which sellers are most likely to negotiate a lower price with a buyer. Essentially, Kelman says buyers should look for five things to determine if a seller is willing to negotiate.
1. Look For "Price Reduced" Signs. If a seller has reduced the price once, he is likely to be predisposed to drop it again. Buyers should keep an eye out for a pattern of price lowering on the part of a seller. Just one word of caution: if a seller has just dropped his price, he may not be quite so receptive to an offer that is even lower than his new asking price. As the old joke goes, t-t-t-timing is everything.
2. Look For "Fixer-Uppers". Kelman says that in the real estate world today, there's a heaven and there's a hell. If you are trying to sell a fixer-upper, you are in real estate hell. Buyers are afraid of anything that does not look like it has been well maintained. Fixer-uppers just are not selling. As a consequence, people who are selling a fixer-upper are more concerned with unloading the property than trying to make a big profit. If you're a buyer willing to put in some remodeling work, you might save a lot on a fixer-upper.
3. Look For Homes Owned For 10-Years Or More. I've called this out as one of my buyer criteria for a long time. Someone who has owned a home for 10 or more years probably has a lot of equity. People who have a lot of equity have more room to negotiate than someone who has owned the home for a short time and has little, if any, built-up equity.
4. Look For Homes Owned Less Than 3-Years. These homes are most likely owned by "flippers" who have been caught short in this downturn. They are just trying to get out without owing the bank anything. You can usually get them down to a price that just allows them to break even with the bank.
5. Look For Homes That Have Been On The Market For More Than 90-Days. If somebody has had a house up for sale for over three months, they're getting nervous and will likely jump on a lower price just to get shed of the property.
Good info! Thanks Debbie, and thanks to Glenn Kelman for the research work.
For more information on real estate in the Tampa Bay area, visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 4:06 AM
0 Comments:
Post a Comment
<< Home