When a Charleston area home buyer first finds
that single-family homes and condominiums have been getting pricier, it
shouldn't be a surprise. Nationally, the median sales price is still well below
the record $230,400 reached at the height of the housing boom but that gap is
shrinking.
If
you're a future home buyer in Charleston area, you can take steps to improve the
situation. One way is to increase your negotiating leverage - to turn yourself
into a highly desirable buyer from the seller's point of view.
Show You're Financially Attractive:
Maximize your negotiating power by getting yourself pre-approved for a mortgage
loan. This is a step beyond merely becoming pre-qualified. To become
pre-approved, a mortgage lender pulls your credit, studies your income, debt
and employment history, and determines the size of the mortgage loan you can
handle. A seller prefers working with a Charleston home buyer whose agent
can present a pre-approval letter. It increases the odds that a sale won’t fall
through at the last minute.
Know the Charleston Area Market: You’ll have a
better chance of convincing a sellers to lower the asking price if you are
armed with the sales prices that similar homes in the market are fetching. If a
seller is asking $20,000 more than is typical, your agent will be able to
present this fact in negotiations.
Prepare to Offer Something: A
seller is usually more willing to come down in price when he sees a concession
or two from you. A home buyer can, for instance, agree to a later or earlier
closing date to accommodate the seller. You might also agree to overlook some
needed repairs. Especially on fixes that might take a lot of time, such a
concession can have a meaningful impact on the bottom line.
Be Realistic: Don’t ask for too
much. Asking sellers to lop off 30% is more likely to scuttle negotiations than
lower the price.
A
home buyer in Charleston area will still find some great deals out there.
Interested in selling your
Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston
area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook Real Estate
Charleston, SC
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