In a seller’s market, demand and competition for properties is high. This gives seller’s a clear advantage—and because of that advantage, they’re typically not willing to budge on the price of their home. And if you ask them to come down on price? They’ll often go with another buyer.
But just because it’s not advantageous to ask sellers to bring down their home price doesn’t mean you can’t ask them for anything. A recent video from realtor.com outlined concessions sellers may be more agreeable to during the home purchase process—even when the market is on their side—including:
- Home repairs. If, during the home inspection process, you discover the property needs some sprucing up, it’s typically appropriate to ask the sellers to either tackle the repairs themselves before closing or, if they’d rather you manage repairs, to offer a discount to cover the costs.
- Closing costs. Sellers may not be willing to come down on price. But they’re sometimes willing to help cover closing costs, which can range between 2 percent and 7 percent of the home’s purchase price.
- Home decor and furnishings. Are you in love with the stainless steel refrigerator in the kitchen? The sofa in the living room? The painting in the upstairs hallway? If so, you can ask the seller if they’d be willing to leave those items behind—and include them in the home purchase. (Just make sure to talk to your lender, as including furnishings and decor in the home sale may change the terms of your loan.)
So, what does this mean for you? If you want to successfully buy a home in today’s seller’s market, it’s probably not in your best interest to ask the seller to bring down the price. But that doesn’t mean you can’t ask them to work with you on anything—and even if they won’t budge on price, understanding which concessions sellers may be agreeable to (and asking for them!) can ultimately help you save money on your home purchase.
Oakland County For Sale By Owner Three Things To Know
If you’re looking to sell your Oakland County Mi home in the near future, you may feel inclined to list it as a For Sale By Owner (FSBO) before working with a Realtor. For many, this is considered one good way to cut back on costs and possibly earn a little more profit on the sale.
However, there are certain aspects you may want to consider before going down this path. Statistically, over 80% of FSBO’s end up being listed with a Oakland County Mi Realtor at some point. Therefore, it pays to take the time to fully assess whether or not this is the right plan of action for you to take. As your Oakland County Real Estate agent I truly understand and support your decision to give it a try, but also wanted to share these three key points before putting your Oakland County property on the market as a For Sale By Owner. As your Oakland County Realtor I’m always here to help.
Properly Marketing Your Property
First of all, listing a home for sale can be a very time consuming and difficult process. Unfortunately, this typically is not as easy as posting a sign in the yard and setting up a classified ad in the local newspaper. There is certainly a lot more than meets the eye.
For instance, many FSBO websites will tout that you can obtain a wide exposure to buyers nationally, but this pales in comparison to the results that you can expect from big named sites like Realtor.com, and Homes2MoveYou.com which only agents can post to.
Next, your Oakland County agent will have a lot of expertise with implementing online real estate marketing strategies that will gain you a ton of locally targeted searches. And in fact, nearly 90% of all searches for real estate related inquiries start online.
Oakland County Realtor s will also have a strong network of both agents and buyers that they work with on a regular basis. This is a business where it pays to network. More contacts equals greater exposure.
Asking Price & Showings
For starters, a lot of FSBO’s will start at the wrong asking price. This is by far one of the most important factors that goes into marketing your home, so you want to do this properly off the bat. But, without being fully invested in your local Oakland County market and understanding the current trends, it can be difficult to price the home accurately.
As alluded to in section one, selling a home can be a lot of work. Most individuals these days have to juggle a full time job, family obligations, recreational activities, household chores, etc. Where do you find the time for fully investing into the sale as well?
When the opportunity would arise for interested parties to view your property, you would need to schedule individual showings, open houses, inspectors, appraisers, etc., while also trying to stage and maintain your property’s appearance. Miss out on a good opportunity for matching schedules and you can quickly lose interest.
Negotiations & Contracts
If you get to the point where you negotiate with a Oakland County home buyer, it is much more difficult to handle this aspect without a qualified agent. Selling your home can be a very emotional undertaking, so it is easier to set unrealistic expectations, or to even concede on more than necessary when you don’t have a 3rd party buffer.
During most real estate transactions, both the buyer and seller will typically have a set of concessions and contingencies. For a majority of buyers, they will expect to have some type of a financing, inspection and/or termite contingency.
This is set up for their protection, in order to complete their due diligence on the home before moving forward to closing. If other issues are found, this may even been grounds for further negotiation or eventually walking away from the deal.
Or you will be expected to lower the price, fix the issue or offer a concession on something else in order to alleviate the problem. Likewise, you want to ensure that the buyer is not overstepping their boundaries or that you are pressured into giving away more than is reasonable.
In summary, it’s worth taking the time to carefully consider these 3 areas before making any final decisions. If you still decide to take the FSBO route, we sincerely wish you great success. Also, please feel free to share our information with a friend and to bookmark our page for future reference as well!
My Marketing Plan for Your Oakland County Property
A “Tech Marketing” Plan Of Action For Your Property…
Presented by Tom Gilliam
Once you choose us as your marketing partner, we’ll be performing a lot of the “usual stuff” when it comes to marketing Your Property, such as:
*Adding to the Multiple Listing Service with a great description and lots of photos.
*Syndicating to all the major national property search websites.
*Featuring on our company website & sending an email to our in-house database of buyers…
*The stuff that just about every agent out there is doing… and…
Your Property Will Also Be Shown To A Wide Range Of Potential Buyers Via Some Of The Additional “Advanced” Methods Below
[Very few (if any) of our competitors are actually doing any of these items on a regular basis.]
Consistent Craigslist Ad Posting
We’ll create a well written, compelling, “traffic stopping” Craigslist ad for your property & every 72 hours we’ll make sure it’s reposted so it stays at the top of the search results.
Also, we’ll use special keywords so the listing shows up when people are searching specifically for listings in your neighborhood and surrounding neighborhoods.
Your Property Google Plus Page & Youtube Preroll Ad
In order to get Your Property property lots of targeted on Youtube & Google fast, we’ll create a Google Plus Page and a short video of the property. Then we’ll hire a professional “adwords management company” who will make sure your Video commercial shows to lots of people using Youtube in your area.
Create A “Facebook Pitch Post” on Our Fan Page and Drive LOTS Of Targeted Visitors To The Post
One of the quickest ways that we’ll let 1000′s of people know Your Property is for sale is by running a very targeted Facebook ads promotion directly to a status update about the property.
This status update will appear on our Fan page, so you’ll get the benefit of exposure to our existing audience — plus your property will have a chance to “go viral” as people like and comment on the pictures.
Create A Twitter Profile
We’ll create a Twitter account specifically for Your Property, then we’ll make it follow a bunch of people in the area
so word gets around and people can “retweet” Your Property to their followers.
Pinterest is a great place to put pictures of properties. By sharing a few pics of Your Property to one of our Pinterest Boards, we’ll give lots of local Pinterest users the chance to share info about your property with their friends.
As you probably noticed, in a lot of the steps above we’ll be using the photos of your property to generate some buzz.
So, we’ll want to make sure these photos look great. Once you’ve signed the listing contract and agreed to have us market
Your Property on your behalf, we’ll send out a Professional Photographer to get us the best possible shots for the property…
If you want to sell Your Property, you’ll definitely want to hire a professional who can do the “usual stuff.”
But if you want to Sell As Fast As Possible, For The Highest Possible $$$$ Price,…
… Then we encourage you to partner with us asap, so we can get started performing some
of the more advanced tasks above for your property at Your Property.