How Okemo Mountain Home Buyers Position Themselves To Make Offers
The current Okemo Mountain real estate market is challenging for both buyers and sellers. Many sellers have not accepted the fact that their home has decreased in value and are trying to sell at peak 2006 prices. At the same time, buyers want to make sure they don’t overpay, fearing prices will continue to drop even more.
Of course, there are exceptions. Well priced homes in desirable neighborhoods or foreclosed properties selling at ‘yard sale’ prices may generate multiple offers. But all in all, it is a buyer’s market.
So how do Okemo Mountain home buyers prepare to make an offer and put themselves in the best negotiating position? Here are some suggestions made by Dian Hymer in a recent Inman news article:
1. Before you make an offer on a listing that’s priced over market, try to find out as much as possible about the sellers’ motivation, and if there’s any flexibility in their price. If the seller owes more than the house is currently worth, they may not have any negotiating room. They may want to sell the house, but really can’t sell at today’s prices. A lot of time and emotional energy goes into making an offer. Save your efforts for listings where the sellers are motivated. That is, they don’t just want to sell — they need to sell.
Some sellers want to test the waters at a price that’s higher than the market will support. They usually feel that someone will appreciate the added value their home offers and pay more for it. However, these sellers will often negotiate with a legitimate buyer who offers a price that is less than the list price.
2. Make sure that your financing is in order and that you are able to show the seller that you are capable of closing the deal. The fallout ratio is high in the current market. Many of these transactions fail to close because the buyers couldn’t get financing.
It’s always a good idea to be preapproved for the financing you’ll need to buy a home before you make an offer. Preapproval involves making a formal loan application, having your credit checked, as well as verifying your funds for down payment and closing costs, and validating your income and employment. Lenders often want to know that you have enough surplus cash to make house payments (mortgage, property taxes and insurance) for two to three months.
3. Buyers who make an initial low offer and who aren’t in competition should make as clean an offer as possible. This means omitting anything that’s not necessary. However, you should include contingencies for loan and appraisal approval and an inspection contingency.
It’s a good idea to include a copy of your preapproval letter with your offer. If you are approved for a higher price than you are offering, ask your lender or mortgage broker to issue a preapproval letter for the price you’re offering.
4. Be prepared to negotiate. It may take several rounds of counter-offering back and forth to reach a mutually acceptable price.
Are you thinking about buying a Okemo Mountain home? We are glad to help you with your preapproval process, show you homes with motivated sellers and craft an offer putting you in the best possible light with the seller and results in getting you the best possible deal.
Do I Really Need To Complete The Honey-Do List When Selling My Okemo Mountain Home?
That is the question all Okemo Mountain home owners should ask themselves when they consider selling their home.
The first item on the fix-it list: clear the clutter! If your closets, attic, basement, garage, and other storage areas appear neat, half-full and organized, your house will seem to have more storage space. To accomplish the clutter – clearing task, empty the house, hold a garage sale, and use the profits to help offset the next set of fix-it priorities.
Check your house for “curb appeal”. The exterior is the first impression a prospective buyer has of your home. Make it as inviting as you can. Think of it as outside decorating. Clean (or paint, if necessary) the exterior, re-sod brown spots and crab grass, mow the lawn, pull weeds, remove dead trees or plants, and trim the shrubs.
Flowers give warmth and personality to a home. Plant them tastefully in pots or beds at the entrance, on decks and around patios. If it isn’t flower season, at least clean the beds, remove the dead leaves, and cover the ground with fresh wood chips or other clean looking mulch.
If you have a limited budget, make the most of it. Put the money where it is most obviously needed and the return the greatest and most visible.
Fix Little Things
Take care of the little obvious things: fix leaking faucets, stop running toilets, replace broken windows, kill pet or mildew odors, repair holes in screens, remove mildew from tile, and re-caulk around bathtubs and sinks. Walk around; look at your house with a prospective buyer’s eyes. Small things tell buyers whether or not a house has been maintained.
A coat of light-colored, neutral paint-white or off-white-will make your home’s interior look crisper, cleaner, and also larger. Many buyers may not be able to imagine their sofa in your decor. White interiors work for the greatest number of people without their having to redecorate immediately. If you just moved, would you want to redo every room?
If the carpet is in reasonable condition, have it shampooed. If it is worn, threadbare or a non-neutral color, consider replacing it with beige or gray. You do not need to purchase the best quality money can buy. Lifetime wear is not required. You want it to look great now. Neutral walls and carpet do not offend anyone. Almost all furnishings look good with them. Rental property managers know this and have been doing it for years.
Consider having your house inspected by qualified inspector. Safety- and health-related items, such as radon and electrical problems could kill a sale if not properly attended to. It is much better to fix these items on your own time schedule and financial terms than hurriedly during a contract negotiation. Roof leaks, even if inactive, are also deal breakers.
What else do you fix amongst the inspector’s flagged items? Unless you can realistically get money back, fix only the problems with major systems. You want to keep your home’s selling price as low as possible to increase the pool of buyers.
Do not undertake any major remodeling in preparation for sale. It places more limitations on the size of your buyer pool. Tastes vary, and some people will dislike the results of your efforts. You will have to raise your selling price to reflect your fix-up investment, thereby pricing your home out of the range of other potential buyers.
A neutral color scheme in a house that sparkles brings you the highest return in the shortest time when selling your Okemo Mountain home.
Learn more about Okemo Mountain real estate at ISellVermontRealEstate.com or give us a call, 800-659-1819 #103.