NEGOTIATE: How To Buy The Home You Love At The Price You Want | Wilmington NC real estate

{short description of image}Found the home of your dreams? Now the negotiations begin.The agent you’re working with can guide you through the process of making a purchase offer. You’ll want to start by learning as much as you can about how much the property is worth.

Check the comparables

Your agent has up-to-the-minute price data at hand to help you analyze any comparable properties; just ask. Although every home is unique, here’s some of what makes a home “comparable” to the one you’re considering purchasing:

same neighborhood;
same age and condition;
same size lot;
same home style–equivalent living space, number of rooms and baths;
similar terms of sale.

Follow sales price trends

Ask about recent pricing trends in the neighborhood. Specifically, what has been the average difference between listing price and sales price for recent sales of comparable homes? What is the ratio of assessed tax value to market value?

Offer what you think the house is worth

Some asking prices have built-in padding, but others are already priced to sell. You could lose a well-priced home with a low-ball bid. Remember, a lower mortgage interest rate will allow you to borrow more and pay a higher price for a home without increasing your monthly payment.

Spell out the details

Consider getting a pre-purchase appraisal and home inspection. The appraisal will give an independent valuation of the property, and the inspection will help identify any potential problems you may have overlooked. Consider including a contingency making the contract subject to a satisfactory appraisal and inspection.

Evaluate contingencies

The contract can also be contingent upon an attorney’s review, previous home sale, and acceptable mortgage loan terms, etc. Contingencies are typically used to smooth acceptance of an offer without delaying the final decision. Too many contingencies, however, weaken your bargaining position.

Know what’s important to you

Prioritize the elements of the sale on paper (“must” and “want”) and decide where you have negotiating room–what you’ll give up or accept in exchange for a concession. Items frequently negotiated include adjustments for needed or requested repairs, what personal property stays and what goes with the seller, points and closing costs, and move-in date. Knowing exactly what you want and where you are willing to bargain is your most important negotiating tool in buying Wilmington NC real estate.

Put everything in the first purchase offer

If the first offer is accepted it may be too late to add anything. Include a financial statement. Do all negotiating in writing with a deadline for a response, often 48 hours. You are free to cancel an offer until it is accepted by the seller. Require that your binder or deposit be held in an escrow account with the interest credited to you.

Be Patient

Negotiating could take several days. Be patient; you won’t want to rush into one of the most important purchases you’ll ever make.

We can help

If you’d like help finding your dream home, please call or e-mail us. We’ll help with your home search and will give you all the important information we can provide to help you make the right offer for the right Wilmington NC home.

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Wilmington NC Real Estate | Advantages Of Buying Real Estate Now

The market in Wilmington NC has many homes of all price ranges for you to view. 

Benchmark | The Commons.

Kay Baker Wilmington NC Real Estate | Wilmington New Homes Search | Covering Wilmington, Brunswick County and Pender County | Advantages Of Buying Real Estate Now

  • 1. More Choices. In New Hanover County, we currently have over 3000 homes on the market. Buyers have more choices today than they have in several years. You have your choice between condos, townhomes, single family homes, golf course properties, water oriented properties, gated communities. You can also choose between large lots and small lots and whether you would like lawn maintenance included or not. The choice is yours today more than ever to find a home that fits your needs and fulfills your dreams. But do remember, that well priced homes in desirable locations can still sell fast, even in a buyer’s market. Wilmington NC real estate is still moving, there are alot of foreclosures and short sales on the market that are priced extremely well.
  • 2. Interest Rates are Low. With interest rates under 6%, what better time to buy real estate! You can even afford more home now than you might have a year or so ago. It usually is a good idea to purchase as much home as you can afford in this type market. Always consult with a reputable lender to become knowledgeable about the variety of financing options available and what might be best for you. In addition, ask for a pre-qualification letter. A good buyer’s agent will use this in the negotiating process. It will also ensure that you are not looking at homes that you cannot afford. Read rest of story here.
  • To view all the Wilmington NC real estate, even search foreclosures and short sales, please visit my comprehensive website – www.cbbaker.com or www.kaybakerwilmington.com .

    Call us, we would love to help you.  Kay Baker and Associates | Coldwell Banker Sea Coast realty | 800-497-7325-3607 or kaybaker@seacoastrealty.com