Hope everyone is enjoying this winter and getting back to normal from the Christmas holidays. Speaking of normal? No “normal” here for 2017. We are on a roller coaster that goes straight up right with only slight dips. With the average appreciation over the past three years of being about 8.5%, the El Paso County area is definitely a seller’s market up until the higher price ranges. Prices, in fact, are higher than pre-recession and they went up fast. With that said, the seller is in charge – to a point. Again, depending upon the price point. Everything is still negotiable – so what, exactly is negotiating? Here are my thoughts:
Please remember, this is my 3rd boom here. I am the “Einstein” of booms!
REMEMBER THIS! Trump has brought back the word, “negotiating”. That is not the kind we do. You can negotiate and “walk away” if a) you don’t have to move, (ie, he isn’t negotiating his primary home, he is negotiating properties that don’t affect his well being or lifestyle, b) not on a timeline (for example, have to leave for your job), and c) you are not Trump and you are not in his position and he is not in yours. (Please repeat #3 twice).
With the above noted, here are examples of normal peoples’ negotiating:
1.If someone comes in $10k lower than ask – obvious that they will come up at least $5k.
2.Inspection items can be negating by leaving things such as a snow blower, lawn mower, washer/dryer, etc. But please know the costs of these items (Craig’s List) so you know exactly what you are giving away. Sometimes leaving things is easier than moving them but the other party doesn’t have to know this.
3.When someone comes in $15K or more low – they are just fishing , don’t take it personally. They just want to know where you really are. Come back tight, rather, come back with a small price drop, say $2500, so they know you aren’t playing around. If they are serious, they will resubmit a decent offer.
4.Remember seller –you are soon to become a buyer and, unless you are moving to Arkansas, you will be stuck in a seller’s market too. Be kind – karma.
As a Buyer in this market:
1.Don’t make a very low offer in this market ($15k or lower) unless you have the comparables. Don’t ask the listing agent for comparables, they will send you only the higher ones.
2.When you come in low and for silly purposes (for example, the property is really worth it), this is only alienating the seller and “off putting”. It is starting off on the wrong foot. Remember, selling your home is an emotional buy as is purchasing one.
3.If you love the property, so does someone else, exactly on the same day you fall in love. It is the law of averages. Get in and get in quick.
4.Buyer – you probably just sold your home and did very well. Unless you move to Arkansas, you are selling high and buying high. Be kind – karma
Have a wonderful month and I love to hear from you! Please think of me when selling/buying and referring to friends and family.