Navigating a Changing Real Estate Market

REALTORS® continue to write about the changing market and how practices need to change to keep up with it. What worked during the years of the Real Estate market boom aren’t working now due to falling home values and changing attitudes. Closing on a home, for instance, always had its share of difficulties, but now they start sooner and only get more complicated. Beginning with loan difficulties and finishing with long closing periods with countless delays, navigating a Real Estate transaction takes endless patience and a lot of know how.

John Giggy posts an article by Dian Hymer that will help Realtors navigate a changing Real Estate Market:

“Tailor your offer price to the specific house you want to buy. How much you offer should depend on how much you can comfortably afford to pay, which may be less than what the lender says you can afford. The price should be determined by current local market values, how well the listing is priced for the market, and whether or not you are in competition. HOUSE HUNTING TIP: Buyers making offers in competition should try to make a rational decision regarding how much they’re willing to pay. Don’t get caught up in the frenzy of activity and offer more than your top price for the property. If you overpay, you could get cold feet and back out. In this case, your deposit might be at risk. Buyers who offer an under-asking price can improve their chances of starting a dialogue with the seller if they are preapproved by a lender for the financing they’ll need to close the deal. The number of transactions that fail has increased in the current market.”

In most areas, Realtors have shifted their focus from weekend open houses to short sales or forelcosures. That means bank negotiations, homeowner negotiations, and a long list of new laws and difficulties to watch for. A Realtor has to know what a buyer will need ahead of time, so no time is wasted, and how to get around the new hurdles of acquiring a property.

Click through to read the rest of John Giggy’s post.

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