Most people think this is a slow time of year for real estate sales. That can be a huge advantage for buyers. As a buyer not having competitive bids for the same property is an advantage. So are lower interest rates and free professional assistance.
We have just experienced a mortgage interest rate hike of .375%. Vicky Reese of Caliber Home Loans says rates are due for more hikes in the coming year. If that is the case, buyers could negotiate their best price today. Considering that on a loan of $100k a .375% hike over 30 years could cost buyers an additional $45k in interest, avoiding a rate hike is a smart move.
When looking for your next purchase, keep an eye out for a property that has been on the market a while. Find out what the seller’s motivation is for moving and contact your real estate professional to negotiate the best price.
If you have ever tried to negotiate for yourself, have you noticed how hard it is to keep your emotions out of the transaction when you really want the item? Can you see, by hiring a professional like me, my position is purely business? In the long run, whom do you feel can be more pragmatic on your behalf? When the professional is well trained, they will always be your best choice. Remember, a buyer’s broker is paid for by the seller and costs you nothing for their expertise.
It reminds me of buying a car during a rain storm: don’t let what everyone else is doing, or not doing in this situation, rob you of your best deal today. In this situation, doing what is counter-intuitive can really pay off. Your offer may not have any other competition during this part of the year therefore giving you an edge and a serious look from sellers.
Save money on interest over the next 30 years and negotiate your best purchase price today by contacting your real estate broker.
Broker/Owner, Past President of the Santa Barbara Association of Realtors and Multiple Listing Service