The housing market is getting better in many states, and sellers are trying to take advantage of this. It’s no longer easy to find bargain homes where sellers are desperate. In spite of this, it might still be possible to get good deals if sellers haven’t completed their homework or have clouded judgments. These are the inexperienced sellers. Here are some signs to identify them:
No online pictures
It’s a well-known fact that online searches for homes most often begin with pictures. A seller who doesn’t care to attach pictures to a listing or posts inappropriate photos may not be aware of his own property’s value. So you stand a chance of a lower offer being accepted.
A smelly house
Often homeowners get accustomed to the odors of pets and other things within their homes and don’t realize what a put-off they can be to potential buyers. They do not comprehend that it will detrimentally affect the value of their property. Chances are that other buyers might have noticed the stench too and moved off. You might just land a better deal by making an offer lower than the quoted price.
Be sure to consider the advantages of knowing the true value of a home that are thinking of buying, no matter how inexperienced the seller is. You can obtain a free home valuation report from Neighborhood IQ to find out how much a property is worth, especially after your fall and winter home improvements and maintenance projects are completed. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.
Unkempt house or grounds
The most foolish thing a seller can do is to let his garden or house get into a state of disrepair. If you come across such a seller and don’t mind getting a house you’ll have to work a bit on, you might get a good price for a rough diamond.
Frequent reductions in price
If sellers are smart, when they need to, they reduce the price substantially enough for it to matter – little cuts here and there don’t do much. Regularly cutting prices in bits can be interpreted as a seller not paying the required attention to pricing at the initial stages. To know whether there have been multiple price reductions, check out the multiple-listing service (MLS) in your area.
High priced and on the market for long
In contrast to a seller who reduces the price too frequently, there could be other foolish sellers who wait for months before changing the price. To find out if a home has been on sale for longer than most others, check out its unsold days in your local MLS and compare it to the area’s average figure.
When you’re sure a home has stayed unsold for long, staying firm with an offer is a good idea. The sellers might just agree to it.
You might find sellers with issues amongst themselves in a greater hurry to offload their property than regular sellers – for example, a couple going in for a divorce. You might be able to negotiate for a better deal. Buying from a divorcing couple can also be tricky. At times, one member insists on an unreasonably high price to avoid letting the other member have a smooth deal.
Most people are quite knowledgeable about the real value of homes they’ve inherited. Occasionally they’re not, and such sellers might be willing to accept the first reasonable sounding offer simply to avoid the hassles of home ownership. Their sole purpose is to get their house under agreement quickly. This serves as a great opportunity to make an offer lower than the market price.