Real estate has been around for a long time. The industry is cyclical, meaning that prices go up and down including mortgage interest rates. During this recent period, 2005 to 2012, many individuals have lost money and others have made a lot of money. Many times it depends on which side of the transaction you are on. If you are selling your home, or you are a real estate professional hired to help sell, then there are 4 things that you will want to understand about home buyers before moving forward.
Understand Buyers Before Selling
If you are selling property, no matter whether you are an agent or a For Sale By Owner (FSBO), it is a good idea to understand what home buyers are doing to find their home in the city they want to live. So what do first-time and repeat home buyers do first? Some of the these things are listed below:
- Looked Online For Properties For Sale
All buyers, regardless of first time or repeat, looked online for properties for sale. This means that if you are selling your house, then your home amenities and details should be on the Internet, preferably on a real estate website. There are some sites, such as SellByMyself.com, which is a real estate website based in San Diego, California that allows home sellers to put their home up for sale.
- Buyers Contacted An Agent
The second most common thing that buyers did when buying a home was contact a real estate agent. An agent is a huge asset to have when buying a home, especially when buying a house for sale by owner. These realty professionals will be your eyes and ears on a daily basis as the market changes. Everyday there are new homes being listed on the Multiple Listing Service (MLS) sites. The really good agents also know how to track home for sale by owners when not listed on the MLS.Visit them at We Buy Houses Dallas to get additional information.
Typically, these can be called “Pocket Listings.” A true professional will also handle all negotiations, the paperwork, faxing, emailing, etc. Buyers are looking for a deal. Agents help them get those deals. It is important to note that one of the biggest concerns that home buyers have when buying a property is real estate commission fees. On the buyers side, you usually don’t pay commissions; the seller pays commissions.
However, even though the seller pays commission, having a selling agent versus selling your home yourself is beneficial too. This is true because in most cases a selling agent will get home sellers 10 to 16 percent more return vs if they were to sell their home themselves. If you are only paying 6 percent, then you are still ahead. Real estate is about negotiation and sometimes not being represented by the right agent will negotiate you into a loss. Do yourself a favor and contact a real estate agent. This way it is a win-win situation.
- Buyers Contacted A Bank or Mortgage Lender
The third step buyers take when purchasing a home is they talked with their banks or mortgage lenders. In the process of searching for a home, most buyers and real estate agents know that it is pointless to look at homes until they know how much the banks will loan the home buyers, otherwise you’re just driving around sightseeing. Banks and Mortgage Lenders usually have agents where they refer questions and answers. So, if you are an realty agent, or are a for sale by owner, then contact the banks and let them know who you are. Provide them with your name, phone, email and the address of the home you are selling.
- Buyers Drove By Neighborhoods
Lastly, home buyers and real estate investors drive the neighborhoods where they want to live or invest. If you are selling your home it is a good idea to put a For Sale sign in your front yard, even if you are selling the home by yourself. Real estate agents commonly practice this method and it is highly effective. It’s a great way to tell people that you are selling your home. This way when buyers are driving the neighborhood they know immediately that you are selling your house.
There are many strategies to take when selling your home. The idea is to understand home buyers and their search methods when purchasing. You want buyers to find you and buy your home. The four methods that we discussed are must-haves when selling your home.