Okay, you’ve found the home of your dreams. You’ve determined how much you can afford because you’ve already been pre-approved by your lender, and your offer has been accepted. But wait. If you’re financing the purchase, like almost everyone does, you’ll actually be paying more than the final sale price of the home.

Many buyers don’t stop to think about how much they’ll really be paying for their home by the time they’ve reached the final payment. It’s worth considering, and it makes it evident that you should shop around and get the best loan terms possible.

Be sure to discuss your options with a trusted local REALTOR®, who can provide mortgage information, illustrate different financing options, and even recommend lenders suited to your needs. With literally hundreds, if not thousands, of options available, it’s helpful to begin with the basic facts to help you whittle down your choices.

Determine how much is available for a down payment. If you’re putting up less than 20%, you’ll need a guarantee that often comes in the form of PMI (private mortgage insurance). This will add to the overall cost of your loan, at least until you’ve paid off a significant percentage.

Again, discuss your loan options with your REALTOR® before you make any offers, in order to avoid unpleasant delays and unexpected expenses.

Call me at locally at 363-5464 if you need information to assist you with your real estate decisions. For Long Distance, call me at 1-800-724-7149 or e-mail me, if you prefer, at donkingsley@kingsleyrealestate.com. We will be happy to share our knowledge with you at no cost or obligation.

Are you familiar with the law of supply and demand? In real estate right now, it may seem like the supply of homes for sale is much greater than the numbers of buyers demanding those homes, forcing prices down and decreasing activity. But what are really in shortage may be serious, legitimate sellers.

A committed seller is willing and able to accept the best offer in the current market, and be motivated to do so. Receiving a fair offer is inextricably connected to pricing your home fairly. The best way to arrive at an attractive price is to aggressively challenge the competition. Using past prices, your investment in the home, or even appraisals may not produce the ideal value factor for your home.

If you’re serious about selling, let an agent describe to you how an appropriately priced and aggressively marketed home will always generate interest and offers, and will ultimately sell for exactly what it’s worth in the current market. All other factors being equal, a home that languishes on the market is simply overpriced, and a seller willing to wait for more than fair price would be better served by waiting until the market catches up before entering the fray.

Remember this rule: There is a buyer for everything. Any home can be sold in any market when proper pricing is combined with effective marketing.

Call me at locally at 363-5464 if you need information to assist you with your real estate decisions. For Long Distance, call me at 1-800-724-7149 or e-mail me, if you prefer, at donkingsley@kingsleyrealestate.com. We will be happy to share our knowledge with you at no cost or obligation.

Whether you are buying a home or selling one, it is likely that once an Offer To Purchase is on the table, you’ll enter a phase of the transaction called Negotiation. Fear not - this is how both sides “win.” By following a few reasonable recommendations, both parties can turn Negotiation into Agreement.

It’s best to begin with a fair asking price and a fair offer. Sellers, don’t shoot for the moon. Buyers, don’t lowball on a home you really want. Overpricing is a turnoff to potential buyers, while low offers may meet with outright rejection.

Next, understand and respect each other’s priorities. Seller won’t budge on price? Perhaps they would pay more of the transaction fees. Buyer urgently needs quick possession? Perhaps they would forgo some repairs.

This illustrates the value of compromise. A win-win situation doesn’t necessarily mean that both parties get everything they demand. Avoid emotional decisions and be open to concessions. If you can’t agree on a particular term, try meeting in the middle. Who will pay closing costs? Who will pay for cosmetic repairs? You needn’t hold up the entire agreement when you can simply split the difference on certain terms and move forward.

Experienced REALTORS® are successful negotiators. Bringing buyers and sellers together is Job Number One. Protect your best interests by seeking the advice of a professional.

If you need information to assist you with your real estate decisions, call me at 1-800-724-7149 or e-mail to donkingsley@kingsleyrealestate.com I will be happy to share our knowledge with you at no cost or obligation.

Don Kingsley, CRB, CRS, ABR
REALTOR®