When the buyers outnumber the inventory available in any given real estate market, such as in Montclair NJ, it is clearly an advantage to those selling property. That doesn’t mean that those seeking to purchase have no negotiating legs to stand on though.
Working with a local marketing specialist will give you several advantages, particularly for negotiating in what is known as a seller’s market. While you can’t necessarily be confident of the online pricing information, you can be confident of the market information provided by an experienced agent who works both sides of real estate transactions in that local market.
Outside of offering an all cash deal for a property, having an Approval Letter from a lender - in hand -before even making an offer on a place puts you in the strongest position. Low inventory often leads to a home seller receiving several offers at once, leading to competition for the most sought after neighborhoods. Even with tough competition, you don’t want to get drawn into offering an unrealistic price for a house. To make certain you are offering the best price for the market on the home you want to buy, you need more than the generalized pricing ranges online sites provide.
Depending on your time frame for moving, it might be best to pass on a house where offers are climbing much higher than actual values in the area. Waiting for the next house may be your best option in that situation.
You also need insight into how pricing can vary depending on local amenities and desired features in the home itself. These insider insights are what your agent specializes in providing. Beyond what the house next door sold for, it can be helpful to know how long it took to sell and why it sold at that price. Seller motivation directly affects a sale price, as well as the current market conditions.
Beyond the price you offer for a house, consider also what terms you want to offer. A seller may have several offers at the same selling price, but they have other needs you can meet, such as a longer or shorter time to closing which may sway things your way in the negotiation process. Repair asks may be what tips the scales one way or the other.
Your local Montclair NJ realtor assists with these, and other challenges you may face in the real estate market, to help you realize your best home buying experience.