Are You Ready For the Real Estate Roller Coaster?

Whether you’re buying or selling a home, you’re likely to experience a roller coaster of emotions. It’s important to keep your feelings in check during every situation, especially since many people fall victim to their emotions when negotiating the final offer.Make sure you don’t take things personally. Letting emotions rule judgment usually causes negotiations to fall apart. Now is the time to think of your home as a house, so don’t be offended if someone wants to strip off your wallpaper or paint over the wood trim. Often times, home owners who have invested many years of hard work and personal love into a home are put off by a low offer even though it’s just a starting point.Conditional offers can also try your emotions as they sometimes fall through and lead to disappointment. Real estate involves a lot of negotiation in order to get the best deal and low balling is another tactic that can lead to disappointment. This is where an attractive price is initially offered only to be adjusted at a later point claiming that circumstances have changed. The result is that your hopes are raised while you envision yourself in the home. Recognizing these common negotiation strategies will help you keep a balanced perspective.

If you’re lucky enough to generate multiple offers on your home, make sure you look at more than just the price that’s being offered. There’s nothing worse than accepting an offer that’s over the asking price only to have it fall apart later on when you could have accepted a firm cash offer that was almost as good. Pay close attention to not only the purchase price but also the closing dates and any conditions included in the offer.

Always undertake extensive research before buying a home in order to avoid emotional shopping. You need to know not only your financial limit when purchasing a home, but also how much work you’re prepared to put in. Falling in love with a ‘fixer upper’ when you’re looking for a house that’s in move in condition will probably end up being a mistake. Making a hasty decision based on an emotional reaction will likely lead to buyer’s remorse.

It’s also very important to control your tone of suspicion in negotiations even if you have reason to believe a deal is shaky. Accusing someone of being dishonest is never going to win you any points in real estate. Maintaining professionalism and reason is essential in negotiating a fair deal. Having a Realtor as your third party negotiator is critical when buying or selling a home, as not only are they able to provide objective information but they can also help remove emotion from the negotiating process by eliminating direct contact with the other side.

It’s completely normal for home buyers and sellers to experience a full range of emotions as they go through the complex real estate process. Just remember not to take things personally or let your emotions rule every decision. Keep a cool head and it should be smooth sailing!

ARTICLE PROVIDED BY REAL ESTATE WORLD/CARL STARS NEWSLETTER

Posted under Buying A Home, Selling a Home

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