The real estate market is one of the hardest to understand and most difficult to grasp. Many factors can affect real estate prices, and negotiating deals can be very difficult if you don't know what you're doing. Thankfully, most prospective homeowners and first-time sellers typically have a real estate agent that aids them. These real estate agents are meant to guide you along the process of buying or selling home, and can often help you secure a much better deal. However, real estate agents don't always tell you the whole truth. There are certain tricks of the trade that real estate agents keep to themselves as apart of the cut-throat nature of the real estate market. What are these well kept secrets, and how can they benefit or hurt you? Here are four secrets your real estate agent won't tell you.
Ensure The Home Is Move-In Ready
When selling or buying a home, one of the most important features is whether or not the home is ready for immediate move in. Shows like those on HGTV have romanticized the idea of purchasing a home and fixing it up before moving in. Unfortunately, most consumers in most markets can't afford to buy a home and then sink further costs into making it habitable. Although your real estate agent may tell you that having to do a little work on the home isn't that bad, the truth is that homes that are move-in ready have a huge advantage on the other homes on the market.
Empty Isn't Better
You may have heard a real estate agent say that before selling your home you should clean it out and leave it as empty and open as possible. The idea behind this is that the openesses supposedly makes it much easier for potential home buyers to envision what they would do to the room when they purchase the home. However, this isn't always the case. People have trouble visualizing the use of empty space without a basis to go off of. Save your potential buyers the headache and keep your room decorated to show off the true potential of your home.
Be Prepared To Spend Cash
You may think that a mortgage will cover all of your new home's expenses, however this isn't always the case. In most cases, banks will only loan enough money out to cover the home's appraisal amount. When bidding for a home starts, you may struggle to find a lender that will aid you in bidding over the asking price. For example, if you find homes for sale in Boston that you really like, but they happen to go over the asking price during bidding, then you are going to have to have personal savings on hand in order to match the prices.
Don't Be Afraid To Compromise
When buying a home for the first time, everyone expects to find the perfect deal or perfect home. However, this usually isn't the case. There is no "perfect home" out there, as every home can be improved in some way. However, there will be homes out there that you will love, but small quirks and features may not be ideal to you. You shouldn't let these small things deter you from buying your home, especially if the deal is right. You should buy a home that you enjoy and love, but don't be afraid to compromise on some of the home's smaller features.
