Jan 23, 2013
As with most real estate markets across the country, it’s most certainly a home-buyer’s market here in Wake County, NC.
After all, homes are selling for less than their listing price and there is a greater supply of homes for sale on the market than interested home buyers.
This means that if you happy to be someone who is searching for your next Wake County home, there’s a good chance that you’ll get a good deal on whatever property you decide to pursue.
Wake County Real Estate for Sale
There are several ways in which you can ensure that you get the most for your money on the current home buyer’s market we’re seeing in Wake County.
Here are some things you should begin right away if you’re in the market for a Wake County home for sale:
Sign up to receive listing alerts. By signing up to receive alerts – such as the listing alerts we provide at the Rachel Kendall Team – you’ll have the most up-to-date information about available homes for sale in the area. This will save you time and money in the end.
Check Out Price Reductions. Usually a price reduction means that a home has already been on the market for a while and a seller was forced to lower the price of the home because no interested home buyer was making an offer. This is a prime time to get a steal on a Wake County home for sale because the seller will more than likely to be willing to meet you halfway and then some on a contract.
Check out comparable sales in the area. Some information you’ll want to compare is property address, age of the home, square footage, lot size, number of bedrooms and bathrooms and sales price. By looking at this information, you’ll have a better idea of whether that Wake County home you’re interested in pursuing is over- or under-priced.
Consider adding contingencies to a purchase offer. As I mentioned in last week’s Wake County real estate blogs, contingencies are a great tool to use to safeguard a home buyer during the real estate transaction process. Some contingencies you may consider would not hold you responsible for purchasing the home in the event that you couldn’t secure a loan, you couldn’t sell your current home or the home doesn’t appraise for what you think it’s going to appraise for.
Request an Allowance or Credit. Request this money from the home seller to help pay for any repairs or upgrades you anticipate making on the home you’re purchasing. While it’s less likely a home seller will agree to such contract clauses in a seller’s market, you have a good chance of getting what you want in a buyer’s market because the home seller is more eager to sell.
Ask the home seller to pay for your closing costs. Closing costs can get expensive for home buyers. Usually these feeds total one or two percent of the sales price of the home. So reduce that financial burden on you by asking that the home seller pay for these items.
After the home inspection, renegotiate. Perhaps the home inspection reveals that the roof is about the go out any day. Anticipate those costs to you by asking the seller to revise the contract at a lower sales price. It never hurts to ask!
Ask the Home Seller to Include the Refrigerator. Or any other item in the house that you want to stay. The seller may give you what you’re asking for or may compensate for saying “No” to you by lowering the agreed upon sales price. It’s a win-win for you. And if the seller declines to give you the extras you’re requesting, it’s a no-harm, no-foul situation.
Limit the time a seller has to accept your offer. Generally, a seller should need no more than 24 hours to decide whether to accept your offer anymore. Don’t let him or her take much more time than that because that just gives them more room to consider backing out of the deal.
Find Your Dream Wake County Home Today!
Now is a great time to get the Wake County home of your dreams at a fantastic price! When it’s a buyer’s market like this, you’re in control!
Contact me, Rachel Kendall, and my team of Wake County REALTORS today to learn more about how the current state of the local housing market can benefit you.
While you’re at it, we encourage you to browse some of our online home-buying resources, which include:
- Mortgage calculator
- Featured properties
- Utilities information
Until next time,
Rachel