There’s a saying about Real Estate Market that it’s a buyer’s market rather than a seller’s market. People who are looking to sell homes, as well as people who are looking to purchase homes, are both going to face a challenge. There’s a lot of turbulence to go up against in the real estate market and it isn’t always smooth sailing. You need to be very well-versed in the mechanics and dynamics of the market to really survive. Here are a couple of tips that may help you with just that.
1. Don’t Sell Immediately
If your house doesn’t rake up a good number on an appraisal, then you shouldn’t lose heart over it. The great thing about the real estate market is that it is inherently dynamic. Values are constantly shifting and if you don’t get a good deal then don’t settle for it. Wait a bit and see if the market recovers and most times it will, so hanging on that asset will work out in your favor in the long run.
2. Invest in the asset
While you’re waiting on a slump to pass and the market to recover, it’s always a good move to do some renovations. This way when the market finally recovers, you’d have added more value to your property. This, in turn, will help it fetch a better rate. This move ultimately does work out in your favor because you capitalize on downtime and use it to enhance your home.
3. Consider other options
Maybe take a step back from dealing in homes and buy a vacation home. Whether you plan to sell it or rent it out, it’s going to be a rare commodity to come by. While the suburban real estate stays in a state of depression, you have a capital asset that will not decrease in value. Vacation homes also have really low-interest rates which make them a great bargain as well as an investment.
4. Go Online
Cover more ground by visiting online retailers and browsing property there. You can save yourself a lot of time and other resources in this way. Simply go online to find a good real estate agent like newstreet.ca and beat your competitors by getting to property first. You now get the convenience of browsing homes and condos from home. Apart from that, going to a well reputed online catalog means you get to browse more homes. Capitalizing on this approach will help you cover more ground and talk to more sellers and buyers. You will get a better idea of the market as well as the general buyer/seller attitude in a fraction of the time.
5. Submit an escalation clause
Now, when you make an offer be sure to submit an escalation clause with it. This conveys the message that you will beat any offer by a certain amount and will settle on a more attractive rate. Escalation clauses are appealing to both buyers and sellers so you just cannot go wrong with this one. While this seems like a hard catch, you need to remember how tough and over-saturated the real estate market is. For a seller, they will be more interested because it means they get a top price. For a buyer, you can give them a foothold for a price and show them the room for negotiations. Both cases will make it seem like you mean serious business. Establishing a reputation like that will also get you far in the real estate market.