“New Year, new opportunities” – perhaps you’re tired of hearing the phrase uttered over and over again, but in 2013, the mantra will hold true for the real estate market, in Maryland and across the nation.
After half a decade of a slow real estate climate, housing prices are making a comeback. From the second quarter of 2013 through to the second quarter of 2014, housing prices are expected to increase 3.4%. Out West, the turnaround is anticipated to be even more significant, bringing in bigger bucks for sellers in these states.
This will make for all-around quicker sales, as homeowners who’ve been waiting to put their house up will finally feel comfortable selling, and potential buyers will be faster to act, rather than holding off on closing a deal due to expected price reductions over time.
What does this mean as buyers and sellers enter into negotiations on a property? Potential homebuyers must be ready to act quick, making a legitimate offer that comes in as close as possible to the best they can do in terms of what they can afford. Low-ball bids will only result in being flat-out ignored by sellers, especially if it’s a new listing. If, however, the house has been on the market for three months of more, buyers can take advantage of the fact that the property isn’t moving and put in a lower bid.
Sellers should focus on their home’s appraisal, competitively pricing their property based on the value determined by the appraiser. Real estate agents should provide the appraiser with pertinent information about the home – including comparable sales in the area and documents that provide details on any renovations or upgrades that may have occurred.
The Team Edge Properties are Maryland Real Estate Agents who buy, renovate, and sell homes in Maryland. We wish you a very happy New Year, and the best of luck in your home negotiations in 2013!