Advice for Happier Real Estate Deals in 2012

Looking for less worry in your 2012 real estate dealings? Here's some advice from the professionals at Kurfiss Sotheby's International Realty whether you are buying or selling a home.


Ask your agent for data. Whether you want to know what homes in your zip code have sold for, or how much they've settled for vs. their list prices, how long they were on the market, what their square footage and finishes are -- ask your realtor for the numbers. They will happily run reports to show you what market conditions are in your area, and perhaps even more helpful, many agents have seen the houses that are competing with yours and are plugged in to deals that are under agreement but not yet closed, which can give you a more up-to-the-minute sense of market activity.

Don't obsess about timing the market. Just as with the stock market, there's only so much analysis you can do to try and buy low and sell high. Right now, everyone knows that home prices are depressed and interest rates are low (and are probably going to remain low for quite some time.) However, the inventory of homes available has fallen, so don't be surprised if home prices stabilize or start a slooooow climb in 2012. The message is: Now is a good time to buy a home, especially if you do not have one to sell. Some homes that are well priced are seeing a lot of activity and multiple bids. If you sit on the sidelines worrying about buying at the most rock-bottom price possible, you may miss out on the home you really want.   

Control your emotions. There are few transitions in life that trigger emotions more than buying or selling a property, especially if the seller is underwater, selling because of a divorce or death or feels bullied by the buyer. Adding to the drama, buyers these days often feel like they have been cut open and dissected by lenders when applying for a mortgage, with loan officers seeking for more and more information. Open lines of communication between agents and clients can be key to remaining calm, finding compromise and keeping a transaction moving forward. Let your agent know how you prefer to communicate, by phone, email, text, or all three. That way you can be the first to know whether there's good news or bad, and all parties can work together to bring a deal to settlement.