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Regardless if you’re a buyer or a seller, you want to be successful in the Orlando marketplace. To accomplish this, you need to be prepared for battle…the battle of negotiating.

Negotiation is a multifaceted matter and each transaction is unique. It’s human nature for both buyers and sellers to feel like they got the better of the outcome.

In most Orlando real estate negotiations there is some bluffing involved, some give and take, and in the end… neither buyer nor seller gets everything they wanted, but both are happy with the outcome.

So how do you position yourself so that you can get the most from a real estate transaction? From our experience as Orlando Realtors, there are 5 basic things that will decide who gets the upper hand at the closing table.

Current Market Conditions

The Orlando real estate market is ever-changing. Sometimes we’ll be in a “sellers” market and other times we’ll experience a “buyers” market. If supply and demand are about equal, then the market conditions won’t favor either party.

However, if your home is located in a desirable Orlando neighborhood with very few sales, then as the seller, you’ll have a bit of leverage here. By the same token, if you’re a buyer who can pay cash and close quickly, then you, as the buyer will also have the advantage, especially if the seller is pressed for time.

Leverage

If you have a local business that’s about to go belly up and the whole town knows about it, including the buyer, then you’ll be at a disadvantage because they know you’re probably desperate to sell. On the other hand, if you’re one of eight potential buyers fighting over that very special property, then expect to pay top dollar because the seller’s securely in the driver’s seat which means that he can take his time to pick and choose the best price and terms for him.

Details, Details, Details…

You don’t always know if someone got a good deal on a home judging by the sale price alone. For example, if there are 2 identical properties for sale at $200,000. The homes are the same, the prices are the same, but are the deals structured the same? Not necessarily. The owner of the 1^st house may have agreed to replace the roof and pay the first $2,500 of the buyer’s closing costs and the owner of house #2 made no concessions at all.

In this example, the person who bought house #1 actually got the home at a discounted price. As a buyer, you’d want to be buying house #1 and as a seller, you’d want to be in the position of the seller of house #2 because he gave up nothing.

Financing

From a seller’s perspective, it’s always better to deal with buyers that have been pre-approved for a loan. Although it doesn’t guarantee the loan, pre-qualified buyers will represent less of a risk to sellers than a buyer who’s never even met with a lender.

The good news for buyers with good credit, there are now loans available with 5% down or even less. As a matter of fact, one hundred percent financing and home loans with nothing down, are now being made more readily available by conventional lenders.

Orlando Real Estate Experts

Just imagine for a moment, that you’re involved in a major lawsuit. The other party has a top-rated lawyer that knows the law inside and out and you on the other hand are representing yourself. Who do you think will get the better of this transaction?

It’s the same with real estate. By hiring a top Orlando Real Estate agent to represent you whether you’re buying or selling, you’ll have peace of mind knowing that a top real estate professional is in your corner.

For 1^st time home buyers, searching for a dream home can be as exciting as it is stressful. Many times these buyers have a clear picture in their heads of what their new home will look like.

Don’t let the small stuff bother you

When you’re out house hunting with your Orlando Realtor, it’s important to keep an open mind or you could end up missing out on a sweet deal. Bad decorating, banged-up walls, and bright green carpeting are things that can be easily corrected and won’t break the bank.  

In today’s Orlando real estate market, 1^st time home buyers are finding out quickly that they can’t be too picky if they want to get a good deal on a home.

Before you even start your search, you should get pre-approved by a lender so that you know exactly what the highest amount is that you can afford to pay for a house. Once you know how much you can afford be sure to only view homes that are within your budget.

Looking at homes outside of your budget can be disappointing or even worse… cause you to end up in a bad financial situation. It’s a horrible feeling to be unsure if you can afford to make your mortgage payment for the next 15 to 30 years of your life. It’s best to stay under your maximum budget when searching for your home.

If the home you find is in need of some repairs, It’s important to know how much these improvements will cost you before you submit an offer on the home.

Here are some guidelines to help you figure out when it’s worth repairing a home or if it’s time to move on to the next one.

•  The Layout- There’s not much you can do about a bad layout without getting into some major remodel costs. 1^st time home buyers shouldn’t even consider buying a home that is in need of major structural repairs.
• The View- Again, not much to do here except change the window treatments. However, this still doesn’t change what you’ll see when you’re looking outside.
• The Exterior- If the home doesn’t have a good curb appeal, it shouldn’t be a deal killer. Sometimes all it takes is a fresh coat of paint and some minor landscaping to make it pop.
• The Walls- If the walls are covered in tacky wallpaper or an ugly color, don’t sweat it! Instead, try and picture what the walls will look like with your choice of the wall color. Painting is one of the cheapest and most impressionable things you can do to a home.
• The Floors- Installing new flooring in a home can get expensive depending on what kind of flooring you use and how much work it will take to rip out the old flooring. Depending on your taste and your budget, this one can be a deal killer.
• The Kitchen. Don’t be thrown by outdated appliances and color schemes in the kitchen. These things can be easily fixed with a fresh coat of paint and new appliances. However, if you want new cabinetry and granite countertops, make sure this is factored into your offer.
• The bathrooms. Bathrooms are much cheaper to remodel compared to kitchens. However, if you can get away with just a bit of sprucing up without getting into replacing the tile and fixtures, you’ll be in much better shape.
• Landscaping- The landscaping of a home should never keep you from making an offer. This is something that can be done little by little and best of all, you can do it yourself and make it your own design!

Before submitting an offer on an Orlando home, think about what want vs what you can’t live without. By doing this as well as knowing your maximum budget, you’ll be much better prepared for house hunting.