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 1st 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.
