Coldwell Banker American Homes Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Area Information | 34 Posts
BPT | 10 Posts
Buying | 9 Posts
Homeowners | 19 Posts
Real Estate Blogs | 319 Posts
RREIN | 62 Posts
Uncategorized | 148 Posts
Buying a Home | Home Purchase Guidelines | Long Island Homes and Property | Real Estate for Long Island | Energy Efficient Homes | Homeowner Tax Credits | Tax Credits for Home Energy Efficiency | Adjustable Rate Mortgages | Mortgages for the Long Island real estate market | The Right Mortgage for the Right Home Buyer | Real Estate Question of the Day! | Real Estate - scams and mortgages | What you need to know about real estate | Home Purchase Savings | Interest rates offer greatest leverage | Tax credit vs mortgage interest rates | Assisted Living | VA Special Pension | home loans | Home mortgage rates | Another Interest Rate Drop | Mortgage Interest Rates | Defending homeownership | Is now the time to buy a home? | Real Estate - still a great investment | Long Island condo & co-op | Long Island Homes for sale | Long Island Properties | Negotiating house purchase price | New construction on Long Island | Real Estate transfer fees | buy your home through a short sale purchase | selling short with the banks approval | Short sale home purchase | $2000 home buyer grant | New York State home buying grants | home list price vs. home sales price | negotiate a new home sales price | New York State STAR tax exemption | STAR tax exemption for New York homeowners | Buyer Brokerage | Real Estate Representation | Seller Agency | Tips for improving your credit score | Home and property appraisals | Homeowner Tax Advantages | Home Purchase Track | Owning a home vs. Renting | 55+ Adult Community | Senior housing | The Season's at East Meadow | co-op | Condo's | Homes | land for sale | Why Now is a Great Time to Buy a Home on Long Island | Homeownership | Open House weekend | home buying process | mortgage prequalification | Real Estate Investment Tips | Tips to Flip your real estate | Home Shopping Checklist | Look for a house with a checklist | ips to purchasing a short sale home | Short sales: How to purchase | Cut energy costs for your home | home energy efficiency | Loan application mistakes | mortgage loans | mortgage home loans | What home loan is right for you? | house hunting | Hunting for a home | Common Home Defects | What to look for when buying a home | first time home buyers | The 1st time home buyers guide | mobile based home search | Mobile phone users - coupons | smart phone applications | Housing Market Recovery Bright Spots | Natianal Housing Market Report | Home Closing - contract to closing | Home purchase timeline | 203k home mortgage program | Home Improvement Funding | Myths of the real estate market | The Home Buying Process | narrow down your home search | The Best location for your home purchase | buying a home? protect your credit! | credit protection | Home value pitfalls | home closing steps to take | New home closing | Home Styles | Popular Homes | best interest rates | credit scores | Create Energy within Your Home with Feng Shui | Feng Shui within your home | consumer confidence | home buyers more confident in housing market | Real Estate market impact | Rent verse Buy | Renters Outspend Owners on Housing | Benefits of home buying | Winter shopping for homes | Consumers confidence in home ownership | Homeownership attitudes | Real estate tax advantages & tips | Tax tips for homeowners | job opportunity | real estate agent | real estate career | rental agent | 1st time home buyer tips | priorities for home buyers | make moving fun for family | Moving for the family | Buy a foreclosure | REO purchase tips | Tips to buying a foreclosure property | Use a real estate agent to buy a home | Use a real estate agent to sell a home | Why use a real estate agent | Home Buying steps | Home Buying tips | Stepr to take prior to buying a home | home loan good faith estimate | Tips to your home loan mortgage | FICO Scores | How FICO scores are calculated | Your FICO score | Invest in a home | tax refund - invest it in your home purchase | VA Loan | The Home Buyers Wish List | Home buying expectations | real estate market report | Bidding on real estate properties | purchase offers for your home | home mortgage | downsizing your home | moving to a smaller house | Jumbo Loans for Home Purchase | Mortgage Money Lesson | newlywed home purchasing tips | The perfect wedding gift... a new home | Avoid these home buying mistakes | common mistakes when buying a home | Good News for Housing | Home Price Index | Bank fees for the homeowner | understanding banks and their fees | Home Inspections for your new home purchase | What to know about home inspections | Fire safety for your home | Is your home fire safe? | Home Mortgage programs | LTV | Mortgage loan to value | Mortgage relief for disaster challenged areas | Location | Property location - real estate | buying a short sale property | short sale tips | buying a home - best investment? | When is the best time to buy? | New Years resolutions | Resolutions: a Reality for Realty's | Get a mortgage after foreclosure | mortgage financing - after foreclosure | Is it a good time to buy a home? | What age is old enough to buy a home? | Buy a short sale property | Short Sale real estate properties | Home property tax deductions | real estate tax deductions | Real Estate License School | Apartment Rentals | House Rentals | Real Estate Rental Agent | House Hunting Tips | Simple house hunting tips & ideas | Mortgage advice - current trends | mortgaging & refinancing in 2013 | Good credit score = best equal rates | How to build up your credit score | lease - option to buy | Rent with option to buy | Avoid Home Improvement Blunders | Home improvements ideas for the property owner | Home Buyers - What do you really want? | Needs & wants of home buyers | mortgage loans for new home construction | New construction home loans | Home Buyers - Price & proximity to work | Key Concerns for the home buyer | Impressive mortgage applications | Keys to getting your mortgage approved | Home buying mistakes to avoid | Home purchasing blunders to avoid | New homes vs older homes | to buy or not to buy a home | pet friendly rentals | Pets or no pets - apartment rentals | tips for home purchasers | Flipping houses | home flpipping 101 | spec houses | home buyer how to's | how to be a better home buyer | Mortgage amortization | A happy home | What makes you really happy? | Low housing inventory | Low inventory housing market | Home prices on the rise | Rising property values | Home buyer tips to open houses | Open House etiquette | Winning a home purchase bidding war | Home mortgage rate tips | mortgage tips for the new home owner | Home Equity Line versus 2nd Mortgage | buy a new home or expand your current home | Home improvements vs. new home purchse | Mortgage Rate Lock | Residential home mortgage rates | Improve your economic profile for home mortgage | Personal Finance | Costly problems for new home buyers | New home buyers avoid costly problems | Handy man special | The home fixer-upper | How to refinance | Refinance - without perfect credit | Debt to Income | Tackling Debt | Seasonal real estate trends | The fall season housing market | Factor in home repairs in your mortgage payment | Home repairs for new home purchasers | Home sellers negotiation techniques | negotiations for home buyers & sellers | The home buying process - stress free | The process of buying a home | Recently Read | Saved for Later | Great Neck | Massapequa | Huntington | Ronkonkoma | Mount Sinai | Brooklyn | East Meadow | Coldwell Banker American Homes | Local Attractions | Home Improvement | Interior Design | Queens | Fresh Meadows | Long Beach | Local Businesses | Farmingdale | Home selling | Suffolk County | Nassau County | Wantagh | Syosset | Hicksville
July
27

When homes sell in minutes and accept offers way over list price, how do you stand a chance? I work in one of the most competitive markets in the country and have seen how frustrated buyers can become. After seeing a few horror stories myself, here are five tips that will help manage expectations (for both buyers and agents) and make their journey smoother and more enjoyable. The Learning Curve In this new age of technology, buyers are drowning in information and starving for wisdom. The majority of buyers I work with today have done their homework, but unfortunately, they did all the work before the first day of class. As a buyer, you need to learn how to utilize your agent, your lender, your inspectors, etc., to get the information and guidance you need. Now, this isn't to say you can't get to the finish line all by yourself, but you're going to wind up with a lot more gray hairs. Obsession with Comps In the market where I work (Los Angeles), I separate my buyer clients into two categories: New buyers and veteran buyers. A new buyer will ask questions like, "What are the comparable sales in this area?" "Isn't that house overpriced?" "What do you think it will sell for?" New buyers want to know the exact "fair market value" of a home and not pay a penny over that amount. A veteran buyer will ask questions like, "What do the sellers need from us?" and "What will it take to get this home?" They've gone through the romance of the process, written offers, and lost many times before. They're tired of playing "arts and crafts" (writing offers) and ready to actually buy a home. At the end of the day, one of these people will end up with a new house. The other will end up with an appraisal. Which one would you rather have? Leverage Your Agent As a buyer, your agent might know the listing agent and have insight about how they operate. Even though the seller is calling the shots, the agent will find ways to add their flavor to the negotiations. Every agent has his strong suit, so make sure you leverage it as a buyer. For example: Are they good at numbers and finance? Have them use that skill when writing offers and communicating that value with the other side. Are they funny and likeable? Make sure they're on the phone with the other side as much as possible building a relationship. It really isn't about "playing hardball." All things being equal, people do business with people they like. Oh, and let's talk about the "Listing Agent Groupies." These are buyers who go straight to the listing agent. It sounds good because the agent gets a big incentive to "double end" the deal and increase their income. But just so you know, the agent's allegiance is to their seller. Also, in a competitive market, you'll find fewer and fewer listing agents who want to represent a buyer. My advice: Find an agent you trust and would like to represent you throughout the entire process. The Disappearing Price Range In a very hot market, you can almost see the prices moving upwards. For example, in 2014, an online brokerage named Eagle Rock, Los Angeles the No. 2 most popular neighborhood in the entire country. Later that year, we heard people say things like, "One of the last homes under $500,000." As you might imagine, that home didn't stay on the market very long and probably sold for well over $500,000. If that was your budget, you were an "endangered species" and would soon find yourself completely priced out of the market. When that happens, you either raise your budget or you find a new place to look. Expect Issues during Your Transaction When it comes to buying and selling real estate, there is one thing that I am sure of: there will be issues. I can almost guarantee that at one point of the transaction, the whole thing will be hanging by a thread. This is very common and is almost expected. (You've been warned.) Just like on an airplane, keep your seatbelt buckled because there will be turbulence. When things get bumpy, look to your agent for advice or even to simply hear someone say that everything is going to be OK. Now, you might hear other agents talk about a smooth transaction, but just know that phrase is relative. A smooth transaction to a real estate agent might be a deal that closes and the house is still standing afterwards. Your definition might be a little different. Obviously there are a million other tips that we could go into about buying in a competitive market, but the main takeaways here are to be reasonable, roll with the punches, and work together with your agent. Most agents live and breathe real estate, so hold them close as your most valuable resource. Tyler Harman is a Los Angeles real estate agent focusing on the hottest and busiest areas of Los Angeles including Highland Park, Eagle Rock, Los Feliz, etc. Tyler follows city-wide real estate trends and writes about the popular neighborhoods in L.A. This post was originally published on RISMedia's blog, Housecall. Check the blog daily for top real estate tips and trends.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

Login to My Homefinder

Login to My Homefinder