How to Get the Most Out of Your Chicago Home Sale

 

Parts of Chicago and the surrounding suburbs are experiencing record sales since the start of the pandemic. The overall real estate market in Chicagoland is strong. When putting your home on the market, you’ll want to do everything possible to make it attractive to buyers so you can get a good price and sell quickly. This will require a combination of making needed repairs, pricing it correctly, decluttering, and staging so it looks terrific for showings.

Getting a home in ‘ready to sell’ condition is one of the most important steps to selling your home. No matter what market, there are key elements that should be addressed to position your home for success. These include:

• Price
• Condition
• Staging

How Should you Price your Chicago Home?

The first step in the selling process is figuring out how to price your home. Price it too high and you won’t get any bites. Price it too low and people will think something is wrong with the home and become suspicious.

Supply and demand always come into play. If there is a short supply of homes, then you are in a seller’s market. If there are many homes for sale, then you are in a buyer’s market. In either market you want your home positioned for sale.

Your realtor will help you by looking at similar homes that have sold in your neighborhood recently and help you find a fair price. For instance, if a 3 bedroom down the block, or in the same condo association with similar amenities, sold for $500,000, that may be a reasonable starting price for your home.

There are a few emerging factors that may affect price. Consider home trends in your market. For example, home offices are becoming highly desirable. If you have one in your home, you may be able to get a higher price than a neighbor’s that does not have a home office.

In general, pricing your home correctly is one of the most important decisions you make as you position your home for a successful sale.

Why Condition Is Important When You Sell Your Home

Before putting your home on the market, you will want to get it into the best condition possible. Buyers will be looking for signs of damage because they know they can use that as leverage to get better pricing. It is important to regularly perform proper maintenance and keep the home up to date.

Has routine maintenance left your home in good condition for the market. If not, you need to address those issues. The elements of the home to be maintained and kept up to date include the roof, windows, mechanicals (water heater, HVAC, etc.), lighting, and plumbing.  Also, little things that you were able to tolerate, e.g., a door that squeaks, a window that sticks, or a toilet that doesn’t stop running until you jiggle the handle can affect the buyers. Be sure to check these anomalies and get them fixed.

Assuming the fundamentals are in good shape, there are typical small repairs you can make yourself to enhance the home. Here are some examples.

• Painting: A fresh coat of paint will make a big difference when it comes to livening up your interiors and exteriors.
• Grouting: Grouting tiles will make kitchen and bathroom(s) look nice and bright.
• Flooring: You may even consider replacing worn out flooring.

Why Staging Is Necessary and What Does It Involve

Staging is the final step in getting your home prepared for a sale. It involves taking small steps to make your home look more attractive and more ‘livable’. Staging does not mean you need to spend money. You can do a lot on your own. Here are some staging strategies that will do the trick.

• Decluttering and Cleaning: Start by decluttering. There is no cost in decluttering. You may be amazed to find out how far decluttering and cleaning can go in making your home look brighter and more spacious and attractive to buyers. Please refer to one of my previous articles for simple tips to declutter your home.
• Use Neutral Colors and Depersonalize: You may love those hot pink walls, but not everyone will. It’s best to make your home into a clean palette that buyers can decorate in the way they choose. Substitute bright colors with neutrals and get rid of any furnishings and décor that show too much of your own personality.
• Rearrange Furniture: Rearrange furniture to make bright airy, living spaces. This can also help in making your home look more spacious.
• Landscaping: You can do some landscaping to make the yard look nicer and give the home the curb appeal.

You may want to review another one of my blogs where I offer a detailed staging checklist.  Finally, you should also talk with your realtor about your staging strategy and determine if professional staging or virtual staging may be required to position your home for success.  In general, realtors know that a home that has been professionally staged and properly photographed will stand out from the competition and result in better offers.

Work With the Best, Rely on Terri Buseman to Help You Sell Your Chicago Home

Selling your Chicago home can be challenging. As your realtor, I will make the process as pleasant as possible. I will market your home, help you find interested home buyers, and provide useful tips to get your home ready to sell. I will also be involved in the negotiations process to help you get the best sale price. Get in touch if you are looking for a Chicago real estate specialist and confidant for your next home move.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/sell-your-chicago-home/

6 of the Best Breweries in Chicago: A Guide for Craft Beer Lovers

 

Chicago is a great place to enjoy some of the best craft beers in the US. There are plenty of reasons why this city is one of America’s premier destinations for beer lovers, but here are just a few: Chicago has more microbreweries per capita than any other major city in the world; it bears a rich tradition in the industry dating all the way back to Prohibition; and there are currently over 120 breweries throughout the Chicagoland area. In this blog post, we will take you on a tour through six of Chicago’s most popular breweries.

Spiteful Brewing Company

Located in Bowmanville (North Side), this brewery is a stone’s throw away from Chicago’s famous Oakwood Beach and features a wide range of beers at any given time. They are known for their nitro coffee milk stout that has been voted best of its style by RateBeer three years running. Some other favorites include Angeleno IPA (their flagship), Blueberry Blonde Ale, Fisticuffs Red Sour Ale, Skully Barrel Aged Imperial Stout with Coconut & Cherries, and Stone Fruit Sour – which is made using peaches grown in nearby Michigan. The average price for a pint hovers around $7, but there are plenty of options above and below. They also offer happy hour specials.

Begyle Brewing Co.

This kid and dog-friendly brewery is located in the Ravenswood neighborhood, on historic “Malt Row”. They have an impressive menu, but they are known best for their rotating varieties of IPAs (they have a new one every month). Some other favorites include Wild Card West Coast IPA, Kinda Dank Double India Pale Ale with Citra Hops, Mosaic Hero Triple IPA with Amarillo & Simcoe hops. Prices are mostly reasonable, and they also offer happy hour specials that get you up to 50% off your drinks on select nights.

Dovetail Brewery

This brewery is also located on “Malt Row”, in Ravenswood, and offers a dog-friendly patio and beer garden that’s perfect for a pit stop on an evening stroll with your pet. They focus on brewing traditional German, Czech, and Belgian style ale, including Dark Day Double Oatmeal Stout with Coconut & Madagascar Bourbon Vanilla Beans, and their house special, Dovetail Pale Ale brewed with Centennial hops. If you have a chance, try their homemade German pretzels—a perfect compliment to a tasty tankard.

Burnt City Brewing Company

This brewery is located at 417 North Ashland, in West Town and boasts an 8-lane bowling alley of its very own. Popular pints include Red Line Ale, an easy drinking amber ale with a taste of biscuit; Pressure Drop APA that’s perfect for summertime outdoor activities; Sticky Fingers – their flagship IPA made with Citra & Mosaic hops; and Stonefly Rye India Pale Lager brewed like old world German lagers but using new world American ingredients. Ten fresh, rotating drafts are available on tap at any given time. They are also the first combination brewery/shop/beer hall in the US, a point of pride for regular patrons and aficionados.

Solemn Oath Brewery

Originally located in the Naperville suburb, this brewery recently opened a new location in Logan Square. Dive décor and wood paneling a north woods Wisconsin vibe. Their taproom features 20 different beers including some very unique barrel aged options like Bourbon Barrel Aged Belgian Brown Sour or Imperial Stout. They also are known for beers like Sanguine Blood Orange IPA and Behemoth Barleywine Ale, aged in Kentucky Bourbon barrels. This ultra-casual destination is already making waves, so give it a try if you’re in the area.

Maplewood Brewery and Distillery

Also situated in Logan Square, this brewery specializes in canned beer, which works well with the warehouse-like ambience of their tasting room. With flagship, limited, and seasonal batches available, popular brews include Batch 1000 Imperial Stout with Michigan maple syrup and Honey & Grapefruit Saison made with Illinois honey. Maplewood Brewery is also known for specialty beers like Mango Lager, a fruity blonde lager with hints of mango, and Western Waters IPA that’s brewed with Simcoe, Chinook & Centennial hops.

Terri Buseman, Your Guide to All Things Chicago

To set people up in the homes they’ve always wanted, I’ve had to learn quite a bit about this city. It’s a labor of love, and one at which I excel. Owning a home in Chicago means joining a greater community that has something to offer everyone. You aren’t just buying a property; you’re becoming part of something truly special. If you want more information about living in this beautiful city or finding your perfect home, give me call or send me an email today! Check out my resources for more details.

Enjoy these wonderful breweries in our great city!

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/best-breweries-in-chicago-a-guide-for-craft-beer-lovers/

Wine Bars in Chicago: 7 of the Best Places to Tip a Glass

Wine afficionados appreciate our fair city for one reason: wine bars in Chicago never disappoint. From themed décor to classic ambience, from historic architecture to sleek, modern design, these vino hot spots will satisfy your inner connoisseur. With most restrictions lifted, the social scene is vibrant again! It’s the perfect time to uncork, relax, and enjoy your favorite sip.

7 Hand-picked Wine Bars in Chicago

Webster’s Wine Bar – 2601 N Milwaukee Ave

Logan Square is home to many wine bars, but Webster’s is one of the only bars around focusing on natural, organic, and “minimal intervention” wines. With over 400 different selections to choose from, Webster’s also serves small plates and appetizers you can enjoy outdoors or in their unique “library lounge”. They’re open Tuesday through Sunday; glasses average around $12.

Frasca Pizzeria + Wine Bar – 3358 N Paulina

Frasca has a slightly smaller selection of wine, most of which comes from Italy and California to provide the perfect complements to their delicious, homemade Italian food. Frasca prides itself on being both party friendly and family focused; it’s a wonderful gathering place for almost any occasion. Located in Roscoe Village and open daily, expect to pay around $62 per bottle. You can also stop by for happy hour every weekday from 4pm until 6pm.

J9 Wine Bar – 1961 N Halsted

There’s something for everyone at J9 Wine Bar. Wine offerings are available at all price points—ranging from retail bottles (all under $29) to special reserves (as high as $440 per bottle). J9 also serves charcuterie boards and custom-made “wine chips” designed to pair with specific types of wine. This hip neighborhood fixture began as a meeting place for friends to catch up with one another. As a result, the same atmosphere still pervades. Located in Lincoln Park, they’re open every day and have plenty of outdoor seating.

Printer’s Row Wine Shop – 719 S Dearborn

You can’t discuss wine bars in Chicago without mentioning the historic Printer’s Row Wine Shop in the South Loop. This hip, rustic bar is open every day and includes a retail shop with wine service (available Thursday through Saturday). Enjoy some small plates and snacks at the bar, or outside on the patio. At an average of $15 per glass, an evening spent indulging with friends at Printer’s Row won’t break the bank, and the wide selection means you won’t ever run out of new things to try.

Penumbra Restaurant & Wine Bar – 3309 W Fullerton

Atmosphere reigns at Penumbra Restaurant & Wine bar. Dimly lit and inviting, this is just the place to meet new people, gather with old friends, or just enjoy some fine ambience on your own. Boasting an impressive and delectable Latin-inspired menu featuring lots of proteins, there are also plenty of vegetarian options. Penumbra is open Wednesday through Sunday, with a half-off happy hour (glasses of wine only) offered every Wednesday from 5pm until 6:30pm. They also host free wine tastings from time to time, so keep an eye out for their next event.

Scofflaw – 3201 W Armitage

This trendy, causal destination is perfect when you want a good glass of wine, but the rest of your group wants cocktails. Scofflaw is cocktail focused, but their handpicked wine selection—available by the bottle or by the glass—is the perfect solution. The dinner menu includes plenty of gluten-free options for those with allergies, as well as some excellent vegetarian dishes. Enjoy food and drinks indoors or on the patio every day, from 5pm until midnight. Or, if you’re in the area, try out their weekend brunches, available every Saturday and Sunday.

Rootstock Bar – 954 N California Ave

If your ideal outing includes a fine array of small plates and fancy cheeses to accompany your favorite bottle, look no further than Rootstock Bar in Humboldt Park. Modest and warm décor complement Rootstock’s unique focus on organic, biodynamic farming practices, just like their cheese boards complement their wine. The dishes they serve are ultra-fresh, using locally sourced produce. Bottles average around $45 and outdoor seating is available. They’re open Tuesday through Saturday.

Terri Buseman, Your Chicago Expert

Going the extra mile for my clients might mean a little less time to enjoy a glass of good wine, but finding forever homes for people who love this town as much as I do is my passion. Chicago’s wine bars are just one amazing part of the rich experience the city has to offer. There’s so much to do, choosing where to start can be overwhelming! 

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/7-wine-bars-in-chicago/

5 Great Places for Outdoor Dining in the South Loop

One of the many advantages of living in the city of Chicago is unfettered access to world-class restaurants. If you have a chance to enjoy some of the many options for outdoor dining in the South Loop, you’ll see why.

As restrictions lighten and businesses begin to reopen, eating outdoors in the South Loop has never felt more vibrant. The weather is just starting to warm up, and residents are flocking to their favorite eateries, breakfast nooks, and summer bistros for patio dining. If you’re looking to enjoy a meal outdoors while you take in the sights of the city, or you need to locate the perfect place for a night out with friends, here are five great restaurants in the South Loop offering outdoor dining.

Honey Berry

Specializing in unique pancakes and other tantalizing breakfast concoctions, Honey Berry on historic State Street has something for every a.m. aficionado. Check out their menu here. Offering patio dining, as well as full liquor and coffee bars, this dog-friendly establishment has a wonderful buzz and warm atmosphere. Entrées average $15-18, and in-person dining is open at 50% capacity. They also offer an inviting selection of sandwiches and brunch items. Wait times vary, and space is often limited at peak hours. Plan ahead, if possible.

Flo and Santos

No discussion of Chicago cuisine is complete without at least one mention of pizza. If you’re craving a slice of perfection, try out Flo and Santos on Wabash. This beautiful, exposed brick pub and eatery boasts a large outdoor beer garden and offers a wide array of polish classics, in addition to its delicious pies. Family-friendly by day and party-capable by night with daily drink specials, you can also enjoy your favorite sporting events on any of its seventeen flatscreens - including on the patio. With entrees reasonably priced at around $11, a night out won’t break the bank.

LowCountry

What better way to commence the start of summer than with an outdoor dining experience in the South Loop centered around an authentic seafood boil shared with friends, loved ones, or colleagues? At Low Country on Wabash, you’ll feel like you’re in someone’s backyard as you enjoy your own customized boil, prepared traditionally and shared at the table. Choose from snow crab, fresh shrimp, lobster, or any number of oceanic proteins, then combine them with your preferred sides, sauces, and level of spiciness to create your own perfect mix. Seafood market prices vary.

La Cantina Bar and Grill

If you’re in the mood for Mexican cuisine, try La Cantina on Michigan Avenue. View their menu here. La Cantina is situated near Soldier Field, McCormick Place, and world-famous Millennium Park, which makes it a perfect spot to stop and grab a meal while you’re taking in the sights. True to its namesake, La Cantina offers a full bar featuring fresh margaritas and exclusive cocktail recipes, as well as patio dining. Their extensive menu is loaded with fresh ingredients prepared traditionally, including vegan options and discounts for Columbia College students. Entrée prices average around $12 dollars.

Niu B

This quaint gem offers high-quality Japanese cuisine. Located on Michigan Avenue, Niu B is open for both indoor and outdoor dining, with a maximum of six guests per table. For a quick lunch, try a traditional bento box, or order from their made-to-order noodle bar (noodle dishes average around $13). If you’re planning a more casual outdoor dining excursion, you can settle in with a sake flight or a fusion cocktail called the “sake-tini”. They also specialize in maki and nigiri by the piece. Space is limited, but you can make reservations online here.

Terri Buseman, Your Chicago Real Estate Expert

In my line of work, selling dream homes to families who dream big, I’m always on the move. Discovering the best places to grab a bite to eat comes with the territory, but if you want to know more about the stunning neighborhoods Chicago has to offer, peruse my website, and use this handy search feature to do a deep dive into the areas that peak your interest the most.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/great-places-outdoor-dining-south-loop/

Highlights of 5 Chicago Neighborhoods

 

Chicago has 77 unique neighborhoods, and that’s great news for residents looking to move to the Windy City! Here, I break down 5 Chicago neighborhoods and highlight three reasons they might be the right location for you.

South Loop

1. Proximity to Downtown

This is just one of the many benefits of the South Loop neighborhood. If you are commuting downtown for work or just want accessibility to everything the city has to offer, the South Loop is the perfect home-base.

2. A Cultural Hub

There are countless amenities in the South Loop — from luxury dining to quiet tree-lined streets — you get it all. The South Loop is best known for its famous cultural attractions such as the Shedd Aquarium, Planetarium, Art Institute, and Millennium Park. It is steps from the lake and during the warmer months, you can enjoy one of the many festivals at the lakefront.

3. Quaint Smaller Neighborhoods

The South Loop is a composite of smaller communities, each with its own distinct characteristics. They include Museum Campus, Dearborn Park, Printer’s Row, and the Prairie District. Here, you’ll find apartments and condos in state-of-the-art high rises as well as single family homes and townhomes on charming streets.

Logan Square

1. Both New & Old Real Estate

The real estate variation within Logan Square is truly something to behold. From old mansions, vintage and modern condos and walk-ups to new single-family homes, you’re bound to find a place that suits your lifestyle.

2. Trendy Dining & Nightlife

There is so much happening in Logan Square. Trendy businesses are there to serve the community, and there’s a little something for everyone. So, head to the Middle Brow Bungalow for brews and pizza or sit down to a fancy 20-course sushi dinner at Kyoten.

3. Urban Culture

Logan Square is known for its cultural flair. The area boasts many musicians and artists and welcomes everyone to join their tight-knit urban community.

Lincoln Park

1. Beach Access

Lincoln Park boasts access to multiple beaches including the North Avenue Beach and Fullerton Beach. You don’t have to go far to get a tan and take a dip! In the warmer months, every weekend is a mini-vacation when you live in Lincoln Park.

2. Accessible Transportation

Downtown and the near suburbs are easily accessible with the CTA and major expressways. For people who plan to regularly commute to the suburbs but want to live near the lake, Lincoln Park can’t be beat.

3. Highly Rated Schools

Quality education is one of the most important perks of Lincoln Park that drive new residents to this special neighborhood. This area is to home a variety of notable public and private educational choices from elementary schools up through college.

Near West

1. Major Employment Hub

The Near West is home to many big businesses including Google, Twitter, Uber, Quaker Oats, United Airlines, and even McDonalds. And more businesses are flocking to the area to establish a Midwestern presence. That tells us that this neighborhood will continue to develop, and real estate will increase in value.

2. Modern Eclectic

Near West is home to many ethnic neighborhoods including Greek Town, Little Italy, and Ukrainian Village. In these areas, including Randolph Street and Fulton Street Market, you can get some of the best food the city has to offer. Plus, with the University of Illinois at Chicago campus, residents get access to many cultural events.

3. A Commuter’s Dream

For drivers, residents have easy-access to the I-90 and the I-290 to reach the suburbs and beyond. For city-accessibility, the CTA Blue Line takes people where they need to go!

Wicker Park

1. New Developments

The demand is so high in Wicker Park, we’re seeing many new developments, especially in the area of the Polish Triangle — the city’s oldest Polish settlement. Developments will bring in more residential real estate and commercial business opportunities.

2. Boutique Shopping

Wicker Park screams “boutique” — everything about the neighborhood feels curated and special. Check out Asrai Garden, a lovely Victorian-style flower shop, or head over to Silver Moon, the neighborhood’s trendy wedding boutique.

3. Hip & Trendy

People love the Wicker Park neighborhood for its affordable housing, nightlife, and shopping. This is the ideal location for people looking for Instagrammable moments and delicious food.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/highlights-of-5-chicago-neighborhoods/

Interior Design & Home Renovation in 2021

Now, more than ever, we are connected to where we live. Our homes are where we sleep, work, and play. For all of those reasons, COVID-19 is shaping interior design and home renovation this year. From new home offices to recreational spaces for families to entertain themselves, I’ve gathered the decor and renovation trends that will make being home feel like a sanctuary.

Refreshing Room Designs

One major trend is refreshing rooms to make them more useful spaces.

Being home most of our time is making us rethink how our spaces are working for us. Even a small corner of a room has the potential to become a book nook or work desk with the right pieces.

A Budget Refresh

If budget is a concern, simply rearranging furniture and decorative pieces can make a room feel “new.”  Along with rearranging, reorganization is crucial to make a room feel open and welcoming. Spending time at home makes you realize what items you need and don’t need. Now is the time to clean out anything that is no longer useful. Purging might sound drastic, but if you’re looking to clear clutter or to buy or sell your home in the upcoming months, it’s a proactive way to prepare.

Full-On Room or Home Renovation

For households looking to take on bigger projects, as in finally completing that unfinished basement, this is the perfect time to do it. You can have a hands-on role in how a remodel will go because you’re home. You don’t have to worry about leaving contractors alone or taking time off work to work out details. At the end of the project, you’ll have a new room to use and enjoy!

Next-Level Lighting

Now that we are spending so much time at home, there’s a need for added lighting. While you might not have noticed underlit spaces in your home before, you probably will now! The trend this year is to find lighting that mimics natural light and manipulates spaces to reflect light throughout.  Full-spectrum LEDs are one way to make sure you’re getting the light you need to live by. However, you can also try the following to get more inviting light into a space:

• Stick to light paint tones to make a room feel lighter
• Add mirrors tastefully in the room to reflect light
• Invest in glossy furniture that reflects more light
• Buy more houseplants to mimic the outdoors
• Keep wall art frames light so they don’t darken the space

A Place to Work… and Live

Home offices, and remote learning spaces, are essential. Many people are finding themselves working and learning from home at least part of the week. By now, you probably know what works and what doesn’t. But it’s time to ditch the kitchen table desk and find a more permanent solution. You don’t need a whole room to create a home office that allows you to be productive. Instead, find the room you want to work in and amend it slightly to accommodate your dedicated work space. If you like being in the kitchen, convert a piece of counter space by moving small appliances and adding a blotter and some organizers. Same goes for your living room. Whether you like to work standing or sitting, there are options from furniture retailers. Use your imagination and remember that nothing is off-limits for creating unique workspaces.

Bringing the Outside In

While we can’t do some of the activities we normally would outdoors, you don’t have to limit yourself to being inside. Instead, bring the outside in by taking the outdoor space you do have access to and making it comfortable and useful. For yards and gardens, consider adding a pergola and seating for safe al fresco dining. Balconies have tons of potential too! A bench and outdoor rug can go a long way in making cocktail hour or sunset watching a lovely experience.

Spa-like Bathroom Oasis

More than ever, we need to prioritize self-care. That’s why people are investing in amenities for their homes such as spa-like bathrooms. You don’t need to completely remodel your bathroom to create a special space. Light, natural paint colors, mood lighting, artificial or real plants, and a Bluetooth speaker set to play calming music are easy changes you can make in a day. Don’t stop there, invest in plush bath towels and skin care products to treat yourself.

Embracing Nostalgic Interior Design

With extra time on our hands, nostalgic decor and mood-altering aesthetics are trending! For example, Cottagecore is one of the popular interior design trends making its way around social media. This kind of interior design is cozy, traditional, and inviting. If you’re looking for a project that will have you reclaiming vintage furniture, creating beautiful tablescapes, and adding houseplants to your home, Cottagecore might be up your alley.

But Cottagecore isn’t the only interior design fashion at play today. Victorian and Mid-century designs are seeing another wave of interest too, as people attempt to restore their homes with the original architecture in mind.

Interior Design, Home Renovation & Staging Tips from Terri

’m really excited to see all the interior design and home renovation trends taking off due to our “new normal.” By taking more ownership over our spaces to foster optimal wellness, while investing in our homes, is a positive thing. If you need advice on how to make your home more appealing to buyers through interior design and staging, contact me today!

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/decluttering-your-home-tips/

10 Real Estate Negotiation Tactics for Buyers and Sellers

Today’s real estate market is fast-paced. Agents, home buyers and sellers alike will have to be on the same page and practice excellent communication. To prepare for bidding on homes and accepting offers, let’s discuss real estate negotiation tactics.

Factors Impacting Real Estate Negotiation Tactics

Last month, I discussed real estate market trends for 2021. Current market factors, which include the influx of Millennial and Gen Z buyers, interest rates, the pandemic, and the past election, have varying levels of influence on real estate. But what does that mean for buyers and sellers? They need to be ready to negotiate, and that being said, here are strategies you can use when negotiating home sales.

5 Home Buyer Negotiation Strategies

Home buyers need to be savvy because home inventories are low and competition is high. You need to be ready to act. Some of the negotiation tactics I offer seem passive in their approach, but they are critical in preparing you to get the home of your dreams.

1. Set Your Budget & Prepare Your Finances

A home for sale will go to the bidder with the best overall mix of price and terms. A few examples of terms are down payment, closing dates, and earnest money. Therefore, you need to set your budget and prepare your finances. Both buyer and seller want the process to go smoothly, and it’s vital that finances are in place. So, have a frank talk with your lender and most importantly, have a letter of approval secured, so that you are ready to go should you find that perfect house. 

2. Understand Your Needs

If you are looking for homes, you should already have a vision in your mind of what you need and want in a home. Therefore, take the time now to make a list of your must-haves and wants in case you get involved in a multiple offer situation that requires an immediate bid.

3. Research

Having data will influence many decisions. While agents provide as much information as they can, it’s great if a buyer does research. When looking at a house, don’t be afraid to ask your agent to dig deep and learn about comparable homes, taxes, HOA fees, and what else is available on the market.

4. Understand Your Competitors

Remember, you’re probably not the only one interested in a property. Bring your best bid forward if you think you’ve found the house of your dreams.

5. Be Patient

While you might have your heart set on one home in particular, there are many factors that could impact your chances of actually ending up with the home. It may take more than one try. Don’t be discouraged, the right home is out there!

5 Negotiation Tips for Sellers

Sellers, you are in a great position to get a good price on your home, but that doesn’t mean you can sit quietly while the action happens around you! Here are some real estate negotiation tactics to brush up on to get the best deal for your property:

1. Counteroffer

You can expect a first offer to be lower than your asking price. Most often, your list price will be more than your prospective buyer wants to pay or can afford. When you make your counteroffer, your agent will be your best resource to help you make a realistic response.

2. Discuss with Your Agent

Be prepared to have an open dialogue with your agent. As the negotiations go back and forth, an open mind and flexibility are key. The deal could take some twists and turns, and you could ultimately agree to terms that may surprise you.

3. Should I Reject This Offer?

It is always best to give some sort of counteroffer. However, there are some occasions where the terms are so far apart, that a simple “no thank you” is warranted.

4. Set Time Limits

Set a time limit for prospective buyers. However, don’t set too short of a time limit as that may rush the buyer. Respect for each other’s time is the best way to go. Discuss the right time period with your agent. 

5. Be Prepared for a Bidding War

You may find yourself in the midst of a bidding war for your home. If you find yourself in this position, you’ll want to be accessible to answer questions and make counteroffers as quickly as possible to keep the process going. It’s an opportunity for you to get the best price and terms for your home sale or purchase.

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://www.terribuseman.com/real-estate-negotiation-tactics-for-buyers-and-sellers/