The dynamics of buying and sellingPublished 8:36pm Thursday, May 1, 2014
By Rosie Smith
The dynamics of buying or selling a home can cause very different responses when viewed through the respective eyes of the homeowner versus those of the buyer.
The buyer and seller initially enter the market feeling as if they have little in common.
Actually, they have a great deal in common. Both parties are attempting to ready themselves for the next stage in their lives. The buyer may be interested in acquiring a larger home that will fit a growing family or in purchasing a smaller space that better suits retirement and an empty nest. The seller is, also, preparing for the next stage of his or her life. It is the training and expertise of the real estate agent that best suits reconciling these two opposite sides of the same transaction and can make the buyer aware that he is tomorrow’s seller and the seller aware that she is tomorrow’s buyer. By enabling both sides to appreciate the point of view of their counter party, real estate agents provide an invaluable service throughout the negotiating process.
It is also the agent’s job to “know the market” and “know the buyer.” It makes little sense to show two bedroom homes to a family of six. The agent creates savings in time and money by best matching buyer needs with the categories of homes on the market that are most likely to suit the buyer’s requirements.
It is relatively simple to determine an informed opinion of the fair market value for a home. Pricing has a great deal to do with being familiar with recent sales of comparable homes in comparable locations. The buyer and seller both will have access through their realtor’s catalogue of listings and recent closing prices to use in determining what similar properties are currently offered at and have sold for. With this information buyers can assess premiums and discounts for home that either have or do not have particular qualities of interest to the buyer: proximity to work, good schools, ease of maintenance, yard for gardening.
Once the buyer and seller have agreed to a sales price the next step is home inspections. Just about every home will need some type of repair. Sellers are often used to living in their homes and are not even aware of the minor defects and problems that can put off a new buyer. Sellers can even begin to see the oddities and eccentricities of their home as part of its charm. While, buyers tend to see only the added expense that they will incur in correcting problems that the current owner has left unattended or is, honestly, very comfortable overlooking entirely. These problems have a simple answer: treat people the way you would want to be treated. It works every time.
By understanding the goals of both buyers and sellers and matching the buyer’s requirements to the inventory of homes available, the real estate agent can bring both parties together, working as a team, to best serve everyone’s needs.