How to Make Good Decisions in the Real Estate Market
Matters of the heart tend to hurt rather than help the negotiation process when it comes to buying and selling real estate. The following tips will help you manage the emotional ties that bind buyers and sellers to bad decisions.
Use an Agent
Agents do more than just show a home. They provide an impartial and objective opinion about the condition of a property, pricing and comparable real estate on the market.
Establish a Priority List - Then Stick to It
Every stakeholder in the buying and selling process should have a priority list that includes needs and wants. Creating such a list helps you stay organized and reduces the risk of becoming emotionally entangled in a bidding war or falling in love with unnecessary yet expensive features that won’t add to the functionality of the home. Ask your agent to focus on finding buyers or homes that meet the main needs on your priority list, and move to the wants later.
Get a Second Opinion
Ask a friend or family member for his or her opinion, especially if you aren't certain. But be prepared to listen to constructive criticism. Appraisers, inspectors and agents are also vital sources of expert information.
Take plenty of photographs when buying or selling so you can share them with others. Sellers can assist buyers by providing a fact sheet that includes room dimensions, existing warranties, upgrades and other important features of the property. Or buyers can bring along a tape measure and a notebook to jot down important details.