Real Estate: Buyer and Seller Tips for 2008

If you’re planning on buying or selling a home in 2008, check out the article “8 Moves for Home Buyers, Sellers in ‘08” by Yahoo Finance. While I don’t agree with everything stated (i.e. “…My blanket advice for Would-be Sellers: Stay Put.”) some of the tips are worth reading; like what is Market-value, don’t sell your home as is, simplify and neutralize on the Seller’s side.

On the Buyer’s side, not banking on further market drops is a good idea. While it may happen – it also may not and you could loose out on a great market. However, take some of the other tips with a grain of salt. For example Number 7 – per article using your buying leverage, and asking the sellers agent when the seller boughtthe home, how much he paid for it etc – is a definete No-no. No self-respecting sellers agent will give you this information – the Sellers Agent works for the Seller – NOT the Buyer. If you must know – ask your own agent. In addition, regardless of the type of market we’re in – a Sellers Agent does not have to disclose this type of information, nor would it be in his clients (the Sellers) best interest.

Same goes for Number 8 – asking for contingencies. Here in Colorado, you already have a variety of Contingencies, which would “allow” you to cancel the contract and have your Earnest Money returned to you. But to try “…working in as much legal wiggle room as you can to back out without risking your earnest money should things go sour or another opportunity arise” is not in your best interest as a Buyer. (It’s a different story if you’re an Investor – talk to your agent about that!)  But always keep in mind – before making an offer – be sure it’s what you want. It’s always easier to get into a contract, than out of a contract.

For great additional Information, check out the following posts:

Selling your Colorado Springs Home – by Mariana Wagner

The best time to buy and sell Real Estate in Colorado Springs – by Mariana Wagner