I love this quote because no one ever feels GOOD about overpaying for a home.
The reality is that summer time home buying increases your competition and price of homes. Bozeman continues to be a hot market (even during COVID-19). While you don't want to overpay for a home, purchasing a home for its value is the goal.
Here is how I would attack the buying process to see HOW you can get more BANG FOR YOUR BUCK:
1. Better negotiation terms
Hypothetically speaking, a property that was listed last fall and continues to be listed through spring / summer time, the seller COULD BE VERY WILLING TO NEGOTIATE down from the list price. If it is a vacant property, the seller could be sitting on two mortgages and wants to move that property sooner than later.
2. Negotiate within
Have you seen a home that sparked your interest in the last 3-6 months but maybe it was listed higher than you wanted to spend? Consider if this property had the majority of your MUST HAVES and if it did, maybe this is a property worth exploring.
3. Sales Valuation
Numbers don't lie. Ask your Realtor to run a sales valuation on a property you are interested in. Sales valuations or CMAs (Comparative Market Analysis) Sales Valuation are completely complimentary to perform. We take similar homes that have SOLD (or pended) in close proximity, layout, bed count, etc. to determine the true market value of the home. We deliver the report and go over the results where the property stands.
4. Renovation Budget
If you're considering a home that needs some TLC, use this time to get quotes on what those projects could cost you. Enter in with KNOWLEDGE if you are unsure the extent of fixing up a home. Don't be thrown off of what you see on HGTV and Fixer Upper, because the reality of COST varies in the Gallatin Valley.
Remember that while that beige paint in the living room totally threw you off, painting a room is SUPER inexpensive. Look past the paint and focus on the area, location, layout, etc.
6. Buy during the winter time
While it may not be the ideal time to move your belongings in the middle of winter, consider you have LESS COMPETITION to compete with. Use this to your advantage!
7. Love Letter
While it is a seller's market, remember that sellers are people too and they have hearts. I ALWAYS recommend my buyers to write a love letter explaining to the sellers who they are and why they want the home. A seller is more inclined to understand your offer terms than just reading a contract.
8. Make an Offer
I hope this information encouraged you to reconsider homes you had interest in and to see those properties as a potential opportunity to get more bang for your buck!
Posted by Marisa Owen
Marisa Owen - Realtor
Cell: (925) 785-2596