As property values soar across the country, many first-time homebuyers enter the housing market with lofty expectations and pockets that aren’t quite as deep as the other homebuyers that they are competing against. Even with their pre-approval letters in hand, millennial buyers are finding it tough to beat out others in multiple offer situations, but it doesn’t always have to be that way according to Nashville real estate professional, Harrison Williams.
As Williams says, “there are some tips of the trade and negotiation tactics that only expert agents utilize to ensure that their clients get the house of their dreams. Not all agents are well-versed in high level negotiations, which should be a major factor when choosing the best agent to represent your interests because it’s easy to differentiate the agents that are good from those that aren’t.”
But why would the negotiation skills of a real estate agent be so important to first-time homebuyers in particular? “In the multiple offer climate that we are currently seeing in certain price points in Nashville, Tennessee, there are just too many variables that go into writing a winning offer on a home. Unless an agent has their wits about them and knows what they’re doing, buyers could end up losing out on several homes and have to settle for a place that wasn’t their first option,” Williams says.
With more and more first-time homebuyers flooding the market in hopes of purchasing, emotions are already running high. Without a knowledgeable agent on their team, not only can the home buying process be cumbersome for first-time buyers, but it can seem to last forever when negotiations go awry.
But don’t fret, homebuyers; by discussing contracts and negotiable items prior to physically writing an offer on a house, a buyer can have a better idea and understanding of what might help tip the scales in their favor. Just remember, it isn’t always the offer for the most amount of money that gets accepted!
What many buyers fail to realize is that writing a winning offer on a home is just the tip of the iceberg of the transaction. Once someone has an offer accepted on a home and goes into escrow, there are still other negotiations that take place in any given transaction. Having a skilled negotiator as an agent can often be the difference between holding a deal together and having one fall apart.
“Caveat emptor” is the Latin phrase for “buyer beware,” but nowadays that phrase might as well mean “buyer beware (of poor negotiators).”
Harrison Williams can be reached directly at (615) 804-8898.
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