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Profitt Report: Smart strategies when shopping for a new house

Photo credit: MGN

Hunting for a new house can either be exciting or a headache, especially when the market tends to favor sellers. Here’s a common scenario in a seller’s market according to Tom Darger, associate broker at Ayre Rhinehart Realtors in Midland:

“All the sudden, the perfect house comes on the market, unfortunately, 13 other people want that perfect house, too.,” he said.

That means buyers, you need to be on your game. One tool you could use is called an escalation clause.

“That escalation clause says hey, if you have three offers… I am automatically giving you permission to raise the price… so they can compete while they're not even doing anything,” Darger said.

That takes some of the stress out of negotiations, but of course, it’s not right for every buyer in every situation, so you should know what you’re doing before adding this kind of clause.

Next, try to be all business when shopping.

“It is an amazing thing, people pull up in the car and emotionally they've already bought the house,” Darger said.

Close to 50 percent of people start their shopping online according to the National Association of Realtors. Darger said buyers sometimes fall in love with photos, not the real deal, and that can lead to trouble.

“Sometimes buyers are quietly crying when they leave the house, they're so upset… they found something inside the house that just didn’t work with their mindset of the house,” Darger said.

If you do decide to make an offer, Darger said this simple strategy can put the seller at ease about their upcoming move:

“One of the things you can do for that seller is say hey, I’m going to let you stay at your house for a week and you can do it for free after close so it gives you more time, it destresses you,” Darger said.

The Profitt Report wants to hear from you - please send consumer questions and story ideas to ProfittReport@WSMH.com

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