Posts from November 2020

As a real estate professional, you never stop learning. Some skills are used almost daily, while others come up once in a blue moon. One secret to why Homesale Realty experts are so successful is that we have one of the industry's best processes for learning new skills.

That includes high stakes edge-cases like bidding wars.

Bidding wars start when two or more prospective buyers compete directly to purchase a property. Put simply, they don't happen every day. In fact, a bidding war is unlikely outside of specific circumstances: A market where buyers greatly outnumber sellers.

If a market is busy and a home is uniquely desirable, bidding wars can happen suddenly.

It's crucial to have negotiating skills at the ready when a bidding war strikes. Buyers who enter it unprepared can find themselves vastly overspending their budget or making concessions that aren't wise in the long run. Emotions run high, and poor decisions might be made.

So, how can you advise your client on navigating a bidding war?

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There are many things you'll need to know to be a successful real estate agent. One reason why Homesale Realty is so effective is that our team is always learning!

One of the first challenges in any real estate career is learning the lingo. You won't need to know every industry term to earn your real estate license, but studying up will build your confidence.

Let's look at some vocabulary you can't do without:

1. Adjustable-Rate Mortgage (ARM)
   In an Adjustable-Rate Mortgage, interest rates are fixed for a short time after mortgage origination but can change periodically. This often leads to lower payments at first and higher ones later on.

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