Whether you are buying or selling a home in today’s market, there are important considerations to make the process go smoothly.

First, if you are planning on buying home in 2014 it is important that you make yourself as desirable as possible by following these tips:

Find a reputable Agent. In a seller’s market, the quality and wording of your offers can be make-it-or-break-it. It’s best to have someone by your side that is knowledgeable in the art of negotiation.

Be quick. Sometimes making an offer at or above the asking price is required to compete for the best properties. You should expect a counter offer in a seller’s market, and your reply should be just as quick.

Negotiate. In a seller’s market you will be competing with other buyers and multiple offers. Offer to dismiss financing, inspection and attorney contingencies to get an edge on the competition. If a home has been on the market for a while, try to figure out why. Sometimes price is not the only factor, and that’s why buyers have to…

Prepare to make concessions. To get your desired home, seduce sellers by extending their move out date and offering to pay their expenses. Allow the seller to take anything, even fixtures from the house – now is not the time to ask to keep the swing set.

Stand out by being an ideal buyer – one who is preapproved and flexible towards the owner’s desires. Do something memorable; include a personal note detailing what you love so much about the home with your best offer. In addition, never fails to offer a lot of earnest money on a home you are serious about, it makes you look committed and financially sound.

Tips for Selling your Home in a Seller’s Market

If you are thinking of selling your home while the market is heating up, be aware that homebuyers are much savvier following the recent economic downturn. Here are a few bits of advice to ensure you get the most out of your home:

Get while the getting is good. Don’t wait for a peak in a seller’s market; such markets can be short lived. If you’re thinking about selling, start the process as soon as possible. Begin by getting your home inspected because some things may take more time to fix than anticipated. Next, prepare your home for photos by giving it a deep cleaning and removing clutter. Then, search for a great agent.

Choose your agent wisely.  Because of fierce competition for homes, you will be juggling multiple offers from multiple people, interview several local agents and make sure your agent has a passion for negotiation and the patience to walk you through the financial aspects of every deal. It’s also important to have an agent who will actively market your home for about a week before entertaining any offers. This creates a following of people who are serious about buying.

Negotiate. As a seller, this is your market, which means you should expect to get more than you asked for your home. Make the most of it by allowing time to send and receive multiple offers. Experts recommend issuing a counteroffer to all prospective buyers, giving them 24 hours to come back with their best offer. The result is usually a sweet deal, even if one offer was originally lower than the other.

Safeguard yourself.  Beware that 10 percent of deals will never close due to insufficient funding to an unqualified buyer. Make sure the offers you take seriously are from preapproved buyers.

Summit Sotheby’s International Realty offers exemplary service to real estate buyers and sellers in Utah, with a specialized focus on Park City real estate and Dear Valley real estate. Its more than 100 real estate brokers and agents are locals with in-depth knowledge Utah’s unique real estate market. Clients can expect personal attention from the most knowledgeable agents along the Wasatch Front and Wasatch Back. For more information or to view our current listings, visit summitsothebysrealty.com.