The real estate market can be a finicky beast. Just when you believe you are getting a great deal on your dream home, the bottom falls out and instead it turns into a money pit. Or perhaps when you finally decide to put your house up for sale, you are faced with a tanking market. You must approach the real estate business smartly even when you are leading with your heart. Here are a few tips to keep in mind whether you are buying or selling your home.

Force Competition to Happen

If you are selling your home, it always helps to have at least two people interested as it will potentially drive up the price. This may involve you dropping your price significantly when selling your home in hopes of starting a bidding war. But you have to take chances sometimes in the real estate market.

When you are buying a home, it is a good thing to be open to two or three homes and letting the sellers know to come back to you with their best offer. Of course, this is a lot easier said than done. Finding two or three dream homes is nearly impossible, but be patient and you just might be able to do it. It may require you to look at 20 houses a day for a few days, but it could pay off with a reduced price.

You Can Negotiate Realtor Fees

Most realtors will instantly tell you their fees are six percent, but it does not have to be this way. You can negotiate realtor fees down to four percent much of the time. For instance, if you sell your house for $100,000 the last thing you want to do is give $6,000 of that automatically to the realtor. Four percent will only make it $4,000 and when it comes down to it, this could still be a good deal for the realtor as they are probably not spending a whole lot of time actively involved in selling your home.

Don't Just Accept What Is Being Told You

If you have any questions, you should seek advice from a real estate lawyer. They know this industry like the back of their hand. It may cost you a hundred or two to take up an hour of their time, but if it saves you money down the road, it will well be worth it. Sometimes you have to spend money to make money.