How to negotiate the best price when buying a home
Wednesday Dec 05th, 2018Share
We are talking about a purchase that is a few hundred thousand dollars here! SO getting the best deal is crucial. When it comes time to put in an offer on a home you love, The negoation is the job of your Realtor but there are ways that the buyer needs to help!
Here are some negotiating tips:
Always consult a Realtor who has the knowledge of the current market!
I love helping people navigate through the Real estate market & can help you make a sound investment. Contact me any time !!
As a buyer you need to be willing to walk away from a deal. If you decide you MUST have a certain house, you have already lost negotiating power. There are other good properties out there. Don't over pay because you immediatley feel attached to a home-- Don't let your emotions over power your plan or budget
Learn everything you can about the property before making your offer. For instance, how long has it been on the market? Has the buyer dropped the asking price? Why is the owner selling? What is their desired closing date. The answers to these questions will help you to negotiate.
Know what comparable homes are selling for. The surrounding market really dictates the selling price for homes in an area. But when there is motivation from the seller, it's easier to get a deal- let your Realtor do the digging!
Some sellers are emotionally tied to a number they want to recieve on their home. When the seller won't budge on price try to negotiate something else. For instance, try to get the seller to pay for repairs or improvements you would have done yourself, if you can't reach middle ground- sometimes it's better to walk away you can't settle or meet in the middle.
Meeting in the middle! To elaborate on this, adjusting the closing date to satisfy the sellers need may be helpful in negotiation. Being accomodating on the closing date as a buyer can really help the seller if they are in a situation where they have to hold onto two mortgages. Negotiating the price down a bit can be worth an earlier closing !
Test the waters- even if a listing is brand new & it's a sellers market, you can put an offer below listing price (granted you aren't competeing) to see how the seller reacts. This can give a better sense of where the seller is willing to come down to. Negotatiing can only go so far unless pen is put to paper. *Giving an insultingly low offer is not productive however*