Searching for the perfect home is a journey, and not an easy one at times. Watching the market and rates for the best time to buy can seem like an easier task than pinning down the location; and once you find just the right home, the price could exceed your budget.
In cases of excessive asking prices, would you try negotiatingwith the seller, or would you just move on until you found a home within your budget?
If you would move on, then you may not be savvy enough or know enough about negotiating the sale.
If you do negotiate, do you understand how to get the most bang for your buck?
We have compiled a five step method on negotiating that could help your family settle into their dream home sooner than you thought possible.
Do your research
A simple click of a button on the right page and you could be looking at all the houses that sold near your dream home—and the final price at which the home sold for.
WIth this powerful piece of knowledge, you hold the essential first step in understanding your target market.
You also may hold the knowledge of how low the seller may be willing to stray from their original asking price.
For more bang, try to stay within the same size homes so you better leverage your counter-offer if needed.
Play Fair
If your research shows that the comparable homes are within the same price, do not wreck the negotiation by going to low on your offer.
This move can scare away the seller and close the door to any further negotiations.
If the price is fair, play fair.
Get Creative
Sometimes the price is right but the front door, flooring or lighting situation is not. If you don’t ask for an upgrade or repair thrown into the negotiation, you could be looking at performing those upgrades / repairs yourself once you’re in the home.
There are times that the seller will negotiate small changes in with the sale of the home.
We have seen riding lawn mowers, new lighting fixtures, hardwood flooring, rooms painted back to neutral colors, garage door openers, wallpaper removal, flooring repairs and even new carpet through the home.
Secure your finances
Before you begin looking for your new home, go to your chosen bank and secure your financing.
When you have the backing of a secured mortgage on your side, you can negotiate with confidence and the home owner / seller may be more inclined to listen to your offer.
Ask why seller is moving
If possible, find out from your real estate agent why the seller is moving. The answer could be the single most important factor to what and how you negotiate price or upgrades.
A motivated seller is usually willing to listen and consider almost all offers.
Contact us today and try out your newfound negotiating skills.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
