If there’s one thing every homebuyer should know, it’s that not everything in the real estate market is set in stone—especially a property’s displayed asking price. More often than not, there’s a bit of wiggle room for both homebuyers and sellers to reach a fair value and reasonable terms. To reach an equitable agreement, negotiations may need to be done and it would be smart for you to be prepared. The following are some factors that must be considered:
If the seller agrees to adjust his asking price in your favor, will you be ready to act and immediately give the deposit? Take note that any delay in responding to a good counteroffer may create an opening for another buyer to bid and potentially snatch away your dream home. This can also leave an impression to the seller that you’re not serious in purchasing his property. To start with, be persuasive by getting a mortgage preapproval and preparing to make the required deposit.
Real Estate Climate
Whether a negotiation can get you far or not will mostly depend on the type of real estate market you’re in. Generally, you could either be in a seller’s market or a buyer’s market with the latter definitely being the most preferable. Buyers have more leverage when the demand for homes isn’t too high and there are a lot of properties to choose from. Assess the real estate market, make comparisons, and gather information about the property and the neighborhood. By doing so, you may be able find facts that can help you get the best deal possible.
Pro to Help
If you’re a newbie in the real estate scene, it’s best to work with an exclusive buyer’s agent who has the knowledge and experience to get you the property that suits your budget and preferences. See to it that you find a reliable exclusive buyer’s agent whom you can trust and easily communicate with as this can ensure a smooth home-buying experience.
12 Negotiating Tips Every Homebuyer Should Know, U.S. News Money