So you’ve found the perfect property after months of looking. Now all that’s left is to make an offer and close the deal on your new dream home.
Sounds simple but the act of negotiating the price of a property in today’s market is anything but.
With both homebuyers and sellers looking to get the most out of the transaction, you’ll have to be on your toes if you want to get the best end of the deal.
While it can be a difficult process to get through, if you follow a few basic tips of what and what not to do, you'll put yourself in the best position possible to come out ahead.
Understand The Seller
Make sure you have a full picture of where the seller’s head is at and what’s the reason for selling their home.
Some sellers can afford to sit on a property but many will be looking to offload as quickly as possible.
This could be because they have moved and already own a new home or have financial debts that need to be taken care of.
Knowing how easily you can push for the price you want will help your overall strategy when it comes time to negotiate.
The Air Of Mystery
As important as it is to know as much as you can about the sellers history and intentions, you want to keep your own situation as secret as possible.
Don’t let them use the same information against you as you are with them.
Know The Area
It should go without saying, but sizing up the location where you intend to purchase will help substantially when knowing the real value of the home on offer.
Sellers can easily over or underestimate the worth of their property so having a more realistic view of what it should go for will help you decide on the correct range of asking prices.
Have A Backup Plan
Relying on one particular property can set you up for being too keen to purchase and fall right into the hands of the seller.
Make sure you have a few other comparable homes to in case the seller negotiates too hard in either own favour.
Remember, usually the person who is the most desperate loses, try to need the home less than they need to sell it.
Keep Sight Of The Big Picture
The goal of negotiation here is to get the best price you can for a home that you’ll love for years to come.
Don’t get so wrapped up in beating the seller, however, that you lose the home just because you didn’t ‘win’ the negotiation.
In some cases it’s better to settle even if it means you didn’t get the exact price you wanted as long as you get the property in the end.