Someone rightly said, “Everything in real estate is negotiable.”
If you have found the home you have always wanted to buy and are preparing yourself for a good bargain, you have come to the right place. There are many properties in the market, and choosing the best one in consideration of your budget can be tricky. This is where emotions sometimes outweigh logic, so before you agree on the terms of your seller, it is good to make sure that you are getting a good deal.
Here are some price negotiation tips for every home buyer to help ensure you get a great home for the right price.
Be Clear From the Beginning
Since a seller is never too willing to negotiate, as a home buyer, you must always initiate the negotiation. That being said, your first priority should be to find and finalize a house that fits your budget. You must then use the house inspection report to bargain the asking price.
Do Not Fall in Love
The moment you enter a property you like, do not fall in love at first sight. Even if you do, stay calm; do not let the seller know how keen you are. You need your home buyer poker face on!
Your home is your biggest investment, so take some time before you agree on the seller’s terms. Leave your heart at the door and think of it as purely a business deal. Avoid imagining your life into your new house; the seller will think that you have made up your mind on buying the property.
Love, at first sight, is exciting, but it should not affect your home buying decision.
Be Realistic With Your Offer
Going in with a low-ball offer is sensible; it lets the seller know that you are a serious buyer and willing to complete the transaction. But, don’t go in too low, the seller might take it for an insult.
With immense market knowledge, if your realtor says that the property is fairly priced, trust them and make an offer that you feel is reasonable. If your offer does not receive a counteroffer from the seller, you know it went low. So, try once again. Once the seller sees you are making efforts to arrive at a price that is agreeable to them, they will try to negotiate too.
Find Out Why the house is on Sale
If a home is significantly overpriced, without any particular reason, the house will likely be on the market for a long time. This might also be true in the case of a foreclosure property. Therefore, it is always wise to research well about the properties and find out if the house belongs to these categories. If it does, you must avoid buying the property as it may not be a good deal for you.
If your offer comes with perfect settlement terms, sellers are more likely to accept it even at a lower price. So, instead of being firm on the pricing, try to be flexible. Look for the best home inspection companies in your area, and get a home inspection done.
Needless to say, living in the perfect house is a dream. So you should stop hunting for the perfect house at the perfect price, and use the inspection report to make some settlement regarding the property.
You will be a step ahead in making the purchase if you are willing to compromise a little.
Close the Deal
If everything goes as planned, close the deal as soon as possible. Do not forget that if you delay in making the decision, the seller might agree to the terms of other potential buyers in the market.
Be Ready to Move On
If you can’t pull off the deal with the first property you like, do not fret. There will be many more homes for sale, available within your budget.
With today’s real estate market moving very fast, it is common to lose out to another buyer. But it is just as common to find a home one week later; one that you might end up liking more than the first. In such a case, not getting through with the first deal might be a blessing in disguise.
Make sure you don’t have real estate buyer’s remorse!