The thought of purchasing a home is exciting. It is one of the most significant investments people will do in their lifetime. And when the dream finally comes true, most people are exhilarated and fail to bear a few factors that may cost them big-time.
A few decades ago, we lived in a male-dominated world where women were supposed to ‘cook, clean, and take care of their families.’ However, times have changed, and more women are becoming more independent, taking up leadership roles, and owning homes.
With the joy of purchasing homes, come a few challenges. One of them is the ability to negotiate a good price for the home.
In this article, we are going to discuss strategies that help women with limited experience in the real estate business to successfully navigate through the negotiating process.
Let’s delve into specifics.
Do in-depth research
The importance of doing research when intending to make any purchase cannot be downplayed.
By gathering as much information as possible beforehand, you arm yourself with relevant information in regards to property sales. With that, you are better able to identify when a property put up for sale has been over-priced or have questions when the price of property seems lower than its market value. As such, you can make better investment decisions and avoid regrets later on.
Go for an independent valuation
I would advise any woman looking into purchasing a house to seek the services of an independent valuer.
Once you have identified a property on Movoto that you would like to own, an independent valuer will look at the property, do the necessary assessments and provide you with detailed documentation of the approximate price the house should go for. In the report, there will be extensive details on how they came up with the price, including its market reviews. Information on the land, title deed, location as well as a description of the site might be presented to you.
However, to ensure you get correct information, hire a qualified valuer with vast experience in independent valuation.
To have a better knowledge of the property’s value, it is recommended that you take a look at other similar properties. Get to know how much they go for and compare these to the property you intend to purchase.
Do not just look at a property whose architectural design resembles the one you want and assume that the prices should be similar. Other factors like location of the property, size of the land, number of rooms, condition of the structure, as well as proximity to hospitals and other necessities have a significant impact on the pricing of any property.
Understand the market
The moment the idea of purchasing your own home starts creeping into your mind, make a point of developing a good knowledge of the real estate market trends throughout the year. Strive to understand the market conditions and what particular time you are bound to make greater real estate investment.
For example, in the United States, the real estate market is at its peak in spring. That is between March and May. So, if you are a buyer, that is the perfect time to upgrade your home and go house-hunting as there are myriads of property listings to choose from. On that same note, a property seller will make sure their property is listed by the end of February to make it available for buyers at the beginning of March.
Through certain websites, you can closely monitor local listings to see the available houses, their market price, and how long they are on the market. You could also attend inspections of properties that caught your attention and ask the agents any pressing questions on the said property that may be weighing on you.
Additionally, if it is such a time when market values are decreasing, this may be an opportunity to negotiate on the price of the house further.
Be financially capable
What’s the use of negotiating a property if you are not financially prepared?
One of the ways of setting yourself apart from other potential buyers and positioning yourself as a more serious buyer is having your finances ready. The research that we advised earlier on should help you have a rough estimate of how much money the property will cost. This could also mean considering home loan pre-approval from a lending agency.
Once sellers see you are the most prospective buyer, it gives a window of opportunity to negotiate your preferred terms.
Keep your emotions in check
We are women, and sometimes, emotions get the best of us.
In the course of your search, you might find a property that you fancy and, in a matter of seconds, have already envisioned yourself in it. However, during negotiations, do not allow those emotions to affect the business at hand.
Instead, be logical and maintain focus. Use the research you had gathered on the property to make a sane decision. This way, there is less likelihood of going above and beyond your set budget or to lower your guard in regards to the conditions of sale. Be smart and know when to continue negotiating or to move on. By doing so, you save yourself unnecessary headaches in case it becomes a poor investment or have bought a house you can barely afford.
Stay calm and use clear communication
Real estate agents are pros and will quickly identify eager buyers and will not give you a deserved discount on a purchase. As such, it is a good idea to keep calm and not appear so eager to buy the property.
On the other hand, acting disinterested may probe agents to think that you are not a serious buyer. The secret is to try and strike a balance between the two. Make sure you communicate your expectations as it allows more room for negotiations between the real estate agents and yourself.
Put your offer in writing
If you have serious intentions of buying a certain property, make sure you put your offer in writing. What this does is, it portrays you as a serious buyer and also avoids any confusion on the pricing and your preferred condition of the house.