Negotiations between seller and buyer can be very stressful and, at times, awkward if you are new to the process of buying a house. You may feel the need to lower your offer especially if you’ve gotten attached to the house for sale. It takes a bit of a balancing act to get the price that favors you while also making sure you don’t lose the property to another buyer.
Are you looking to purchase your dream house at the best possible price? We’ve compiled a list of tips below that can help you negotiate with confidence and get the best price for your dream house:
Do your research
Don’t wing it. Instead, dig deep. Find out all you can about the real estate market in the neighborhood or community you’re interested in. This will give you a good idea about the average selling price of similar homes in the area, and allow you to make an offer based on market rates.
Find anything you can use as leverage
Aside from doing market research, it’s important to find anything you can use to your advantage. Think of it as arming yourself with the necessary information before you sit down to negotiate. Has the property been on the market for a while? Why is the house up for sale?
Buyers should be careful when bringing up these questions especially when the seller has lived in the house for a long time. Probe – but gently. Sellers may be emotionally attached to the property and take offense if you push too hard. Learn how to calibrate your approach.
Don’t appear too keen
Speaking of leverage, it is never a good idea to show just how much you like the property you are negotiating for. The haggling process is going to be like a game of poker; keeping yourself neutral is the way to go. Being over-enthusiastic will give the seller the idea that you’re prepared to pay more. We suggest pointing out a few flaws you may have to deal with when you buy the house – even if you don’t really see them as much of a deal breaker.
Talk to the agent
When negotiating, you aren’t just talking to the seller, but to the Realtor as well working on behalf of the seller. It’s important to keep in mind that the agent’s priority is their client and not you. Buyers have to be careful not to say something they can use as leverage. However, it’s in the agent’s best interest to get the house sold as quickly as possible. Show the agent that you are ready to buy the property as soon as a deal is reached – with earnest money, the imminent approval of your home loan, and attorneys to take care of the paperwork and closing.
Looking for the perfect Colorado home? Speak with The Noel Team today to purchase the house of your dreams at a great price! You may contact our team at 303.774.9400 or email sjnoel(at)remax(dotted)net for help on your real estate goals. You can also send your message here.
