Congratulations – you’ve finally found your dream home! You’re picturing yourself unpacking moving boxes and settling in, but the purchasing process isn’t over just yet. After making an offer on that house, the seller may make a counteroffer, and that’s especially likely if you bid low or you’re up against other competing offers. Such a situation sparks negotiations!
To get the best deal, here’s how to negotiate like a pro when buying a home:
Do Your Research
You can use online real estate listings and public records to learn about the seller, the house, and the neighborhood. If the house is in foreclosure or the seller is a party to a divorce proceeding, you’ll have leverage during negotiations. Moreover, recent neighborhood sales can provide you and your agent with information on market values. Remember that you should base your negotiations on home and market value, not the listing price.
Make the Seller Think Saying Yes Was Their Idea
No one likes being coerced into doing something. As such, you should subtly encourage the seller to think they’re in control. An excellent way to do that is to offer them a quick way out. In fact, a study has shown that the “but you are free” (BYAF) technique leads to increased compliance. For instance, “You’re free to say no, but would you consider covering closing costs to close the deal?”
Know When to Walk Away
Emotions can easily get in the way of decision-making. That house could be beautiful and the only one you’ve “loved” since you began your home search. However, you don’t want to accept an offer that’s going to hurt you financially in the long run. You have to keep an open mind and know when to walk away from a bad deal in search of a better one.
Need Help Negotiating a Home Offer? Call Us!
Ultimately, your real estate agent is an indispensable asset when it comes to deciding how much to offer and negotiating a home’s price. Our Realtors are experts in the local housing market and know which properties are set to grow in value. Call us today, and let us help you negotiate the best home deal – negotiations are our strongest suite!
