When you’re buying a home, it pays to work with a top-rated local agent. They can help you handle every detail of a transaction, including the negotiation process. If you want to negotiate a great price for your next home, we have a few simple tips you need to follow.
5 Tips to Help You Negotiate When Buying a Home
Although your agent will be the one responsible for communicating with the seller’s agent, the amount that you offer for a home is ultimately your decision. And although it might be tempting to submit a low offer to see if you can score a deal, the art of negotiation requires careful skill.
Here’s what you need to keep in mind as you negotiate.
Check out recent home sales
Before you even begin searching for homes, try scoping out some recently sold listings in your area of choice. This is any easy way to see how much sale prices in a community differ from the original list prices.
If homes typically sell for a lot less than their list price, you could stand to make a great deal. Be wary if homes tend to sell way above their original price, though—you could end up in a bidding war!
Be a serious buyer
Sellers will be more inclined to negotiate with a serious buyer—that is, someone who’s already pre-approved for a mortgage, is working with an agent, and submits their offer in writing.
Getting pre-approved might seem like another extra step in the buying process, but it’s one of the most important things you can do to stand out in a sea of competition. If you have any questions about getting pre-approved, just reach out to your agent or contact a lender to get started.
Find out why the seller is moving
Homeowners choose to list for a variety of reasons, and figuring out why they’re moving can actually help you negotiate. If they’re looking to upgrade their home or aren’t in a rush to sell, you may not be able to score a once-in-a-lifetime deal. However, if they’re facing a job change and need to move fast, they could be willing to sacrifice price for convenience.
Ask your agent to do a little digging—by speaking with the listing agent, they can likely find out why the seller wants to move, as well as how long the property has been on the market.
Don’t lowball
While it might be tempting to submit a low offer, this could offend the seller and cause them to decline any of your future offers. This doesn’t necessarily mean you have to pay asking price for a home, though!
Be sure to do your research and figure out how long a home has been listed. If it’s been on the market for a while, or if it’s in disrepair, you might be able to negotiate a great price. If you aren’t sure where to start, your agent can guide you in the right direction.
Consult with your agent
Your agent will be the one drafting and submitting your offer, which means they’re also an integral part of the negotiation process. As you settle on price and work through counter offers, be sure to ask them plenty of questions. Remember—they’re here to represent you and offer their professional opinion!
Ready to Make a Move?
If you’re thinking about moving to the Piqua area, let the Kathy Henne Team help you negotiate a great price for your next home! We have the resources you need to navigate the buying process, so just give us a call to get started.