Whether you’re a first-time homebuyer or a savvy property owner, brushing up on the art of negotiation can save you money, improve your odds of closing, and help you walk away with the best possible deal. Here are some practical tips to negotiate your way to the home of your dreams:
Do your research: As simple as it sounds, understanding the current real estate market and trends goes a long way when it comes to negotiating. Consider whether it’s a buyer’s or a seller’s market and find out how much other homes are selling for in the area.
Set realistic goals: Before you fall in love with a property and make an offer, make sure you have a firm budget in mind. It’s also smart to establish a list of non-negotiables ahead of time. Then, work with your real estate agent to come up with a fair offer that gives you wiggle room.
Leverage inspections: Always bring in a third party to inspect a property before making an offer. Home inspections are an excellent negotiating tool. If you uncover issues with the property, ask the seller to make repairs or reduce the purchase price to cover these costs.
Be open to compromise: Negotiating requires both parties to be flexible. Be prepared to make concessions to close the deal, especially in a competitive market.
Negotiation is a give-and-take process. Working with a knowledgeable real estate agent can offer you insight into the seller’s position, help you avoid common pitfalls, and boost your creativity when it comes to making requests. By partnering with a professional and following these tips, you can secure your next property at a price you’re happy with.
Sources: Linkedin.com, Bankrate.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
