By The A-Team | Jul 10, 2018 | Buyers
Every home buyer wants a comfortable advantage in the negotiation stage. While a buyer agent's primary role is to help in these negotiations, it's important for the buyer to be aware of common guidelines.
When it comes to negotiations in home buying, research is important. Looking past the surface may uncover some helpful info, such as the true length of time it's been on the market:
Knowing information such as the reason for selling and how long the property has been on the market will give you an insight into the mind of the seller,
It is vital to do some researchIt is vital to do some research as to who the vendor is, and their reason for selling, as well as how long the property has actually been on the market. An agent may truthfully tell you that it has only been on the market for four months, but it could well have been on the market with another agent for ten months prior to that, and discreetly on the market/off market for six months prior to that. By understanding these factors, you can tailor your offer to maximise the chances of acquiring the property for the least amount of money. Via cityam.com
Next, base your offer on the home value and not on the list price. It's unwise to use the list price as an actual indicator of value:
There are listings in the real estate market priced based on sellers' expectations. If it's overpriced, your agent will know and negotiate as such.
Base your offer on the home value, not the list priceThe recent sales in the neighbourhood give you and your agent ammunition and information. If a home is priced at or below market value, you’re unlikely to get it for less. If it is priced above market value and has been on the market for a while, a lower offer accompanied by a market analysis may get you the home. This is where a good agent can be invaluable. h/t livingonthecheap.com
Lastly, is to avoid letting your emotions rule when negotiating. Emotions shouldn't interfere with your decisions:
No buyer wants to regret their decision. Unfortunately, this is a common occurrence, and one that leaves buyers in a difficult situation.
Don't Let Emotions RuleIt’s true that often people buy emotionally; if you don’t love the house, most likely you shouldn’t buy it. But emotions need to be in check when you’re negotiating. Rational heads make the best decisions. We’ve seen people get emotionally worked up and lose sight of the end goal, while standing on principle over a small matter. read more at frederickrealestateonline.com