7 Things You Need To Know To Negotiate The Best Deal – With the housing market constantly changing, it can be challenging to know how and when to get the best deal on your new home. Our 7 tips below will make the process and little easier and will help you negotiate for the best price!
- Do your homework before you start shopping. Know what size home you need and how much you can afford, and then search and negotiate fairly. Every seller is going to think that their house is special and immune to the market and ever buyer is going to think the house is about to be lost if they don’t make a crazy low offer, be smart about what you decide to go with.
- Research recent sales that are comparable to the home you are wanting to buy. This way you can make an offer that is reasonable and makes sense for the type of home and area.
- Find out as much as you can about the seller’s motivation to sell. Are they looking to move quickly or are they waiting for the perfect price? The better you get to know their motive the easier it is to find an offer that works for both of you, while getting you the best deal.
- Multiple Listing Service (MLS) properties usually state what the seller owes. If not, your agent can find the figures. It will make a big difference in negotiating with an owner who owes more than the house is worth and one who has a lot of equity.
- Sellers can’t keep up keeping their home spotless with people constantly walking through. At about 45 to 60 days after the homes go on the market they get tired of it. This will be when the seller gets the most anxious about selling their home, especially since showing traffic has probably slowed. It makes for the perfect time to submit an offer.
- When shopping for your new home, go after houses that are as updated as you can afford. A fixer-upper may seem like a great idea but the costs can add up quickly, especially if you are not a handy-man.
- In a tighter market, it’s not too much to ask the seller to add the closing costs to the price of the home. It’s better to put 20 percent down and add the closing costs to the loan than put 15 percent down and pay the costs upfront.
Keep these tips in mind when negotiating on your future home to ensure the buying process goes smoothly. What are some of your negotiating tips? Have you used any of these tips when buying your home? Comment to share with us.