Having a great real estate agent on your side has a lot of perks; one major benefit is their ability to negotiate a home price. There are plenty of factors to consider when it comes to negotiating and settling on the right price.
Here are a few considerations that can affect how you negotiate. Of course, you should discuss all of this with your real estate agent to see what applies to your dream house.
1. Know the neighborhood.
Find out what similar houses in the area are going for.
It lets the buyer know you’re serious about your offer. This is especially helpful when a house has multiple offers on it.
3. Ask why they’re moving.
If they need to get out fast, they might be more willing to compromise. Be respectful of their privacy, but it never hurts to ask.
4. Make an offer based on home value, not list price.
Making an educated offer that doesn’t offend the sellers is key. Know what the house is worth so you don’t make a super low offer that can ruin your chances of getting it.
5. Do an inspection.
You can ask for repairs or the price of repairs if something isn’t in great condition.
6. Ask for appliances or furniture.
Love a rug they have? See if they’ll leave it for you. Appliances like washers and dryers are also good to ask for if you like them.
7. Do some research.
Use public records and websites such as the online county assessor’s office to see when it was built, how many times it has been sold and anything else you can find out.
8. Be ready to compromise.
The best case scenario is that both seller and buyer feel good about the price you land on. Know what you want to pay, but be ready to compromise. Being too firm could be the difference between getting and losing the house you want.
To get started on your homebuying journey, Make an appointment
with a mortgage banker today.