Often times, the price that a house is listed at is not the same price that it will sell for. With the tips and advice displayed in this article, our customers will have the upper hand when is comes to real estate and the negotiations that come with it.
The first crucial step to real estate negotiation is to separate any sentimental feelings from the actual deal. Home sellers often appraise their house for more than it is worth because they are emotionally tied to it. Additionally, home buyers will make low ball offers because they think they can get away with it given the market’s current state.
Second, use comparisons! If you are curious as to what your home is worth or what a home you are interested in is worth then find homes just like it. As a rule of thumb, a buyer can make an offer from $10,000 to $15,000 within range of what a comparable home has sold for.
Another great tip for a buyer is to find how motivated the seller is. A seller who is trying to move before a certain date is more motivated and willing to negotiate than a seller who is just exploring their living options. Usually, sellers who have had their home on the market for 45 days or more are more motivated than sellers who have just listed their home.
Additionally, it is a bad idea to ask sellers to pay for anything that requires craftsman quality. For example, asking a seller to pay for a new paint job or carpeting can be a gamble. They often have something different in mind than you do. Alternatively, ask the sellers to pay for a new dryer/washer or kitchen appliances. They are often more willing to buy appliances to close a deal. Keep in mind to keep all requests reasonable.