It takes a certain amount of skill to negotiate the best price for a home, and it also requires a real estate agent that is well experienced in the local market. When it comes to haggling, there are things you should, and other things that should be avoided. With a bit of know-how and preparation, you can successfully negotiate down the price of your dream home.
If you want to know how to get the best deal on a house, then pick up a few tips from this guide to secure the best price.
Get to know the local area
Location really is everything, and often the local market will provide an indication of how much wiggle room you have when it comes to negotiating down a home’s asking price. National or even state-wide real estate market trends don’t carry as much weight as what’s actually happening locally. That’s why a comparative price analysis of recently sold properties within the area in which you hope to buy will be a much better indication of pricing trends. Become familiar with these statistics to be better prepared for the haggling process.
Choose the right real estate agent
Your real estate agent will handle many aspects of the buying process and their years of experience will prove to be a very valuable asset to you. They will have honed their negotiation skills. It is also important to build rapport with the selling agent of the home. It is in their interest to sell their client’s home as quickly as possible and it is your agent’s communication skills that will persuade the seller’s agent to accept your offer, should the need arise.
Make an appealing offer
Aside from the price, there are other aspects that will make your offer stand out.
- You’re paying in cash
- You have a pre-approved mortgage
- You offer to pay for some of the closing costs, based on the advice of your agent
- You offer a shorter closing date than the standard 30 to 60 days
- Your payment does not depend on having to sell your old home first
The conditions above can sweeten any offer, even if your offer is slightly below asking.
Gauge whether there is room for negotiation
Look closely at the listing. Is it newly listed or has it remained unsold far longer than it should? Is the seller eager to sell the house as soon as possible? Why is the house priced higher or lower than current market trends? The answers to any or all of these questions can give you a clue as to how you can negotiate a better deal on the property. For example, even in a competitive area, you can secure a lower price if the home has been on the market for a while or if the seller needs a quick sale.
Don’t let refusals put you off
If the seller refuses your offer, don’t be disheartened. Refusals are a normal part of the negotiation process. Communicate with your real estate agent and put together a more competitive counteroffer. Additionally, you can clarify that your new offer is the highest you can go, and the seller’s agent may eventually get back to you.
You will now have a clear idea of how to get the best deal on buying a house. It is essential to choose the right real estate agent that is up for the job.
When it comes to securing homes for low prices in California’s Central Valley, the Soldavi Realty Team is highly experienced. We can meet your requirements, and tailor our approach throughout the buying process. Give us a call at 209.383.3000.