When you finally find a great home that you’d like to buy, you often need to work with a real estate agent to negotiate the best price for the property. With the right negotiations, you will be able to make the purchase of your new home and preserve your hard earned money at the same time. Your real estate agent will be able to help you identify clues in the listing that can help with negotiations.
Should You Negotiate?
If you have made up your mind that the home is perfect for your family, then often the initial inclination is to pay the asking price to avoid the risk of losing the property. It can be heartbreaking to find your dream home and lose out on the deal because another buyer submitted a more competitive bid! That’s why you’ll want to proceed with caution to make sure that it is a fair deal for both parties.
Even though it is a seller’s market right now, it doesn’t mean that you can’t negotiate! Instead, work with your real estate agent to identify the subtle hints that will indicate that the seller is open to negotiation.
Hints that the Seller Will Negotiate
Here are a few common hints that indicate that the seller is motivated to sell:
- Listing Vocabulary: Read between the lines in the listing to see if there is any indication that the buyer is in a hurry or willing to talk price. Look for terms such as “needs TLC,” “priced to sell,” or “motivated.”
- Time of the Year: When a seller is trying to move a home in the low-season, they are often more interested in making a deal. If you are negotiating during the slower winter season, you will have more options compared to negotiations during the busy summer season.
- Listing Age: How long has the listing been on the market? Sellers who have been trying to move the home for a while maybe more anxious to sell. A good sign that you can negotiate is if the home was previously listed, then put back on the market because the sale fell through.
- Needs Repair Work: Not all buyers are willing to put in the time and money for home renovations. If you can see that the home is in need of some maintenance, there is likely wiggle-room in the price so that you can pay for the necessary repairs.
- Vacancy: Is it obvious that the home has been sitting vacant for a while? When the furniture is gone, and you can see that no one has been living there for some time, it could mean that the seller is motivated to let go of the property for less than they were initially asking.
Before you start the negotiations, make sure that you have an experienced real estate agent to help you close the deal. Talk to our team at DUFFY Realty for more information about how you can get the best price for your dream home: (678) 318-1700