4 Tips For Negotiating An Offer- So you’ve found the house of your dreams – now what? Go ahead and pay the asking price? Well, not in every case. Some owners are more open to negotiating when it comes to price, but where do you start? Jumping in without doing any research can lead to a big mess. That’s why we’ve come up with these tips for becoming a master negotiator. Keep them in mind and you’ll be on your way to a great price on your new home! Here are four tips for negotiating an offer on a home:
- Do your research. Sellers can be turned off by an asking price that’s unexpectedly high. On the other side, you don’t want to get burned by making an offer that’s way below market value. Take the time to study what similar houses are selling for in the area and adjust your price point accordingly.
- Don’t get emotional. Experts suggest treating a home purchase like a business transaction. You might think it’s your dream house, but getting emotionally attached to a home can mean losing leverage over the deal. Keep your emotions on a leash and stay objective.
- Figure out what the seller wants. Your research isn’t over after looking up the real estate market. Consider checking into the home’s selling history. For example, have there been multiple sales that have fallen through? If so, the seller may be willing to lower the asking price in order to secure the sale.
- Offer non-price perks as incentives. A lower price can be made more attractive if buyers can offer other incentives to the seller, such as a quick inspection process or paying in cash. Or, if you are willing to pay their asking price, ask if the seller can cover closing costs or throw in appliances. These last minute incentives can make a big difference.
Do you have experience negotiating an asking price? What do you think of these tips? Let us know by leaving a comment below!