In this shifting market, buyers have the advantage. Unlike before, multiple offers
are no longer thrown as the For Sale sign comes up. Today, the competition has
dwindled in most areas. Buyers have taken the sidelines as investors start to
Listed below are a few things that home buyers should know in order to negotiate
the best deal. Read on and get the house you have always wanted.
This is the biggest problem for buyers and sellers to overcome. As prices begin to
drop, buyers and sellers react differently. Despite the stagnation, most sellers
believe that their house is special and are unwilling to lower down their asking
price. Buyers, on the other hand, would make a ridiculously low offer.
As a smart buyer, you should determine how much you can afford and the size of
the home you need. The next step is to search for a house that would coincide with
these specifications and negotiate fairly.
Making an offer
Before making an offer, it is best to consider the recent comparable sales. Look
around and determine how much the last house was sold. Make sure that your offer
is within that range.
Despite the shifting market, sellers would feel insulted by receiving an offer that is
too low. Mind you, they have an idea how much the last one was sold. If you want
them to consider your offer, give them a fair price.
Wait for a month
After about 45 to 60 days, sellers might get tired of keeping their house spotless.
House hunters come and go on a daily basis and the seller may start to get anxious
on how long the process may take. You, as a buyer can take advantage of this. Try
to negotiate with the seller. They might be willing to consider your offer if the price
Look at the big picture
As a home buyer, your goal is to get the house you want and live here for a few
years. In this changing market, you should consider living there for at least 5 years.
Don’t get caught up in a $2,500 price difference.