Wagner Realty
October
29
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7 Ways to Negotiate a Home's Purchase Price
If you walk into a supermarket and try to negotiate a lower price for a gallon of milk, you're bound to walk away disappointed. Luckily, when it comes to buying a house, the fine art of haggling is still alive and well. Our real estate agents are here to help you get the best price you can on your dream home, and these are the tips you need to know about negotiating a better deal.
- Do Your Research
Knowledge is power. Find out as much as you can about the property, its history, and how it stacks up against similar real estate listings--past and present--in the same general area. Relevant market comparisons are one of the most reliable tools you can use to negotiate a lower price, so don't skimp on the research. - Act Fast
Once you've made an offer and received a counteroffer, don't wait around. Respond as quickly as you can, ideally within 24 hours. This lets the seller know you're serious and prevents another prospective buyer from swooping in with a higher offer. - Be Nice
Nothing will get the door slammed in your face faster than rudeness. While it might be easy to assume an adversarial relationship with the seller, your goals are mutually beneficial – they want to sell a house, and you want to buy one. Approaching the negotiating process with respect and courtesy will make it more likely that you'll be able to reach an amicable agreement. - Make a Respectable Offer
From a buyer's perspective, the goal of negotiating is to arrive at a lower price, but it's possible to take it too far. If a homeowner lists their house at fair market value, a lowball offer might insult the seller to the point that you may not get a response at all. So make an offer that's below the list price, but not so far below that the seller will balk. - Increase Your EMD
An earnest money deposit (EMD) is the sum of money you put down to show the seller that you're serious. Typically it's between 1% and 3% of the sale price of the home. But offering a higher EMD, say 3% to 5%, can let the seller know that you're serious about buying, and may make them more receptive to an offer that's lower than their listing price. - Be Flexible
Buyers and sellers each come to the table with a list of contingencies, and it's to your benefit to be a little flexible on both counts. Reducing the number of contingencies you're asking for makes the whole process easier for the seller, and being flexible about the seller's needs – such as what date you will take possession of the property – is a great way to butter them up. - Check Your Emotions
You have to be in love with a house to be serious about buying it, but you should never let your emotions run amok during the buying process. Keeping a cool head will help you stay within your budget, and will prevent any missteps that could put the whole deal in jeopardy.
Contact Wagner Realty today to learn more about how our team of experienced real estate agents can help you get a better deal on Bradenton homes for sale. We're no strangers to the negotiation process. We work with you to help you get a house you love at a price you can afford.