The Buyer's Guide: Tips to Getting the Best Price
/Now that we’re no longer in the height of the seller’s market, buyer’s have more say in the real estate transaction. There was a time (and they’re likely will be again) when homes were for sale for just a few days, and then received multiple offers , some even over the asking price. This is obviously more challenging for buyers, as they have less leverage when it comes to negotiating price. Now, today - things are a different story. As we’re anticipating a slow down in the market overall, and homes are staying on the market longer, buyers have an advantage. How do you go about getting the best price then when purchasing? See below for my top tips.
1. Do your homework
Your agent should provide you with this information (ask them if they don’t) to share with you a ‘comp analysis’. What is this you may ask? Well, a full overview of the activity in the area. Focusing mostly on sold properties when reviewing price, but you’ll also want to take a look at the active listings. Are they sitting on the market? Are there lots of price reductions? This is a good indicator that there home could end with the same results.
2. What about the home is “unique”
This one you have to be careful with. There is nothing worse than a buyer who insults the sellers home. Respecting the home while pointing out it’s variances can be done. As I’ve stated before, the number one way to sell a home quick at top dollar is by appealing to the highest number of buyers as you can. What about this home makes it not
3. What are the opportunity costs for the seller?
This can often be overlooked in negotiating, but it is a big point to consider. Is there full staging in the home that they’re paying for? How much money have they already spent because of it? Do they still live there and have to deal with off the cuff showings and open houses on the weekends? Or do they have another home, so they’re paying two mortgages? You want to take a look at the overall state of the sellers situation, and determine how it benefits them by selling their home to you.
