5 Must Know Secrets for Negotiating Home Price
Finding the right home is already stressful – but closing on the right home can be a nightmare. Here are 5 tips for making sure you negotiate that home price fairly to get a good deal!
1. Don’t Ever Talk About Price While Viewing the Home
You never want to talk about how much you are willing to spend, or begin negotiating, while you are viewing the home. If for some reason the seller overhears you (these days with security cams everywhere, it’s likely), you may get cornered into a buying price when you could have easily lowered it.
Go home, do your research, make sure the place is inspected, and then decide what you are willing to spend on the house. Only then should you begin to discuss price – and ideally, through an agent or realtor.
2. Personalize Your Offer
You are probably very excited to buy your new home! It’s an emotional roller coaster of a time for many people. In most cases, the seller is leaving a place where they built powerful, happy memories. Include a personal letter to the seller about why you love their home in your offer to strike a chord with them. Any edge will help you.
3. Find Out Why They Are Really Selling
Do some digging and see if you can determine the reason the seller is moving. The typical reasons are changes in family size, employment, or marriage status. If they are in a rush to move, then use that to your advantage to negotiate the price.
4. Be Aware of the Market
Make sure you do your research on the housing market in your area. If the seller is asking for a much higher price than most other homes of similar value are going for, you can call out their bluff. Being an informed shopper will keep you from being taken advantage of.
5. Walk Away
Don’t be afraid to walk away. You only have leverage till you can walk away. Sellers can easily tell when you’re desperate. Be firm and confident with your final offer to prevent you from paying more than you’re financially prepared to.
All in all, it’s important to be mindful, informed, and confident in the home-buying process. Don’t let your emotions get the best of you, and do your research! This will help you to negotiate effectively as you work to close on your new home.