Both first-time and veteran home buyers can be duped by the real estate market, but they can still get the best deal for the home they love by being smart in the negotiations. Savvy negotiators in the home-buying process can save thousands by understanding the market and having strong negotiation skills.
Consider the Market
Every area has its own market as far as homes are concerned. When you are looking for a home in a specific area, say Scottsdale, AZ, make sure you understand the asking price for local houses as well as the way a house’s value depreciates the longer it’s on the market. With that knowledge, when you approach the seller with an offer, you will know if they are trying to get more money from you than the house is worth. To gain that knowledge, search Scottsdale realtors’ blogs or websites in order to better gauge the current market.
Keep the Ball in Your Court
One of the worst mistakes you can make is to give the seller more information about you than absolutely necessary. They can use even seemingly harmless information as leverage to avoid reducing the asking price.
Also, never go into a negotiation without other options. If you only have one home you are currently bidding for, you are more likely to make impulse decisions out of desperation. If you have more options, you can also let the seller know that theirs is not the only property you are considering, which can motivate them to drop the asking price.
Finally, ask lots and lots of questions. You can use any information the seller gives you to your advantage when negotiating the price.
If you want to ensure that you are getting the best deal possible on your home purchase, make sure you do your homework and play it smart in the bidding processes. You’ll see the difference in the thousands of dollars you save.
