No one ever buys a home and asks to pay more money than necessary. In most cases, homebuyers want to get the best possible deal. So, how do you do it? Start by following these tips:
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Research other homes.
If you look at two properties in the same neighborhood that are both 3,500 square feet, in good condition, and have a pool and three-car garage, for the most part, they should fall within the same price range. There are always exceptions, but take a look at similar recently sold homes in that area, as well as researching homes currently for sale.
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Play it cool.
If you fall in love with a property, do not declare it to the world. If you must have this house right now and already know where you will put your favorite chair, the seller and his or her agent is not even going to try to negotiate.
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Find out more about the seller.
On the other hand, it helps to know how eager the seller is to sell. Maybe the house has been on the market for nearly a year, and he is she is willing to make a deal, or maybe the seller is moving to another state or made an investment he or she could not afford and needs to get it sold quickly. This works in your favor.
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Go low but not too low.
Be prepared to make an offer that is less than the selling price. The tricky part is avoiding a low-ball offer that insults the seller or prevents him or her from taking you seriously. Working with your own real estate agent can help you avoid making a bad offer.
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Set a deadline.
After making your offer, let the seller know you need to hear something within 48 hours or less. You can even tell them you need to know something the next day. This gives the seller less time to mull it over and come up with reasons not to accept your offer.
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Be flexible.
If the seller does not accept your offer and shows no signs of budging from the asking price, move on. Becoming too emotionally attached to a property can result in you spending too much money. You can always keep an eye on it and try again if it does not sell within a month or 90 days, but chances are, you can find another home in the area that you like even more.
If you are looking for a new home, Atlanta Fine Homes Sotheby’s International Realty can help. Contact us at 404.237.5000 to speak to an agent today.