For most of us purchasing a home is the biggest investment that we will ever make. No matter how inexpensive a property might be, we are still talking about thousands of dollars being spent. So, knocking down the price of any property will translate into huge savings. However, not everybody is willing to negotiate a house price. You need to have the knowledge and the skills to handle such a difficult situation. Our tips will help you get confident and save a nice bundle on your next real estate purchase. Here is what you need to know.
How to negotiate a house price?
Some people just can’t overcome the discomfort during the negotiations. Still, what you must realize is that negotiating a lower price for your future home is a standard part of the real estate business. Our 5 tips will be a great guide during your house-hunting process.
Before you start, know your stuff
Don’t appear out of the blue and just start throwing figures around. Before you do anything take your time and research the area that you would like to buy-in. Check out the current listings and prices. Also, follow the prices of homes that were already sold. Once you feel confident that you know what is going on, you can dive into negotiations. Otherwise, you can only make things worse.
Have on your poker face
Being overjoyed about a property in front of the owners will almost always guarantee that you will not be able to knock down the asking price of the property. Of course, don’t be rude. No need to openly and aggressively make negative remarks. Still, be tactful. Feel free to address concerns if you have them. In the end, make sure you keep your excitement to yourself.
When visiting a property open your eyes and ears. Listen to what the sellers and the agents are saying. A lot of information can be used to your advantage. For instance, if the sellers are in a rush to move and they want to sell quickly, it is very likely they will lower the price of the property. There can be many other reasons as well to lower the price. Therefore, listen carefully. You never know what info can be used to your benefit.
Don’t bank on coronavirus being your ally
Many buyers are under the impression that the Covid-19 pandemic will influence the real estate market. It sure will, but it might not be in the direction that they were hoping for. Prices will not necessarily drop because of the world pandemic. On the contrary, some property prices are going through the roof. Especially those in the suburbs and other areas that aren’t as crowded. Keep this in mind when trying to negotiate a house price.
There is such a thing as negotiating up
If you come across your dream home and you see there tight competition between the buyers, go ahead and up the ante. Of course, this is only an option if your budget allows you to. Offering a higher price for the property is nothing unusual.
Negotiating a property price is not for everybody
Some just don’t have the stomach for it. There are people that feel great discomfort and anxiety when put in such a situation. If you are one of those people that is nothing bad. Hand over the wheal to your spouse or somebody else that is more comfortable in such circumstances. However, one thing that we don’t advise is to give up in trying to negotiate a house price. With just a few little tricks up your negotiation sleeve, you can end up with thousands of dollars saved in your packet while enjoying your brand-new beautiful home.