When you are looking to buy a home, it is important to keep in mind that no real estate price is set in stone.
There is always room for negotiation, and with the right techniques you may end up saving thousands of dollars on your dream house.
However, it can be tricky to get the right reaction when you are negotiating.
Here are a few tips that will help you to haggle your way to the best deal.
Find Out The Seller’s Motivation
If they really need to move and sell the property, it will be easier to convince them to negotiate on price or other deal points.
For example, they might be relocating for a job or the house might be close to foreclosure, which would give them the motivation to sell quickly at the price you offer.
Investigate How Long The Property Has Been On The Market
If the seller has been trying to sell the home for several months or longer, they will be much more receptive to competitive offers than a seller who just put their house up for sale last week.
Research Comparable Properties
Find out the price of recently sold properties in the same area that are comparable to your prospect.
This will give you an idea of how much you should bid on the house.
Knowledge is power in any type of negotiation, so arm yourself with as much information as possible.
Keep Your Cool
Even if you are absolutely head-over-heels in love with a property, refrain from showing your excitement to the seller.
You could lose any advantage you might have in negotiation if you let the seller and their agent know how much you really want the property.
Be careful not to bid too low. Sometimes sellers are offended by low ball offers and will refuse to work with you afterward.
Even when you are just attempting to get the home for a great price, the seller may become offended, which will leave you disappointed and empty-handed.
These are just a few tips to keep in mind for getting a great deal on your dream house.
If you’d like more help negotiating the price of a Minneapolis home, please contact a licensed real estate professional for more information.