Wednesday, February 1, 2023 / by Brian Armstrong
5 Tips to Negotiate Homebuying Like a Pro In 2023
Gearing up for an upcoming home purchase? If so, you are in the right place! While no two real estate deals are the same, in our decade of experience, we have seen many recurring themes across transactions. To help you master your purchase, we asked our team of experts to share five stellar negotiation tactics that have proven successful!
Cash or Pre-Approval
If you want to walk the walk and talk the talk, you need to be a cash buyer or have a pre-approval letter from the bank. Each scenario shows the home seller you are motivated and ready to purchase, which goes a long way! Most sellers do not want to negotiate with a buyer to find out they cannot get the finances to make the purchase. So, make sure to prioritize your finances before bargaining with sellers!
Know Your Comps
If you fall in love with a home yet are challenged by the list price, local comparables can be a huge help! Knowing what a home is worth is not as simple as finding out what price the neighbors as asking for their property. Comparables dive deep into dozens of factors like location, age, condition, lot size, historical sales, upgrades, and so much more! When you work with a Strong Will Real Estate agent, they are primed to analyze this data and can help you find the actual market value!
Hire an Inspector
Over the past two years, the market has been so hectic that many buyers decided to forgo home inspections. As the dust settles, we anticipate home inspections to return to the arena. Obtaining a solid inspection report is a great negotiation strategy, as you can pinpoint issues that may reduce the home's value. To the naked eye, things may look in order, but inspectors will identify complications that go deeper than the surface level. Make sure to include an inspection when searching, especially on older homes! Need suggestions? We are happy to provide you with our network of vendors, so you are in good hands throughout the process!
Discover The "Why"
Another expert tip for negotiating with sellers is understanding the big why! While this is not always easy to obtain, knowing the seller's motivations is another stepping stone to a successful transaction. Home sales are often driven by much more than financial gain, so work to discover what the other party hopes to gain from the sale. Hone in on key indicators in their motivations, such as timelines, goals, future plans, etc., so you can help align your offer to meet those. Your Strong Will Real Estate agent can help you identify the goals of your seller and help you match your offer with their needs!
Be Prepared To Walk
Last but not least, be prepared to walk! Sometimes the greatest strategy for negotiating with a stubborn seller is knowing how and when to walk away. Sometimes goals do not align, and that is ok! Try to contain your emotions, as it is easy to end up over budget from a bidding war. You also never know what can happen. Maybe another buyer's offer will fall through, and the seller will be interested in renegotiating! Keep an open mind and do your best not to get too attached to one place! We are headed into a market with ample supply, so there will be other places for you to look at if your first option doesn't work out!
Need help negotiating your real estate deals? Our team of local REALTORS is ready to help! Give us a call at (802) 735-2167 or email us at email@example.com!