When you are buying a house, one of the primary considerations, without a doubt, is the cost of the home. You want to make sure that you are getting the best price possible for the property you wish to purchase.
To do so, you need to have sufficient knowledge of real estate. Of course, it would be a great help if you have a reliable real estate agent on your team who can provide you with all the information you need and guide you on the proper approach to negotiating a house’s price. But these tips should give you some idea on how you can better get a better deal with the seller:
Study the Market
It’s a good idea to familiarize yourself with the type of marketing you’re entering as a buyer even before you start searching for your dream home. Know that when you are negotiating the price of a property in a buyer’s market, there will be more homes for sale than buyers, so you’ll have the upper hand here. You can take advantage and offer a price that you’re willing to pay and even ask the seller to cover closing costs or other requests you might have.
On the other hand, if you are navigating a seller’s market, it will be harder for you to negotiate the price, if possible, at all. Because the number of buyers is higher than the properties up for sale, you will probably have to agree to the seller’s price and conditions.
You’ll know the kind of real estate market you are in from your trusted agent and by checking with the Canadian Real Estate Association.
Know as Much as You Can About the Property and the Seller
It will benefit you to know more not only about the property you’re trying to buy but also the seller you’re going to communicate with. For instance, knowing that the seller has been trying to sell their home for months or even years means it’s likely that they’re eager to sell, and you may be able to negotiate the price.
Other information you should find out includes whether the property has been sold before and for how much it was sold, why the seller is moving, and more.
Don’t Just Negotiate the Price
If you are a first-time homebuyer, you might think that the only thing you can negotiate with the seller is the price. Still, there are other things you might want to work out with the seller, like the appliances to be included in the sale, repairs, closing costs, and more.
Appeal to the Owner’s Sentimentality
Homeownership can be sentimental. The seller probably has some unforgettable memories in that house. Why not let them know why you want the house, why it matters to you, what future you imagine having in that house with your family? Perhaps if the seller sees that you will take care of the home the way they did, they’ll be more open to negotiations.
Negotiating is part of the buying process. Your seller expects that, so don’t hesitate to do it, but you have to be prepared to compromise as well. Know that it is unlikely that you’ll get all the things that you are asking for and be okay with that. Gauge the market because if it’s a competitive one, there’s a possibility that the seller will just give the property to another buyer – one who’s not haggling too much. You should also listen to your real estate agent and know that you have a pro on your team who has your best interest in mind.
If you are looking for a home in Manitoba and want the best real estate agent to be on your team to help you through the entire process, including the negotiations, Chris Low is the agent you are looking for. Feel free to reach out for inquiries about anything real-estate-related!