It may be all fun and games when you are browsing websites for fresh listings and spending your weekends at the latest showings. However, things tend to become trickier once you find yourself the right home. You may have concluded your search for a new house but the process of mutually agreeing on the acquisition terms to closing the deal is only starting at this point. Here are some tips for negotiating the offer price when buying a house.
Research comes first
It is important to note that the initial offer price is not necessarily a true representative of the property’s actual value. Sellers tend to inflate property prices as they expect buyers to negotiate the price as much as possible. The more knowledge you have about the property, the stronger your bargaining position at the negotiating table.
Inspect the condition
Assessing the property’s condition is crucial. If you doubt your ability to do so, you should take along someone who is knowledgeable about properties. You need to inspect for flaws inside and out as there may be major maintenance work required before the house is fit for living. This offers an opportunity for you to negotiate some cash off the initial offer price.
A look at marketing history
The time that a property spends on the market is a great indicator of how overvalued it may be. A number of different property websites are now home to various listings where sellers list their houses by the minute. Be sure to ask when the seller listed the property and when they did so in order to determine the room for negotiation.
Assessing the local market
Studying the prices of properties located in the same area is just as important as browsing online listings. Look for houses with similar features along with recently sold houses on the market. Consider environmental factors such as crime rates and the availability of transport links. All of these determinants could again help you fare better at the negotiating table.
Buying a house can be costly process but these tips for negotiating offer price can help you close the deal on fair and favorable terms. You can get in touch with me for any assistance or advice about buying or selling a home in Greater Boston. Feel free to call me or send me an email or get in touch on Facebook.
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