Everyone loves a bargain, especially in housing where a few percent off adds up to thousands of dollars.  In a buyers' market, where some sellers who need to move their homes are facing the prospect so of having their time in the market longer and ultimately selling for less, it's tempting for buyers to overestimate how far down sellers will go.

So, as a buyer, what's the best way to get the best price?

Dream a little but be reasonable.  Even in a buyers' market, it's unlikely that you will get a $500,000 home for $250,000.  Doing a little neighborhood research will reveal what other comparable homes in the area have sold for.  This should tip you off that you may get the home for $50,000 less.  If a $450,000 is out of your pricing comfort zone, it's time to start looking at more affordable homes for your price range.

Don't insult the seller.  Some sellers may overvalue their homes because of what they've put into them, what they speculated the home would be worth, or just because it's theirs.  Few sellers react well to a buyer who comes in, exaggerates all the flaws in the home, and then makes a lowball offer.  The seller may need a little reality therapy, but if you want the house, you are probably not the one to give it. (Here's the time to look to your agent.)

Consider the "negotiablity" factor.  Economist Jonathan Miller out into words what everyone knows to be true.  There's usually a difference between what homes list for and what they sell for because sellers usually list in anticipation of having to come down in price.  Sellers have a price in mind that hope (or need) to clear.  Occasionally a seller will say their price is "firm," but the buyer can reasonably expect a little wiggle room.  How much depends on why the seller wants to move and his level of urgency.  A seller who's been transferred, who's had the house on the market a long time, who's in financial difficulties, etc., might be more motivated to sell now than someone who just wants to upgrade.

Consider hiring a professional negotiator.  Negotiating is a skill.  Not all parties in a real estate transaction are natural negotiators who can remain impartial enough to persevere through the give and take. A professional negotiator not smitten with "house love" might be able to strike a better deal.  There's some risk in negotiating - seller may take a better offer, may reconsider selling, or may refuse to yield - but a professional with less emotional stake in the house usually knows when to quite bargainling and when to suggest you pull out your checkbook if you want the house.

For information about great places to live in Windsor, call your Prudential Select Real Estate Agent Mark Tesolin at (519) 972-5505 or visit http://marktesolin.com.