1) Compare: How does the asking price stack up to recent selling prices of similar homes in the same area? Your REALTOR® can provide you with this essential information. If the sellers are asking a lot more than this average, you might be able to make a lower offer based on these current statistics.
2) Be flexible where possible: By being able to meet conditions that matter a lot to the seller, perhaps an early closing date for example, you may be able to bring the price down some. Having no home to sell first, or a firm sale in place on your current home is a very strong bargaining chip.
3) Seek out motivated sellers: Perhaps it's been on the market for a long time: They may be tired of waiting it out and be more ready to bargain with you. Maybe there's a firm deadline (job transfer?) or a financial need to sell more quickly. If the listing says, "Motivated Seller" they are more likely to be more open to negotiating the price.
4) Keep your head: Perhaps you're competing with other buyers for the same home. Don't allow yourself to become emotionally attached or you may end up offering more than you had planned to. Remain objective: Stick to your price limit and avoid buyers' remorse later.
5) Count on your professional team: Enlist the help of an experienced and knowledgeable REALTOR® that you have good chemistry with. Then trust in their skills to help you land that ideal home at the best possible price. Be sure you are clear when communicating your price limit so your agent can establish the best negotiating strategy for your situation. Be sure you are pre-approved and well informed by a well established lender prior to going on the hunt with your agent. As well, ensure that they are kept in the loop so they can be ready when you are prepared to offer on your chosen new home.
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