The current market in Westchester is one of limited inventory where listings are receiving multiple offers and frequently selling over the asking price. Now, more than ever, negotiating from a position of knowledge about the seller's needs and situation - what we have coined " Contextual Negotiation" - is the most effective way to close a deal.
When the seller is a bank, the factors governing the negotiation are cut and dry: the largest down payment, best offer, and the fastest closing date will get the deal. However, in the case of an individual selling a home, doing the research increases the likelihood that the offer will be seriously considered and will avoid wasted time and disappointment.
Many buyers' agents do not ask the questions that would give them the information necessary to advise their clients effectively. When we represent a buyer, we research the history of the listing, i.e. the length of time the property has been on the market and if and when there was a price reduction. It is important to understand that timing is important in making an offer. If the property has been on the market for a long time, the buyer's agent should learn why and this information may provide some leverage in negotiation.
When we are the buyer's agent we make sure to have a conversation with the seller's agent about the situation to learn what factors would be most important to that seller in accepting an offer. For instance, the seller who needs to make a quick sale may be more interested in a fast and firm closing date and may be more flexible on price. Some sellers are looking for a delayed closing so they have time to buy another property. Understanding the seller's needs gives the buyer power in the negotiation.
Understanding the history of the listing as well as the motivations and personal situation of the seller will give the potential buyer the contextual framework within which to decide on a reasonable and attractive offer and to negotiate a successful purchase of a home. Please give the Leogrande Team a call if we can be of any assistance in helping you to plan your next real estate move or investment. (914) 761-7878