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| How to Negotiate with Sellers |
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Buying a home is one of the most important purchases most people will make. In order to make the right decision the first time, potential buyers need to be prepared. Consider the following before starting negotiations:
- Be prepared
Research the housing market in the target area. Once you have information about the general area, focus on the particular property and seller. Look for answers to questions such as:
- Why is the homeowner selling? (If they're moving because they find the area undesirable, you might want to consider this issue.)
- How long has the home been on the market? (If it has been on the market for a long time, perhaps there are negative facts about the property that you need to know.)
- How much did the seller pay for the home compared to the current asking price? (If the seller paid more, find out why. Was it a general real estate trend, or did property values in that particular neighborhood go down?)
- What is the seller's time frame for selling and moving? Does it fit within your needs?
- Are there any defects in the home or problems with the surrounding neighborhood? (For example, is the roof so old that it will likely leak during the next storm? Is there a new construction project in the area that will lead to major traffic congestion?)
As the potential buyer, you want the advantage. While you want answers to all your questions to the seller, reveal very little about your circumstances. Do not give the seller personal information such as your income, the maximum you are able to pay for a down payment or the home, or when you want to move. Make sure that your agent knows not to reveal any such information to the seller or his/her agent.
Also, do not let the seller see how much you want the property. If you appear desperate or overly enthusiastic, the seller then has the stronger bargaining position. When meeting with the seller or listing agent, keep your emotions in check.
- Establish a Timeline
Find out if the seller needs to have the sale closed sooner rather than later. If the seller is feeling pressured to sell, use that to your advantage in negotiating. Even if you, the buyer, are the one with the deadline for purchasing a home, don't let yourself be rushed into making concessions or a purchase you may regret later.
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Whether you already live in the San Francisco Bay Area and are simply looking to relocate, or you're new to town, moving from another city or state all together, Nationwide Discount Realty can help you find and compare real estate in every community from San Francisco to Oakland to San Jose. Search Bay Area real estate by MLS listings, find a real estate agent, track mortgage rates, and determine the value of Bay Area homes right here.
You'll also find detailed information to help guide you through the process of both buying a home and selling a hope. Our agents can help you find average housing and property costs, statistics on neighborhood schools and school districts, as well as information on what the community has to offer in terms of recreational and cultural activities. The Bay Area is composed of a variety of neighborhoods and communities, all of which offer their own unique styles and amenities. Deciding where to live is not always easy, but Bay Area Real Estate Advisor can help you find your ideal home in your ideal surroundings.
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