Finding your next home can be so exhilarating! It is always fun to locate that perfect neighbourhood or bungalow that you have always wanted. Negotiating the price on the other hand can stir up many emotions. Often when you are negotiating to purchase a home that you just love and can’t live without it can make you anxious, stressed and worried. Here are some tips that may help you with the negotiation of your next real estate venture.
Knowledge is a powerful tool
Find out price histories of similar homes in that neighbourhood. Consider public transportation, schools, taxes, etc. in that area. All this comes into play when considering a purchase in real estate. Learn the value of the home by considering the prices of homes that have recently sold in the area.
Find the seller’s motivation
Learn what the seller’s motivation is for selling the property. Does the seller have a timeline to be at a new job? Is there flexibility on the closing date? Has the seller purchased a new home or having one built? All these factors are motivation for the seller and can be used as negotiating features for the buyer. These clues can give you information on how quickly the seller may want to close the sale of the property. Some sellers are more flexible than others.
Form a connection with the seller
When offers are presented to the seller, often the seller will go with the best offer that is suitable to them. It isn’t always money! It may be a closing date or how willing you are to negotiate without making the seller upset by asking for too many extra items to sweeten the deal. Of course, you can also get closer to their asking price by asking for appliances or draperies, for example. However, don’t get too attached to specific items you want and end up losing out on the deal. Focus on the deal and not just on dollars or items.
Learn to make compromises
If this is truly the house of your dreams and you can’t live without it, you may have to negotiate carefully and make a few compromises. However, know your limits on purchase price and stick to your guns. Get the help of a good real estate team to help you calmly negotiate. Learn when it is best to walk away or stay negotiating.
Find the right negotiating team
This by far is one of the most important tips that we would suggest to you when purchasing your home. Find a real estate team who has expertise in negotiating. Our Anne Winch Ottawa Real Estate Team has many years of helping clients with the purchase and sale of their homes. We can find out real estate price histories in the area, if the home is priced well and what may motivate the seller. All these factors are important when we are negotiating for you. Communicating the best offer or conditions is very important also. We will be with you every step of the way.
Since we will be in close conversations with the seller’s agent we also know what motivates the seller and what we need to do to close the sale. Rest assured that we will be working with you to help you purchase the home you want. Contact us and let us take the stress out of the negotiation of your next home purchase.