The Right House at the Right Price
Found your dream house? Get ready to Negotiate. Your real estate agent will guide you through the process of making a purchase offer. Start by learning how much the property is worth.
Compare to other like properties.
Your agent has up-to-the-minute price data that can help you analyze any comparable properties. Although every home is unique, here’s some of what makes a home “comparable” to the one you’re considering purchasing:
- same neighborhood;
- same age and condition;
- same size lot;
- same home style–equivalent living space, number of rooms and baths;
- similar terms of sale.
Check the Prices!
Get to know the sales prices in your market place. A professional CMA will show you what recent sold prices were in your area and the difference between list price and sold price. Make sure to note the amount of time each listing was on the market.
Make a good offer.
Don’t low ball a well priced listing. Sure we all know that some properties are over priced, but you could lose your dream home by not understanding the difference between a fair price and an over priced property.
Make a priority list.
Assess what your priorities are before you begin negotiating. This will allow you to make quick decisions and get what you want. This way you will know ahead of time what you are willing to give up and what you simply can’t live without. Most frequently negotiated include repairs, what personal property stays and what goes, closing costs, and move-in date. Knowing exactly what you want and where you are willing to give up will make negotiating less stressful and quicker.
Negotiations may take several days. Remember this is one of the biggest purchases you will ever make. Work with your agent to make sure you negotiate this transaction successfully.