Today’s RE market is definitely going in the buyer’s favor. There are so many houses on the market to choose from that you can afford to be picky and you should be able to get exactly what you are looking for. In addition, this market allows for a lot of room for negotiations on price and other terms of the sale that could go in your favor as well.
Looking at Houses
Make a list of everything you want in a house. Make copies of the list, and take one with you to every house you see. As you walk through, check off the things on your list. This will help you compare houses and make sure you are getting what you want.
Whenever you are looking at a house, regardless of whether or not it has everything you are looking for, try to refrain from getting excited in front of the seller. If they know how badly you want the house, they may stick to their guns on price and other aspects of the sale. Instead, remain calm and indifferent.
Making an Offer
When you make an initial offer on the house, you should shoot for five to ten thousand below the asking price of the house. In some cases you can even offer lower than that and still win the house. Sellers in today’s real estate market are desperate to sell. They have either been on the market for a long time and it is costing them money, or they just got it on the market and are aware of the money they’ll lose the longer the house remains there.
Take advantage of this desperation. A realtor can give you advice on what the market will tolerate and how low you can really go with your offer and have it be accepted. If your initial offer is declined, make another offer on the house at a higher rate, but still below the asking price. You will probably get it.
Other Aspects of the Sale
There are other things you can ask for in the sale unrelated to the price. For example, if the house needs new appliances, you could ask that these be provided before the sale is final, or you can ask for the purchase amount of the appliances to be deducted from the offer price. This also works for things such as a new roof, a new driveway, or other features of the house that are not perfect.
The difference in previous markets and today’s RE market is that sellers are so desperate to sell right now that they will likely give you whatever you ask for just to get rid of the property. Of course, you have to be reasonable. But shoot for the moon. The worse thing they can do is say no.