When it comes to buying a home, the ability & willingness to negotiate is a must for both buyers & sellers. Typically,sellers ask for more than they are actually willing to accept & buyers offer less than they are willing to pay. However,in a seller's market, there are often less homes to choose from,more buyers for each house, & sometimes multiple offers. Here are some simple steps for a better chance at getting your offer accepted on the house you want.
If you see a new listing come on the market that you are really interested in,make an appointment to see it as soon as possible. Don't assume the house will still be available a week or two from now, or that you'll wait to see if the price comes down. Homes are selling quicker and for more money. If you like it, be prepared to make an offer rather than waiting to think it over.
When you are viewing the home ask a lot of questions. If you find out the seller's motivation, their time frame for moving, items included & excluded with the sale you will know what to include in your offer to please the seller.
Know The Market
Before negotiating, know the market of the home you are interested in. As a buyer, you'll have the best chance at a successful negotiation with the sellers if you are prepared to make a realistic offer.Listen to the advice of your Realtor & review the most recent comparable homes sold in the area ,taking into consideration appreciation factors before making an offer. When sales go,up so do prices.
Get Approved Before Your Move
If you want the sellers to take your offer seriously have a current preapproval for a mortgage ready to be presented with your offer. If it is a cash purchase, a letter stating where the funds will come from will impress the sellers.
Make It Personal
If you are making an offer, & are aware that there may be multiple offers, you can really make your offer stand out by including a hand written note expressing your interest & why you love their home. Tell them about your family, your pets and why you want this home. This may sound corny, but believe it or not, some sellers actually do select one offer over another based on sentiment. I've had it happen! They want quality people to buy their home, so do your best to show them that you are sincere.
Nobody Likes Rejection
Not every offer is accepted, so don't be disheartened. There are many reasons why sellers may choose to reject an offer, including a feeling that the offer was too low, the house is newly listed on the market ,another offer may be higher than the one you created, they really can't accommodate your closing date, or simply seller's remorse. If this happens, just keep the line of communication open in case they change their minds and keep a positive attitude to finding the right home that will be a win. win situation!
Joan Congilose, Broker/ Sales Associate
Century 21 Action Plus Realty
Call or e-mail me Office (732) 462-9510 Cell (732) 232-5277