A Guide to Dealing with Real Estate Negotiations
Find out whether you are dealing with a “buyer’s market” where the sellers are eager to sell or if you are in fact dealing with a “seller’s market” that allows limited leeway for negotiating. Study the list price for properties similar to the one you’re considering and equate it to the final selling price to give you an idea of the limits of flexibility offers that are being accepted locally. If you do notice comparable homes selling for less – or more – find out why. To get an even deeper understanding of the forces that influence the regional real estate market, review the price per square-foot for homes, and confirm if the difference between high square-foot prices in smaller houses is much greater than larger houses. Check listings of similar homes and see if they are in the same price range.
This might be especially practical when reviewing condominium listings where just being on a different level could affect the value. Also inquire how many days the property has been on the market, called in the trade as the DOM. A good negotiation tactic can be devised with a solid understanding of the owner’s bottom line so you are able to prevent refused offers by maintaining your offers sensible. Don’t be afraid to refer this to your agent because they usually have access to real estate marketing software that will make obtaining this data simpler. If possible, discover as much as possible about the property’s past, starting with the amount the current homeowner paid and how much of a balance is remaining on the mortgage.
To avoid making a significant blunder at this stage, it is essential to not become sentimentally fixed to a house prior to all the negotiations are complete. Keep your prospects open and keep optional houses in mind so you will not be obliged to begin from scratch if you are unable to reach acceptable terms on your purchase offer. Also published at A Guide To Dealing With Real Estate Negotiations. Another great article by Robyn Miller Real Estate, Century 21 North Homes,Inc.
To get the best return on your investment on a new house, Condo for sale Singapore you need to get ready for negotiations by putting in the time and energy to learn the background elements of the deal. Do spend the time at the beginning to generate a list of enquiries that you want answered before finalizing a transaction, and provide your list to your real estate professional so they will understand your criteria. When you’re ready to begin discussions on a home, make certain you comprehend the current state in the residential real estate market.
