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March
29
29
Land Your Dream Home With These Negotiating Tips
Closing on a home can be an emotional rollercoaster. Hearing your offer was accepted on your dream home can be so exciting; however, negotiating the terms of the deal can be intimidating and nerve-wracking. Luckily, a good real estate agent is highly skilled at negotiations and can help support you through the process. If you're looking to land a new home, here are some tips from our real estate agents to help you with negotiating the right terms:
- Carefully Choose Your Real Estate Agent
You don't need to have good negotiation skills if you have a good agent in your corner. The right agent with strong negotiating skills can result in thousands of dollars back in your pocket. Make sure to find one with several years of experience supporting both buyers and sellers and don't be afraid to interview your agent before committing. - Learn About The Seller's Situation
Understanding how motivated a seller is to sell can help you better understand how much leverage you have as a buyer. If a seller's agent acts urgently and indicates a need to get the deal done quickly, they may be more willing to negotiate contingencies, repairs, and upgrades. Ask your agent to scope out the situation. - Evaluate The Market
The current state of your local real estate market often favors either buyers or sellers. If you're buying in a seller's market, you likely don't have much leverage, so it's best to keep requests to a minimum. However, if you're buying in a slower market, you have much more room to push. - Consider How Long The Home Has Been On The Market
The longer a property sits on the market, the more likely a seller is to make concessions. If the property has been listed for more than 30 days, it's a good sign you'll have some additional leverage as a buyer. - Be Willing To Compromise
Compromise is a key component of negotiation which means both sides often need to give up something to come to terms. If you're negotiating a deal for one of these Suffolk County homes for sale, work with your agent to determine what you're willing to concede on and what is non-negotiable so you'll be best prepared to get what you want. - Requesting A Seller Assist Is A Good Negotiation Tactic
If a seller is looking for a higher sale price than your initial offer, you could consider asking for a Seller Assist, which is a request for the seller to cover closing costs. While you might end up with a higher sale price and mortgage payment, you could potentially save a good chunk of cash upfront. - Write A Letter
If you're negotiating for the home of your dreams, expressing your feelings in a personal letter to the seller can actually go a long way. Tell the seller about your current situation and what you find appealing about the home. A little personal touch can really make a difference. Just be sure to run the letter by your real estate agent before sending it.
Buying a home is one of life's biggest purchases, and you don't want to leave thousands of dollars on the table. Contact us to help you through the home-buying process.