House hunting is an exciting adventure, but it can also be overwhelming if you find yourself faced with an active market booming with options. In this case, narrow down your options by price, focusing on homes within your budget. However, be flexible because those prices aren't as fixed as they appear. With the right negotiation tactics, you may save thousands on the price of a house, potentially pulling that dream home down into your range.
When negotiating with sellers, it's a good idea to:
- Get Pre-Approved: When you approach a seller with a pre-approval letter in your pocket, they will likely take your offer more seriously and make a more measured counter-offer since they can be reasonably sure the transaction will go through without issue. In addition to giving you a stronger negotiating position, pre-approval also lets you get the most stressful part of home-buying out of the way first so you can enjoy house hunting.
- Remove Contingencies: For some sellers, the terms of the sale might be more important than the price. If you're able to accommodate the seller's needs for a closing date, accept contents as part of an estate sale, or remove other contingencies, the seller may accept your offer over others.
- Hire a Real Estate Agent: Successful negotiation requires detailed knowledge of the local neighborhood and the recent sales activities there. Your real estate agent will know a great deal when they see one and let you know when you can do better. Because the seller pays the commissions, these negotiation services are essentially free to buyers, so don’t go at it alone.
As one of Redlands, CA's top 1% of real estate agents, Coldwell Banker – Dianne Speaker and Associates has the market expertise to make your house hunting adventure a success. Whether you're buying your first home or have been investing for years, you can rely on her to find a property that fits your needs at the best price possible. See a selection of houses for sale on her website and Facebook, or call (909) 553-1924 to discuss your dream home.