Buying a home for the first time is a thrilling experience, but it can also be stressful and overwhelming, especially if you’re shopping in a hot market. When you do find a house you love, you might be tempted to send in the highest offer you can afford, but this approach will likely result in spending significantly more than necessary. Below are a few tips for negotiating a better deal, even if you’re competing against other buyers.

3 Tips for Negotiating a Home Purchase

1. Base Your Bid on the Market Value

While the final price of the house is negotiable, sending in a starting bid well below the current market value will likely only annoy the sellers and make you look less serious. Before buying a home, do some research or ask your agent if the house is fairly priced. If your starting offer reflects the value of the home, the seller will likely be willing to negotiate.

2. Negotiate Based on Other Factors

Your offer isn’t the only factor that contributes to your negotiation. Even if you can’t outbid other buyers on price alone, sellers may be willing to accept your offer if you can be flexible on closing costs, contingencies, and other factors that can influence the terms of the sale.

3. Negotiate After the Inspection

The home inspection may reveal structural defects or other problems with the house that can impact its value. If the inspector finds serious issues, you may be able to renegotiate. You can also decide to abandon the deal if the sellers are unwilling to bring the price down or make necessary repairs.

If you’re planning on buying a home anywhere in Florida’s Sarasota, DeSoto, or Charlotte counties, trust Realty by Dale Thomas to provide expert advice and award-winning service. Drawing on their unmatched knowledge of the local area, they’ll take the time to find a property perfect for your needs, and will walk you through the entire process, from the initial bid to closing. Visit their website to browse properties for sale and call (941) 979-8497 to discuss buying a home with a leading real estate agent today.