Buyers are able to find real estate bargains on resale residential properties in today’s market because there is a large selection of inventory and prices are more affordable than they have been in the last five years. Bargains can be found in most neighborhoods and price ranges. There are also foreclosures and pre-foreclosure short sales that offer buyers the opportunity to purchase a home at a substantial discount that they might not be able to afford otherwise. So if you are looking for a house for sale, you should be able to find what you want at a price you can afford.
The most important thing to remember when bargaining for your property is to make sure that both parties walk away from the deal feeling like they have won; only you end up walking away with more. It is important to do your homework first by checking comparable home sales in the area. A local Realtor can provide you with this information at no cost. This way you will be prepared to offer the right price for the property. Having the right knowledge and being prepared is essential to ensuring your success of purchasing the right property at the right price.
The art of successful negotiations includes finding out what is motivating the seller to sell their property. Ask questions, and listen to what the seller or their agent tells you. Be flexible. When you make your offer, take the seller’s motivations into account to make your offer more attractive and increase your chances that the seller will accept your offer. So if the seller needs a longer closing period or needs to lease back the home for a month, you may want to accommodate the seller in order to get a reduced purchase price. Have your financing lined up so you are ready to close quickly if the seller needs a quick closing. Also, this gives the seller the confidence of knowing you can afford to purchase their home. When there are multiple offers, you may want to offer full price of slightly over if the home is priced right.
It is also recommended that you work with a local Realtor to help you make your offer. The Realtor understands the market conditions in the area and can advise you on how to make a good offer that will be accepted, as well as provide you with referrals for a mortgage broker, home inspector and other vendors. Purchasing a home is a large investment, and having a real estate professional working for you will save you time, money and make the buying process easier and more enjoyable for you.