Howdy, folks! As your trusty realtor, I’m here to help you navigate the exciting world of real estate negotiations. Whether you’re a first-time homebuyer or a seasoned pro, it’s important to know how to negotiate with sellers in order to get the best deal possible. Here are some tips to help you do just that:

Do your research: Before you make an offer, research the local market to get an idea of what similar homes are selling for in the area. This will give you a better idea of what a fair offer looks like. Whomever your realtor is (hopefully me), will have comps readily available to ensure that the offer we’re making isn’t disrespectful to the seller, and also is well with in your comfortability. You should never put in an offer if you think the payments are going to be something that causes stress trying to figure it out.

Start with a strong offer: Your initial offer should be strong enough to show the seller that you’re serious, but not so high that you’re overpaying. Consider factors like the condition of the home and any needed repairs when making your offer. And as your realtor, my very first phone call is to the listing agent, to see what the sellers motivations are, what they’re looking for and what will make them happy. Another reason for this is so that we don’t waste time writing an offer if we have zero chance of getting it accepted. I they have an offer that’s all cash and $75k over asking, and we’re at the top of our price range already… sometimes it’s just not meant to be.

Be willing to compromise: Negotiation is all about compromise. Be willing to give a little in order to get what you want. For example, you could offer to close quickly in exchange for a lower price. Another thing I’ve seen and done is if the home looks to be in amazing shape and there don’t seem to be any huge red flags, consider limiting your inspection health, safety, and structural problems only. This will let the seller know you aren’t going to knit pick little repairs like, cracked faceplates, or dings in the baseboard. You’d be surprised what some clients ask for, and what they’ve walked away from.

Know your limits: Determine your absolute maximum budget before you start negotiating, and stick to it. Don’t let your emotions or the excitement of the home buying process cloud your judgment. However! If it’s a matter of a few thousand dollars between you and the next competing offer… it hurts to know that you lost out over the price of a coffee every week. It’s not super common, but I have seen it, and it still stings.

Keep your emotions in check: Real estate transactions can be emotional, but try to keep a cool head during negotiations. Getting too emotional can cloud your judgment and make it harder to negotiate effectively. I can say with absolute full confidence that if it doesn’t work out, it wasn’t meant to be. There are other homes, and sometimes things come up that check the more important boxes for you.

Work with a skilled negotiator: Hiring a skilled negotiator, like a real estate agent, can be a smart move. They can use their experience to help you navigate negotiations and get the best possible deal. They can also offer advice on things they’ve seen happen before and what to expect.

Be patient: Negotiation can be a slow process. Don’t rush into a deal or get discouraged if negotiations take longer than expected. I know that when you’re looking, it’s all you think about. You think about it before bed, it’s the first thing on your mind when you wake up, and you find yourself combing through zillow, and realtor.com almost as if your thumb has a mind of it’s own… I get it. But, the sellers are probably stressing about packing, or finding a new place for themselves, or what repairs they might have to figure out. Just breathe, and it’ll work out.

Know when to walk away: If negotiations aren’t going well, or if the seller isn’t willing to meet your requirements, it may be time to walk away. There are always other homes on the market. And like I mentioned before, maybe the next one is even better than you imagined!

So there you have it, folks. Negotiation can be intimidating, but with these tips in mind, you’ll be well on your way to getting the best possible deal on your dream home. Happy house hunting! If you’re just getting started, or are lost with how to even get started… Give me a shout and I’m happy to help!