How to Get the Best Price on Your House
Like many things in life, the purchase price for your home can be negotiated. If you’re looking to buy a new home, there are a few solid ways you can prepare yourself so that you can know how to get the best price on your house.
Know the Area
The old saying “knowledge is power” pertains to buying a house too. Research the area, see what homes are selling for, see how fast homes are selling, see the price of homes that are on the market longer. This will give you an idea of what the fair market value is for homes in your area. It will help give you an idea what a fair bid is for your property. Lowballing is not generally recommended as it can offend the seller and they may not want to negotiate at all.
Put an Expiration Date on Your Offer
If you like a home put an expiration date on the offer – 24 or 48 hours. This will show the seller you are serious and it will discourage them from waiting for other offers.
Inspect things Carefully
Make sure to get a thorough home inspection. If something turns up, you can try to use that to negotiate a better price.
Don’t Show Your Hand
It may be hard, but don’t show your enthusiasm. If you really like a property, buying your new home is something to be proud of and a major accomplishment, but it is also a business transaction. Be sure to treat it that way. Also be prepared to walk away from a property.
If the seller is firm on price then try to get concessions in other ways. Ask them to pay for a new washer dryer. Ask them to include closing costs in the price of the home.
Make Sure You are Pre-Approved
This shows the seller you are a serious buyer and are qualified. If you aren’t pre-approved, they don’t know if you are really going to able to qualify for a loan and may take the bid less seriously.
Purchasing a home is a huge decision that shouldn’t be taken lightly. If you’re interested in taking the next step in your purchase process, feel free to contact us directly. We’d be more than happy to offer you advice and create a purchase plan that’s built around you.