You’ve finally decided that now is the best time to buy a house. The seller has given you her piece but you think you want to get a little price reduction. Negotiation is an art that you need to master to get the best price to your advantage.
Negotiating over Fort Lauderdale Luxury Real Estate is not all about asking for a price reduction. It can be about home improvements and the things that you can get for free. Sometimes, you might be scared or shy to suggest things to the seller but it is a must. You just want to get what is best for the value of your money and the seller understands that. But you also need to be careful how you express your pleading because when the words are not right, the seller can cancel the transaction leaving you frustrated.
With the right negotiating tactics, you can save thousands of dollars. Here are some tips to help you negotiate with sellers:
1. Be informed. Take time to review the prices of other houses and waterfront estates in the same neighborhood. The price of the house on sale must be the same or just a little bit above the prices of other houses for sale. Drive around the neighborhood and compare and contrast the quality, interior and exterior area, age, and the price of the house on sale to other houses. The prices of other houses on sale must be your guide when asking for a price reduction.
2. Determine the “mitigating factors”. Ask the seller why he is selling the house and how motivated is he. Is there a problem why he is selling it? Are the neighbors okay? Does he have a timeframe for selling the home? Where is he going to move and why? What are the defects of the house? Is there a problem with the neighborhood? Is it safe at all times? Knowing what prompted the owner to sell it will give you an idea what are the risks of buying it and if you will proceed with the sale despite the challenges it presents.
3. Determine what market type exists in the area. A buyer’s market is when there are many houses for sale in the neighborhood. A seller’s market is when there are many demands for houses in the area but many homeowners are selling their properties. In the buyer’s market, the seller might consider your offer to buy the house at a bargain price. On a seller’s market, you need to act quickly before somebody else takes the property. This means that you will have a very small room for negotiation when it is a seller’s market.