The market is tight right now and it will impact your negotiations. Here are some tips and tricks for both buyers and sellers so that you can make the most out of your negotiations.
When it comes to listing inventory, there may not be much out there depending on your price range. Buyers looking for homes under $250,000 may not have many options to choose from. To ensure that you find the right home, basics are your key. What are your most critical must-haves? Do you have to have three bedrooms but four would be nice? Do you have to have two baths, but another half-bath would be great?
Key in on those must haves and focus less on the color of the walls or the countertops in the kitchen. Those things can be replaced inexpensively. When looking for a home in this current market, focus on the homes that have those basics that you absolutely need and make any cosmetic upgrades (like countertops and flooring) later.
As your buyer’s agent, it is my job to help you find the home that has everything that you want. However, because the market is so tight, you’re going to see that the market will ultimately dictate what we can expect to find.
In the last few weeks, I’ve had a few clients who made an offer that was close to list price and the seller rejected the offer because it wasn’t at list. The buyers then moved onto the next home and bought something else, leaving the sellers without a solid offer that they could then accept. For sellers, never be the first one to push away from the negotiating table.
When you’re negotiating, it is okay to counter and offer with your specific terms, but I will say this: do not walk over dollars just to pick up dimes. Be cautious, be thoughtful, and go get what you want.
Remember to start with the basics upfront, and employ an agent that knows the market and has your best interest in mind. If you have any other questions regarding this or any other topic, or you want to buy or sell your home, give me a call. I’d be happy to help!