How to Negotiate with Sellers
Do your homework! Research the trends of the housing market in the specific area. Then focus on the specific property and sellers requirements to make a deal. Find out details such as the following:
- Why is the homeowner selling?
- How long has the property been active on the market?
- What is the current asking price of the home vs when did the seller purchase the home and what did they pay for it?
(If the seller paid more,is it a general real estate trend or did property values in that specific neighborhood go down?) - What is the ideal time frame the seller has to sell the property and move by? Does it fit within your needs?
- Are there any flaws in the features of the home or issues with the neighborhood?
You do not want to appear overly eager or desperate for the property because this can play against your favor and be used as a bargaining tool by the seller during negotiations. Do not let the seller see how much you want the home. When conducting meetings in the presence of the listing agent, keep your emotions in check.