If you’re overwhelmed with the thought of buying a home, you’re not alone! Afterall, purchasing a property is one of the biggest transactions you can make, so it’s no wonder you might be feeling intimidated. To help calm those nerves, keep reading for important tips & tricks to making the right decision the first time.
Preparation Is Key
If you want to negotiate with home sellers, it starts with being prepared. Potential home buyers should consider the following questions before they begin their negotiations.
Questions To Consider
WHY IS THE HOMEOWNER SELLING?
You should always ask why the current homeowner is selling because you never know what you might learn. For example, you might discover they’re leaving because they find the area undesirable, which is something you’ll most definitely want to consider when thinking about putting in an offer.
HOW LONG HAS THE HOME BEEN ON THE MARKET?
It’s important to know how long the property has been on the market for. If it’s been up for a while, there might be something negative about the property you need to know!
HOW MUCH DID THE SELLER PAY FOR THE HOME COMPARED TO THE CURRENT ASKING PRICE?
If the seller paid more for their home than they’re listing it for, you should find out why they’re listing it for less.
WAS IT A GENERAL REAL ESTATE TREND, OR DID PROPERTY VALUES IN THAT PARTICULAR NEIGHBOURHOOD GO DOWN?
Building on the previous question, these are some factors you can consider when looking at the change in listing price.
WHAT IS THE SELLER’S TIME FRAME FOR SELLING AND MOVING? DOES IT FIT WITHIN YOUR NEEDS?
You’ll want to know how much time the seller needs before the property truly becomes yours. As the timeline differs for everyone, you’ll want to make sure it aligns with yours.
ARE THERE ANY DEFECTS IN THE HOME OR PROBLEMS WITH THE SURROUNDING NEIGHBORHOOD?
In asking this question, you might discover an older roof in need of repairs that could’ve left you with leaks during the next storm. Or, you might learn there’s a power plant nearby, which could affect your decision of wanting to call a certain neighbourhood home.
IS THERE A NEW CONSTRUCTION PROJECT IN THE AREA THAT WILL LEAD TO MAJOR TRAFFIC CONGESTION?
While construction can breathe new life into a community, it can also lead to loads of traffic and plenty of noise underscoring the importance of this question.
A Buyers Advantage
Being positioned as the potential buyer, you want the advantage. While it’s important to ask the questions above, it’s also important to reveal very little about your circumstances to the seller.
Avoid giving out personal information, such as your income, the maximum you are able to pay for a down payment or the home, or when you want to move.
You should let your agent know that you wish to keep this information confidential from the seller or his/her agent.
Try to keep your emotions in check when meeting with the seller or listing agent! If you reveal just how desperate you are for the place or come across as overly enthusiastic, it puts the seller in a stronger bargaining position. That’s where you want to be, not them!
Establish a Timeline
It’s important to find out if the seller needs to have the sale closed sooner rather than later. If the seller is feeling pressured to sell, you can use that to your advantage in negotiating!
If there’s a timeline you wish to stick to, or if you are the one with the deadline for purchasing a home, don’t let yourself be rushed into making concessions or a purchase you may regret later.
Lastly, using a realtor you can trust is paramount to the whole process.
Connect with the professionals at Property Exchange Group Inc. to benefit from their expertise and to help you get started with your homeowner journey.
