Tips for Better Negotiating

  • Know your market. Gather as much information as you can about recent home sales in the area. Look at the sale prices of comparable homes and the number of homes in the neighborhood that are for sale. It also helps to know how long the house you’re considering has been on the market and whether or not the price has dropped (and if so, how many times).
  • Find out the sellers mindset. Is the seller in a pinch to get the property off their hands or did they get 5 offers the first day it was listed? If the home has been on the market for a long time or if there are a lot of homes in the area for sale, the seller may be more likely to accept a lower offer.
  • Ask for extras. It’s a good idea to ask for extras in your initial offer. You might ask for repairs such as painting or carpet replacement, appliances or window treatments. These extras can sweeten the deal for you, but more importantly, they give you something to concede when settling on a final price.
  • Don’t get emotional. Experts suggest approaching the offer like a business transaction. The more reasonable and fact-based your interactions are, the likelier you’ll be in reaching an agreement.