During your home-buying search you find a home that you love, but you don’t love its price. Before walking away from the home see if you can use these home-price negotiation tips to your advantage.
- Make sure the asking price is reasonable: Research other homes in the neighborhood to see if they are selling at similar prices. If the home you’re looking at is significantly more expensive you might have some bargaining room.
- Use a poker face: Don’t let on to the sellers or their realtor how much you love the home. If they know you really want the house they might not be as willing to negotiate.
- Know the seller’s situation: See if you can find out why the seller wants to move. If he or she has already purchased a new home, they might be anxious to make a sell and more willing to lower the asking price. You might even be able to ask the seller to cover the closing costs.
- Tally repairs: If there are repairs the house needs, make sure to get an estimate of the work and ask the sellers to deduct that from the asking price. If you don’t want to take on the repairs yourself, submit a request to the sellers and ask them to make the repairs before you buy the house.