So, you are at a place in your life where you want a sense of stability and peace of mind for you and your family. You don’t want to pay big money to rent a house and then have to ask the landlord’s permission for every little thing you want to change. The most logical decision is to buy a house and become a proud owner of your first real estate. But things aren’t that simple, especially in a highly competitive market like California. It is hard to find a house that fulfills all your criteria, and at the same time, its price is acceptable. If an opportunity shows, you must react quickly and be decisive. But also, you will need negotiation skills and an intelligent agent. We offer a few real estate negotiation tips for first-time buyers to help you get the house of your dreams.
Real estate negotiation
A house is the most expensive commodity you will buy in your life. That’s why you must do everything possible to get the most out of the money. In most cases, it is good to listen to your instincts, but in this matter you have to rely much more on the knowledge and experience of professionals you trust and all the possible information you can get to help you make the right decision. Also, you need to turn your social skills and charm to the highest level because they can help you get the home you want. All of these may seem basic, but they are some of the most important real estate negotiation tips to have in mind.
Polite and affirming language
One thing is for certain – you won’t go far if you’re being rude and cold towards the seller. You should indeed be reserved and suspicious (to some extent), and you shouldn’t fall for everything they say, but being kind is always the correct answer. When talking to the house owner, try to use affirmative language as much as possible. Listen to them carefully when they are speaking so you don’t give the impression of someone who’s not impressed. Even if that’s true, and after all, you decided that the house is not for you, just politely decline the offer, and walk away. Thank the seller for their time, and never be afraid to say no. Being kind should not mean having no confidence.
Remember, if you approach the owner respectfully, that is what you’ll get in return. Make them feel comfortable and be friendly and open to talk about yourself. If you do so and bring some personal matters into the conversation, they will be available to make some adjustments (like settling on the right price) to their offer in your favor. Kindness truly opens many doors, and not just in situations like these.
Keep your cards close to your vest
If you like the house you’re buying and it’s what you’re looking for, try not to show your excitement in front of the seller. They might conclude that you are ready to go further to get the house and use this to get the maximum price. Try to convince them that you have other options that you are seriously considering. For the same reason, don’t be too quick to respond after you receive a counter offer. Ask for the time to talk to the real estate broker and consider the price. The danger of losing the buyer will usually make the seller more willing to accept a lower offer. So, the most important part is to consult with your agent about the price that you offer and try to play it cool. If you listen to professionals’ advice, the house you dream about will be yours.
Information is the most valuable asset
How successfully you will end your negotiations largely depends on your skill and the information you have. Based on this information, you will create a negotiation strategy and form a price you plan to offer. Use all available sources of information to learn as much as possible about:
The neighborhood – explore the opportunities it offers. The reason you move is primarily to improve your quality of life. It means being close to good schools, restaurants, shops, and entertainment facilities. But also, based on your information, you can conclude how the price of your property could change in the future. It is information that can significantly affect your negotiation strategy. Also, estimate to what extent your relocation will be completed. Moving is always a stressful thing. Whether you are moving a few blocks or coast to coast, from Miami to Los Angeles, for example, and you need to hire interstate movers. That’s why you need to find the right moving partner to help you, which is significant.
The home you’re buying – if necessary, inspect the home several times. Spot any potential problems that will require you to spend money on repairs. Document everything and write down what you liked and what you didn’t. In general, writing down your notes is one of the best real estate negotiation tips you can use to your advantage.
Be mindful of their body language
The way that the property owner talks and acts will give you an idea of the property’s condition. If you sense that the seller is not completely calm, or you feel any distress or desperation in the way they talk, it is probably a sign that something with the property isn’t right and they are trying to sell it to the first person who is naive enough to fall for their tricks. Don’t hesitate to walk away if you feel that there is something that they are not telling you.
Paying attention to how they talk and act isn’t the only way. Real estate negotiation is tricky. Better inform yourself of the property before you actually come and see it. It is known that houses on the market for a long time are not the most desirable among buyers. That means that there should be a malfunction of some sort. The owners of these properties are usually desperate to sell them since their price is gradually decreasing, so they might not tell you everything. Be careful of that.
Conclusion
If you want your home-buying to succeed, you must learn basic negotiation skills. It is also important to hire and rely on an experienced professional agent. If you don’t, you will probably end up disappointed with the house you don’t like, or you might not get the house at all. Here are some real estate negotiation tips that can help you.
