As a buyer when you short list the property of your dreams and are about to seal the transaction, it is very crucial for you to know certain tricks of the trade. During negotiation the “ask” price tabled by the seller, it is important to know these tips that might be handy.
Be aware:
As a buyer it is essential to know the market situation well whether it
is a seller’s or buyer’s market. Preferably in a buyer’s market, the supply outnumbers the
demand, thus, catering more possibilities to pick from. This requires a higher
negotiating power for the buyer. In a seller’s market, nevertheless, the supply
of residential units is lower than its demand, keeping seller at a greater
position. Comprehending the market undercurrents go a long way in cracking the precise
deal. You must be conscious of the city you are planning to invest in. Factors
such as inventory level, present-day price trends, and sales volume, midst
others, would assist you to negotiate well with the seller.
Take assistance:
Buyers generally
avoid confirming a property purchase via broker in order to save on the
brokerage fee. On the other hand, comprising an expert from the realty industry
might support you acquire better probabilities as brokers possess comprehensive
understanding about the native market and may help you fetch the perfect home
within the required budget.
Cash rebates:
Offerings
such as free gifts have become pretty common in real estate market. Developers
employ all genera of marketing strategies to sell their product and complimentary
gifts are just one of them. As a buyer you can negotiate for cash concessions
instead of supplementary tangible gifts accessible by the builder.
Show interest:
On Contrary
to the accustomed belief that being too keen might constrain your probabilities
of getting worthwhile discounts, an inquisitive buyer stands a greater opportunity
of finalizing a deal. Developers generally try and give the best promising
option in case they feel that the buyer is in fact interested in purchasing and
not just exploring options.
Gauge the seller’s requisite:
It always aids
if you know the purpose behind the sale. Is it a case of distress selling,
where the seller is in an urgent need of money or does he have plentiful time in
hand? In case you sense emergency, then you can negotiate much better and crack
a worthy deal.
Be equipped with funds:
Update the
seller if you have instant cash accessible or a pre-approved home loan. A
seller would be more motivated in confirming the deal with a buyer who is not combating
financial restraints.
Every property deal is bargainable:
There is
nothing about real estate dealings that cannot be negotiated. While this does
not imply that you would win all bargains, you can anticipate a reduction of 5
to 10 percent on the ‘ask’ price if you make an informed endeavor and reason it
out well with the seller.
Aim a win-win situation:
Establishing
a good rapport with the seller is vital for a healthy real estate agreement.
Such a position can be accomplished when both parties feel that they have acceptably
met their objectives. The necessity to ensure a successful negotiation is the understanding
each other’s needs and obliging the goals of both the parties.
