Competition is generally considered a healthy, natural happenstance in life. Unfortunately, the same cannot be said for buyers looking into real estate. That’s because the more people there are bidding on your dream property, means there’s the less chance of getting a great deal on it.
There may not be a better time to get in on the action. Why? Economists believe—and rightly so—that the rise and fall of the real estate market holds a close relationship to the rise and fall of employment rates. That’s why it’s especially important to be cognizant of the job market in your area; you’ll want to get the best deal while you can.
Here are five things you should know as a buyer that will help you negotiate the best real estate deal:
- If you find that house you’re looking for, look for comparable sales in the area. There’s nothing worse than insulting a seller with a lowball offer before you’ve even done your research. A good seller will know what houses in his/her market are going for, so don’t try to outsmart them.
- There are other ways to get the “discounts” you’re looking for. In your proposals ask for things that you’d like to see done, or left in the house. Keeping appliances and other amenities in the home, or cutting out dead trees in the backyard, are both good ways to save money on changes or additions you’d make anyway. Getting these into the agreement (on the buyer’s dime) can help you save on your bottom line anyway.
- Combine our first two tips with this one: find out why the seller is getting rid of the home in the first place. If you find out if it’s because of job relocation, divorce, retirement or any number of other factors, you may be able to come to a better understanding which often means a better deal.
- Determine whether you want an established home or a fixer-upper. Houses can sometimes be priced comparably even though one may need significantly more work than another. Understanding property values in your area can help.
- Don’t get caught holding all the cards. Remaining in a bidding war over a few thousand dollars is meaningless on a 30-year loan, especially if the house you’re looking at it is your dream home. It’s OK to stand your ground for a good deal, but don’t run yourself out of the deal by asking for too many things at once.
Contact us today if you are looking to buy or sell a home in the Greater Atlanta, Georgia area – including North Fulton, Forsyth County, Gwinnett County, Cobb County or Dekalb County.