5 Negotiation Tips for Homebuyers
By Kamille Lambert from HER Realtors
It’s that time of year again; what I like to refer to as “MOVING SEASON”! I heard that just last week a home in my town had 23 offers in just seven days. Yes, twenty-three offers…on the same home!
If your market is anything like mine, the low inventory is making homebuying seem like a competitive sport. With that being said, this makes for a very anxious buyer when it comes to offering and negotiations.
Here are some great negotiation tips for future homebuyers:
1.) First and foremost, always, always send a pre-approval letter with your offer. At the end of the day, this could be the seller’s deciding factor when they receive multiple offers.
2.) Respond Fast. In this market, if you don’t respond quickly to a counteroffer, it may result in a dreaded bid war. Electronic signature (esign) apps make negotiations super easy and quick, so you can provide sellers with a response in no time. Keep this in mind when hiring your realtor, and ensure that they have that service available.
3.) Get it in writing. Nothing is official until it’s signed and in writing. Never assume!
4.) Do your research. We are very lucky to have so much information and analytics right at our fingertips. When talking numbers, this comes in handy. If you’ve done your research, you’ll have a better idea of why a home may be listed at a particular price or what you feel confident offering.
5.) Ask questions. Getting all of your questions answered can prevent any future potential issues. A good negotiation entails many questions. Be clear and if you do not understand, ask again until you do!
At the end of the day remember the term, “work smarter, not harder”. Being a step ahead of anything that may come your way will set you apart from anyone else that may stand in the way of you and your dream home. Good Luck!
Kamille Lambert – REALTOR®
124 N. Main Ave.
Sidney, OH 45365
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