When purchasing a new home, you can expect to negotiate a sales price and other details with the seller to help you receive a deal that makes both parties happy. However, the negotiation process can be a little intimidating and overwhelming, particularly if you are not familiar with the process and you do not know what to expect.
Here are four tips to help you master the negotiation process when purchasing a home in Markham.
1. Know the Current Real Estate Market
When you are familiar with the current real estate market, it can help you make an offer that is fair and reasonable. This will give the current sellers less wiggle room during the negotiation process and they will be more likely to accept the offer without a lot of back and forth.
To help you learn about the current real estate market, do your research. Spend some time learning whether the current market is a buyer’s market, seller’s market, etc. Your real estate agent can also help you with this process and provide guidance on placing an offer that is sure to be accepted.
2. Avoid Too Many Conditions
As a buyer, it can be tempting to include several conditions in your offer. These conditions can allow you to walk away from the deal if they are not met. However, including too many of these conditions can weaken your offer and make the negotiation process more difficult. If you truly want a home, consider which conditions are necessary and which ones may be best to leave out.
3. It is Okay to Walk Away
If the sellers are not willing to compromise on a home, don’t be afraid to walk away from the deal. For example, if the sellers are not willing to work with you on a sales price, this could cause you to borrow a larger loan than you desire, affecting your monthly finances.
4. Work With a Real Estate Agent
Never try to tackle the negotiation process on your own. By working with an experienced real estate agent, you have a trained professional on your side offering you guidance and advice throughout the entire process. Keep in mind that your agent will not decide what terms you should negotiate but he or she will provide recommendations.
To learn more about the home buying or selling journey, the current real estate market in Markham, home improvement, and more, check out Markham real estate agent Martin MacFarlane’s blog.
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