Home Buying Negotiation Tips and Strategies for Purchase Offers on Homes

Use these home buying negotiation tips and strategies to get the best possible price and terms for your purchase contract.

Buyers can use these home buying negotiation tips to get the best possible deal when purchasing a home in North Carolina. Remember, the negotiation process between buyers and sellers when purchasing a home is always different. Because every real estate transaction is different, it is important to work with an experienced buyer’s agent who utilizes a number of proven negotiation tactics and strategies for purchase offers. When interviewing real estate agents, always ask about their home buying negotiation strategies.

Base Your Home Buying Negotiation on Facts

In order to determine the offer price to purchase a home in North Carolina, your real estate agent performed a comparative market analysis (CMA) to calculate the fair market value of that property. This CMA, along with other factual market trends and property information, should be the foundation of your negotiation strategy. Use the facts to back up your offer and your position when negotiating with the seller and listing agent.

Quick Responses are Key When Negotiating a Home Sale

Responding to counteroffers promptly is important, especially during a seller’s market when multiple bids are in play. If you are not actively engaged in negotiations and slow to respond to counteroffers, you are opening the door for another buyer jump in and create a bidding war. When this scenario occurs, the seller is in a position of strength and you are more likely to pass on the home or lose out on the price or terms you want or need.

Understand Your Monthly Mortgage Payment

Ask your mortgage lender to run the payment, taxes and insurance amounts on multiple home price scenarios. This home buying negotiation tip is important because it will show you exactly how much of an impact paying higher prices will have on your monthly payments. Understanding costs and seeing the numbers on paper will helps buyers decide whether or not they are willing to accept a counteroffer from the seller with a higher purchase price in exchange for receiving more of their offer terms.

Negotiating Terms Instead of Price

Speaking of terms, buyers should remember that terms can often be as important to sellers as price when negotiating the purchase of a home. Take a look at the terms you and your North Carolina real estate agent are putting into your purchase offer and think about how you would be willing to use those terms as part of your negotiation strategy. A willingness to accommodate the seller by changing or dropping buyer contingencies could mean you are able to buy the home at a price that is right for you and less than the seller would normally accept.

Home Buying Negotiation Tip: Get Personal with Your Offer

Adding a personal touch to your purchase offer can often set your offer apart and grab the attention of the seller. This home buying negotiation strategy is especially useful in a seller’s market with multiple bid scenarios. One example of this is to submit a personal introduction letter with your offer sharing some insight into you and your family while also adding some positive things you like about the home.

Ready to start your North Carolina home search and to buy a home in Durham, Chapel Hill, and Raleigh? Contact us today to experience a smarter, more successful way to buy your dream home in North Carolina.