Exploring different homes for sale in the area that you want to move into can be fun. Many people enjoy the home shopping process. However, once you've found the house that you want and you're ready to make an offer, you might find that you're nervous about actually pitching a number. That's completely normal, but being prepared for the big moment can make it go a little more smoothly. Here are a few tips for making an offer on the house that you want.
Give Good Reasons
If you're planning to make an offer under the asking price, you can't just choose a number out of thin air. Just choosing a number that's within your preferred budget isn't good enough either. It helps if you can give concrete, logical reasons for the number you're suggesting – this can persuade a seller that they're probably not going to get that much more from the next interested party.
Start by researching the real estate market in the specific area of the house. If you can point out to the seller that the homes on their block are selling for significantly less than your seller's asking price, or that they're sitting on the market for an unusually long time, you can make a powerful case that your offer is a good deal, even if it's below the asking price.
Try Negotiating Terms
If the seller is really committed to their asking price and you're not willing to give up on the house yet, you can still save money by negotiating the terms instead of the price. Try asking for repairs, an upgrade, or a home warranty.
You can also try asking the seller to pay all or a large portion of the closing costs. Conventional wisdom in real estate is that the seller is more concerned with the asking price than with the terms, so you may get a lot farther negotiating this way than you could by negotiating price.
Be Willing To Walk Away
The worst thing that the seller can say to your proposal is "no". Ultimately, you have to be ready to hear that and walk away if you're not willing to give any more than what you've already offered.
It can pay off to be strong and stick to your offer, even if it means walking away from a house that you really like. It's still possible that the seller is just playing hardball, and they may reach out to you if you show that you're not willing to budge. If that doesn't happen, though, don't despair – there's still a great house out there for you somewhere.
Having a great real estate agent can really help you with the research and negotiation strategies that you need to successfully make an offer on a house. Find an agent that's not afraid of tough negotiations and you'll soon find the home of your dreams.