Negotiating a Sale Price

In this country, real estate is one of the few things purchased by using price negotiation. Rarely will an offer be presented and accepted without some negotiation. Buyers and sellers alike need to understand the negotiation process and be prepared to let it play out. Here are some guidelines to follow on either side of the deal:

• Use your agent’s experience to guide you – Your real estate professional is one of your best strategic tools in negotiating the price of a home. Trust them to help with research when presenting or being presented an offer
• Leave your emotion at the door – Negotiating a sale price isn’t personal, though it can feel that way. Remember to keep a clear head during the process; negotiation means give and take on both sides of the table. Both parties should walk away coming close to the price that they had in mind
• Be clear on all points involved in the offer – More and more buyers and seller are crafting offers and counter offers that involve things other than the bottom line sale price. Be sure to review the details of the offer with your real estate professional, if there is something involved that you don’t understand ask questions
• Take your time – In general offers have a time frame in which to review them and respond. Make sure to take the time to sleep on any offer or counter offer, if you need more time than that given, ask for an extension
• Know your limits – Both buyers and sellers have an ideal number that they must meet; knowing what that hard number is in advance of entering a negotiation will help you stay in your boundaries
• Be prepared to walk away – Most of the time when a real estate negotiation begins, it will end up with an accepted offer. There are times when that is not the case; a buyer that is tens of thousands of dollars off of the sellers asking price or a seller that will only make a very small pricing concession will often end up in a stalemate. Be prepared to wait the market out and find another opportunity  

Making a real estate purchase or selling your home will involve some degree of negotiating. Different markets call for different negotiating tactics to reach a successful conclusion. Being prepared for the process in advance will help you navigate the deal.

I'm a general contractor and a real estate professional covering Essex County, and Middlesex and Suffolk counties working with homeowners, buyers and sellers alike. I have a background in construction and property management. Phone 978-726-5062, email kroy@ghsre.com