You’ve finally found your dream home. It’s in your favorite neighborhood, has natural light and is close to public transit. Here’s the bad news: It’s slightly out of your price range.
Of course, you wonder if there’s any wiggle room. Some sellers may be willing to negotiate, so we can work together to look for signs that they might be more flexible on the pricing.
What are some signals that a seller might be willing to meet you a little closer to the middle?
- Days on Market (DOM)
The longer a home is on the market, the more “stale” it becomes. A property that doesn’t sell quickly may be priced incorrectly for its area and amenities. If we find out that the house has been for sale for a while, then we’ll know the seller is likely primed to negotiate.
- Price Reduction
A price reduction can indicate that a seller wants to move the process along. If you see one — even a small one — it could be a clue that they might be willing to drop the price even more.
- High Supply or Low Demand
If there are lots of properties on the market (especially if they’re similar), then the seller is less likely to receive competing offers. So before we start seeing houses, let’s do research together. If the market is crowded with homes, sellers may come down on price.
- Inspection Issues
Did the home inspection turn up problems? The seller might be open to a price drop — or paying for replacements or repairs. The seller’s nervousness that you might back out can give you more room for negotiation.
Do you need more guidance on your home search? Reach out today.