Buying a home is a big life decision, and it’s certainly a challenge when you’re at the back end of a global pandemic and your social media and TV is saturated with coverage of the conflict in Europe.
If you’d ask most real estate agents just a few years ago what impact such global events would have on property prices, the honest ones would admit they’ve anticipated price falls based on economic uncertainty.
Of course, we’ve seen the opposite, with average property prices increasing. So, if you’ve found the home of your dreams, how should you negotiate with the seller?
Read the room
Make polite conversation to uncover the seller’s motivation and whether they’re either in a hurry to get a deal done or delay their departure while they begin their own search for a new home. If you’re flexible and prepared to help out, you’ll be in the box seat.
Tell your story
Let the seller know you’re motivated and your finance is organized. That will allay common seller fears that their prospective buyers either can’t afford the deal or they’re not genuine.
How low do you go?
It’s tempting to try a super-low offer, but that’s entering dangerous territory. Even if you’re the only party interested, the seller may reject you and your offer out of hand. If other buyers are in the mix, you’ll go to the back of the queue.
Playing poker
Sellers will sometimes “hold” when offers fall short of expectation. If that happens, maintain a watching brief on the property as you continue your search. The seller may become increasingly anxious if they are unable to secure a buyer at the price they initially expected.