A Buyer’s Guide to Negotiating a Home Offer

If you’re a first-time homebuyer you might be worried or anxious about the process of making an offer on a home. After all, negotiating isn’t something most of us look forward to on a day to day basis and we try to avoid it when possible. When it comes to buying a home, however, negotiating is usually part of the process.

One of the benefits of working with a real estate agent is that they have the knowledge and expertise to help you out through the negotiation process. Not only will they help you formulate your offer, but they’ll also present the offer for you and handle the in-person negotiations.

Buyer’s vs seller’s market

Whether or not the odds are in your favor depends on many things. One important factor is the state of the real estate marketing. In a seller’s market, which is what we’re in right now, there are more buyers looking for homes than there are sellers trying to sell them.

However, you can still edge past the competition in a seller’s market if you plan accordingly. This is when negotiation comes into play, and when effective negotiation can get your offer accepted where others are declined.

Time is of the essence

When you’re shopping for a home in a seller’s market, you’ll need to be swift with your offer and counteroffers to stay ahead of other prospective buyers. However, being too hasty with your offers can seem imposing or reckless. It’s better to take a day longer to come up with a more effective offer than it is to make an offer that looks bad to the seller.

Be clear and concise

Just as you’re nervous making offers on a home, sellers are usually nervous fielding them. So, if you want to make things easier for you and your seller, make sure your offer is simple and straightforward.

This involves removing unnecessary contingencies and sticking to the contract basics–inspection, appraisal, and financing. If the seller receives another offer that is riddled with contingencies, they might prefer to work with you since you presented them with a simple contract.

Be prepared

Having your paperwork in order, getting preapproved, and making yourself available as much as possible will go a long way in the negotiation process. Now more than ever it’s important to be well-organized.

Do your homework on the house and neighborhood you’re interested in. Make sure you know if there is a lot of interest in the area and the house in particular. This will let you know how much breathing room you have.

Getting preapproved will not only help you know the limits you can offer but it will also signal to the seller that you’re a serious buyer.

Steps to Take Before You Accept a Homebuying Proposal

After you receive an offer to buy your house, you likely will have only a short period of time to determine whether to accept this proposal. As such, pressure can add up quickly, which often can make it tough to make the best-possible decision.

Fortunately, we’re here to help you analyze your options and determine how to proceed with a homebuying proposal.

Let’s take a look at three steps that every home seller should take after receiving a homebuying offer.

1. Weigh the Pros and Cons

Make a pros and cons list to examine a homebuying proposal – you’ll be glad you did. With this list, you can assess the advantages and disadvantages of accepting a homebuying offer and proceed accordingly.

If you accept an offer, you can move forward in the home selling process. On the other hand, if you don’t feel that an offer matches your expectations, there may be no reason to accept this proposal.

2. Evaluate Your Home Selling Goals

Consider your home selling goals as you evaluate an offer to buy your house. By doing so, you can determine whether an offer falls in line with your goals.

For example, if your goal is to sell your house as quickly as possible, the amount of the offer may not matter. In this scenario, you may want to accept a homebuying proposal to accelerate the home selling process.

Comparatively, if your goal is to maximize your profits, you will need to determine if a current offer is the best proposal that you could receive. If the answer is “Yes,” then you may want to proceed with a home sale. Or, if the answer is “No,” you may want to reject or counter a buyer’s proposal.

3. Consult with a Real Estate Agent

Let’s face it – evaluating a homebuying proposal can be difficult, particularly for a first-time home seller. If you consult with a real estate agent, however, you can get the help you need to make an informed decision about an offer.

A real estate agent can offer lots of housing market data to help you understand the current value of your house. Plus, this housing market professional can provide recommendations about whether to accept, reject or counter a homebuying proposal.

Perhaps best of all, a real estate agent will serve as a guide throughout the home selling journey. He or she can keep you up to date about any offers on your house, perform deep analysis of all homebuying proposals and ensure you can determine the best course of action on any offer, at any time.

Let’s not forget about the housing market expertise that a real estate agent possesses, either. A real estate agent understands there is no such thing as a “bad” question. Thus, a real estate agent will respond to any home selling queries that you may have.

Take the guesswork out of assessing a homebuying proposal – use the aforementioned steps, and you can determine whether to accept an offer on your house.

Video Tour – Condo Home – Worcester, MA 01609 Real Estate – For Sale

“SALISBURY WEST”..The “Concord” Building…One Level Living…Private, End location overlooking the woods… This unit is on the top level of the building, and it’s just steps from your Garage Space to the Elevator…It has a wonderful, Open Floor Plan with a Breakfast Bar in the Kitchen, a Formal Dining Area and a Large Living Room leading out to the oversized private screened porch…There’s a cozy Den with a Fireplace and built-in shelves…The Master Suite has a Walk-In Closet, an extra closet, a Full Bath, and an Atrium door to the Screened Porch… The second Bedroom has Dual Closets and a Slider to the Screened Porch..Economical Gas Heat and Central Air-Conditioning!…This desirable Complex has a recently resurfaced In Ground Pool, Tennis Courts, and Clubhouse…The roofs are new and the exterior is scheduled to be painted this year…The monthly Fee includes your water and sewer and hot water!..

More Info on this Property | New Listing Alerts

Condo – 770 Salisbury St Unit 335 Worcester, MA 01609 is now new to the market!

“SALISBURY WEST”..The “Concord” Building…One Level Living…Private, End location overlooking the woods… This unit is on the top level of the building, and it’s just steps from your Garage Space to the Elevator…It has a wonderful, Open Floor Plan with a Breakfast Bar in the Kitchen, a Formal Dining Area and a Large Living Room leading out to the oversized private screened porch…There’s a cozy Den with a Fireplace and built-in shelves…The Master Suite has a Walk-In Closet, an extra closet, a Full Bath, and an Atrium door to the Screened Porch… The second Bedroom has Dual Closets and a Slider to the Screened Porch..Economical Gas Heat and Central Air-Conditioning!…This desirable Complex has a recently resurfaced In Ground Pool, Tennis Courts, and Clubhouse…The roofs are new and the exterior is scheduled to be painted this year…The monthly Fee includes your water and sewer and hot water!..

This is a Garden/Mid-Rise style home and features 5 total rooms, 2 full baths, 2 bedrooms, and is currently available for $245,000.

For complete details click here.