The market is shifting slightly to favor sellers as inventory dwindles, but buyers still have some power. A lot of sellers are still listing higher than they should, which means there may be more opportunities for buyers if the home sits on the market.
- Know your most recent closed sales. Then make an offer of 5% to 10% below that if the home is listed at a good price to begin with. The days of submitting lowball offers are over. Sellers won’t even take the time to respond to you if you go in too low. They want to work with a buyer who has respect for them and who they feel is deserving of the house.
- Ask questions about the seller and know why the seller is selling. Are they moving out of state? Do they have to relocate for work? Is there a family issue that is forcing them to sell the property quickly? All good information to know. The more information you can find out about the seller’s motivation, the easier it will be for you to make an offer and remind the seller why they are selling to you: because you are helping them reach their goal!
- If the home has been on the market for a couple months, it’s likely the seller will be more open to offers. Usually the showing traffic slows down as the home stays on the market. Sellers might get tired of arranging the showings time and again, which can give them more motivation to make a deal happen because they just are tired of the whole process.
- Consider negotiating for new appliances, repairs made by the seller, or closing cost credits from the seller. These are all things that will help your bottom line and it’s good to get away from price and onto other items to use in negotiating your home. Sometimes buyers and sellers will get stuck on a number and these items can tip the scale one way or another.
- Don’t split hairs or nickel and dime. It’s all about the win-win transaction. In the grand scheme of things a couple thousand dollars won’t matter much. What matters is getting the house you want and living there happily. I’ve seen a lot of deals fall apart over very small dollar amounts because buyers and sellers got bull-headed. In the end nobody wins. Don’t let that happen to you!
Best of luck buying!
Gabe Mellein was voted a Top Real Estate Agent – Exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012 and 2013. He is the broker of Gulf Pointe Properties, Inc and has over 9 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Need real estate help? Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com