Negotiating power has shifted to buyers. If you have a mortgage and are ready to buy you're in a very strong position. But you need to know the market to gain maximum advantage.
›. Before finding a house to buy, gather market information on first time buyer homes. Assess how much you can knock off the asking price.
›. Spot owners who are keen to sell as they most likely to negotiate.
›. Find hidden value which the other homebuyers miss out.
›. Research the market; know the facts, as Estate agents will always be tough negotiators, as things are quite clear to the selling agent.
›. You are fully aware of your negotiating strength.
›. Avoid overpaying - be wary of overpriced homes in a tough market for sellers, as you know the market and values.
›. Some owners will ignore market reality. Their asking prices will be too high. Do your research and be ready to negotiate. Sellers will have to negotiate in a tougher market.
›. You need to judge when your offer is realistic, when to draw a line whilst retaining credibility as a genuine buyer and when to walk away to avoid overpaying.
›. Pitch your offer right and you can assume the agent will advise the seller to accept - or risk losing a realistic offer.
›. All this information helps you negotiate on better price.
