By Adam Grocke
Helpful tips for negotiating when you come to buy your property!
- Understand the price range of the property
- Check out the competition
- If there are a lot of people interested, your offer needs to be at the upper end
- If only yourself or one other your offer can be at the lower end
- Open Inspections
- Try to arrive 10 minutes early
- Wait in the car for 20 minutes and see how many other people are interested in this property
- Negotiating with the agent
- Once you have put your offer in, the agent may suggest you need to increase the offer due to other bidders…..you need to determine if they are bluffing or telling the truth
- If you think you’re the only buyer stay firm
- If there is competition you may need to increase your offer
- Only offer what you think the property is worth and consider what price you are willing to walk away
- Do not get hung up over the small percentages i.e. $5-10k. In the grand scheme of things this not much of a difference
- Do your research and look online i.e. realestate.com
- Look at similar houses in that street and suburb and what they recently sold for. This will give you a good indication of the price
- Has there been any price reductions?
- How long has it been on the market?
- If a property is overpriced it will stay on the market longer (90 days is a long time in real estate terms for metro suburbs)
- If the house has been on the market for 7 days and there has been 40 groups of people inspecting the house, there is a good chance this property will sell quick and for the upper asking price of above!
Buying a property can be a stressful experience so we do hope this has been useful and if you have any further questions we are happy to help!