Home Buying: How Experts Negotiate
Are you looking for new house and have found a home that is up for sale with a tag, “Negotiable” under its sign? Well you are quite lucky. In buying a house, price is always the main concern and you can rarely find one with a negotiable price. Price one of the negotiable terms and knowing how to negotiate could mean thousands of dollars.
A good negotiation is the secret to buying or selling a home on the best price you can get. Buying a home is not like going to a garage sale in which any price you offer is acceptable since the seller is more concerned on dispensing the things he considers as clutters in his house. Depending on the location and the current market, the price you negotiate in real estate involves big stakes. Real estate market has no time for a garage sale mentality.
If you are in the market for Port Washington homes for sale, it would help if you have a master negotiator by your side. Acquiring negotiating skills takes years of experience and not all real estate agents have developed such skill. It will really be an advantage if your real estate agent has developed such skill.
Here is one of the common scenarios on how experts negotiate:
A home is listed for sale at $530,000. The actual fair market value is only $500,000 but the seller thinks he has to start high to negotiate down. This is a common mistake that sellers make and some real estate agents as well. The buyer happens to be an expert negotiator and knows the fair market value is in the range of $490,000 to $510,000. The buyer is not going to pay more than the fair market value and would negotiate a little lower price like $480,000 since the market has stalled and prices may drop a little in the months ahead.
The secret here is knowing the actual fair market value of the home that is up for sale. While the expert is trying to explain that such is his lowest price, the buyer doesn’t care because he knows something the seller doesn’t know. He knows the seller will come down again. The buyer will again make an offer by meeting the seller’s offer halfway and then again the seller will counter. The buyer’s negotiator will make the seller think that he has everything under control but actually it is the other way around.
One last time, the buyer will counter by accepting the price provided the seller gives a credit for a carpet in the living room or something of that sort. The seller, being exhausted from the whole process and having his house on the market for some time with no offers, will agree in the very end instead of losing the deal.
A master negotiator smiles while he negotiates, but he will not reveal he is a master negotiator. He may have actually practiced a bit of stutter or slow talking and make himself appear so average. He knows the patterns and he knows how the other will respond and counter. He is often able to predict with an accuracy of 70% to 90% how negotiations will proceed and what will be the final outcome.
If you are interested in getting one Port Washington homes for sale, perhaps you would like to consider some help from a reputable real estate agent who can negotiate for you. Port Washington homes are one of the most amazing and beautiful homes and getting one is such a good decision.