Homebuyers and sellers should be prepared to participate in negotiations on the asking price of a real estate sale.

It is natural to want to negotiate, both as a seller or buyer. A buyer wants the best and most fair deal they can get, and will not want to overpay. A seller also wants a fair and profitable deal for them, and one respectful of market conditions and the true value of the property in its present context, at the very least.

As your realtor or real estate agent will often guide a real estate transaction, as a non-realtor, there’s still value in knowing what goes into how to negotiate a house price and what the best approaches are to utilize.

Know Market Conditions

The market will tell you a lot about whether there is wiggle room on the asking price. If it’s a buyer’s or seller’s market. If there is a housing shortage in your area or an abundance of available properties to choose from. If the specific property you’re looking to submit an offer has received or not received traction. Ask around and do your research ahead of time.

Schedule A Home Inspection

A home inspection is a must. An inspector will conduct a walk-through and be able to identify any issues relating to the foundation, HVAC system, plumbing, electrical, and more.

A detailed inspection report identifying these issues can give you some negotiating power when submitting an offer. It can permit you to put in contingencies and put the responsibility on the seller to make these fixes or present them with a lower offer if you’re willing to cover the costs yourself.

Looking to purchase an Etobicoke home? Explore these other blog posts for helpful advice.

Ask About The Reason For Selling

A seller may be relocating and need to sell quickly. They might be going through a divorce. They may be downsizing. They may have all the time in the world to sell and are in no rush. Ask around as to why a seller’s looking to sell and use that as a determining factor in how much or little you can negotiate.

Consider Renovations/Remodelling

If there are renovations, remodelling, or repairs that need to be done, put forth that in your offer and ask for kindness and consideration towards those costs. Especially if it’s a fixer-upper, the seller may be accommodating in this way and be willing to knock down what they’re expecting to receive to provide a buyer with a fairer number.

Get Pre-Approved For A Mortgage

To put in a serious offer on a home, before submitting your initial offer, be pre-approved for a mortgage loan. This way, you indicate to your seller what you’re qualified for and show that you’re ready to move forward when they’re willing.

Want to know more about the process of obtaining a mortgage in Etobicoke? Check out these other posts from our blog.

Ask About the Neighbourhood

 

Future development, or businesses closing could help or hurt your negotiation. What about crime statistics, neighbours, schools, catchments? Ask around to find out what you value as that may change the way you negotiate on the sale.

Connect With A Realtor Who Can Help

A real estate agent negotiates real estate deals regularly. They know the ins and outs. A realtor can advise on what’s realistically plausible to accept or deny when it comes to negotiating a house price. They also understand interest rates, if the property is likely to grow in value, what the property taxes will be, and more.

Realtors are experts at this sort of thing and the best realtors in Etobicoke can be relied upon to offer amazing guidance in your negotiations.

Are you looking to buy in South Etobicoke? Contact Adrian + Andrea. We can help you search for potential homes, negotiate the asking price, and nab the fairest, best deal possible for your future home. We’re just a phone call away. Reach out!