How Buyers Can Get The Best Deal On A Home In A Seller’s Market

How to find the best deal

It doesn’t matter how complicated and time-consuming the negotiations in a seller market can be, if you don’t have the basics to understand the process, you could lose all your chances of success. Before you start to look at any real estate deals. Research is the most important thing to do when you’re looking for a property that suits your needs and budget. You should gather information about the property, its characteristics and current condition, as well as similar properties that have been sold in the same area. This can be done online, by asking others who are familiar with the property or consulting your realty agent.

This will allow you to get a better understanding of the market and give you the edge when you enter negotiations. The seller, in this instance, doesn’t know what you know. If they have set the price much higher than the other properties in the area, you will be able to know this and lower it to a more affordable cost.

Gather Intelligence

After you have a good idea of the market, it is time to get to know the people with whom you will be negotiating. It is important to get to know the names of the seller and agent, as well as their experience and reputation.

You can meet with the agent on the other side to gain a better understanding of the situation and to try to uncover weaknesses in their position. You may also learn about some discrepancies or other information that could impact the negotiation process or the price you will pay to purchase the property.

Plan and develop a strategy

After gathering all relevant information, and knowing what is important to you, it’s time for the most crucial part of the process: creating a negotiation plan. It boils down to two things: What the best outcome is for you in the negotiation process and what range of acceptance you are willing to accept while you negotiate.

These indicators are combined with the information you gathered and the research you did, will shape the negotiation process. These indicators will let you and your agent know when to halt the negotiation and when to go ahead with it.

This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower,  offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.