Should You Negotiate Price With a Home Seller?
Today I’m answering another one of your great questions. This time, it’s about price negotiations.
Buying a Chicago home? Get a full home search
Selling your Chicago home? Get a free Home Price Evaluation
The question I’m answering today is, “Can you negotiate price with a seller?” The answer is yes, absolutely. However, whether you succeed or not depends on the situation you’re in.
If you see a listing that you like, the first thing you need to do is find comparable homes. Have your agent search the MLS for similar, nearby homes that have recently sold. Find out if what your seller is asking is in-line with the true value of the property.
The second thing you want to do is find out if there are any other current offers on the property. If they do have a ton of offers already, many times they won’t even negotiate with you because they are likely to sell above asking price. However, if you find out there aren’t any other offers on the home, you should definitely negotiate.
Sellers will make price concessions if buyers can meet other terms.
Have your agent prepare a CMA and use it to negotiate with the seller’s agent. If your agent can convince the seller’s agent that the value of the home is lower than what they are selling it for, it can be persuasive. That’s why you need to make sure you hire a professional with great negotiating skills. Sellers will make concessions on price if buyers can meet other terms. There are many different ways to go about getting you what you want out of a real estate transaction.
If you have any other questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.