Tips & tricks when buying a home

5 Ways to Negotiate Better as a Buyer

Buying a house isn’t as simple as throwing in an offer and hoping for the best. There are many strategic ways to increase your chances of an accepted offer, many of which do not have anything to do with pricing! Keep reading to find out what will give you the edge on other offers!

Below we are going to explore what it takes to create a really strong offer when buying a home in Greater Victoria. These steps are even more crucial to follow in hot markets where there are competing offers and more competition, but regardless, I always consider these 5 factors when I am preparing an offer for my clients. My goal is to see you succeed on getting your dream home at a fair price, and with the conditions you want! 

The 5 steps...

1. Step number one is to do the proper research. I always conduct a comparative market analysis (CMA) before putting in an offer to ensure we know the properties market value and if it was priced properly. This will give a good indication if the sellers are overpricing the listing, or better yet- underpricing it! The last thing I would ever do is let my clients offer an amount without doing the proper research. Overpaying for a home is not something in my agenda for my clients! 

2. Step number two…Budget. Speaking with a mortgage broker to determine how much money you can spend on your home is crucial for your success! 

Establishing a maximum limit beforehand will help you avoid impulsive decisions and maintain control during negotiations. 

3. Step number three…rapport building. Never underestimate the power of a typed up personal letter to the seller. On many occasions I have gotten my buyers to write a quick letter with some background on themselves and how much they love the home! Adding a photo as well helps to build a connection with the sellers virtually and hit on some emotion, not just the business aspect of an offer. This can create a more cooperative atmosphere, making negotiations smoother!

Now down to the last two tips, 4 & 5

Are you still with me? I know this has been a lot to take in so far but we’re almost there! 

4. Step number four, BE PATIENT! I know how exciting putting in an offer on your ideal home is but patience will pay off tenfold during this time. Do not rush the the offer process, silence can be an extremely powerful negotiating tool, prompting the seller to make concessions in your favour. Don’t get caught up in the excitement of the process, slow and steady wins the race! (unless we are competing, then that’s a different story in which I will guide you through that scenario if the time comes!). 

5. The final step! Woohoo! Exploring win-win solutions is a great way to come to a conclusion on getting an accepted offer.  Aim for outcomes that ensure both parties feel satisfied. This creates a more collaborative and successful negotiation, and is more likely to yield the results you want! 

There you have it, 5 ways to negotiate better as a buyer! I hope you found lots of value in this, and as always if you have further questions I am always a text, call or email away! 

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