• Review several comparable home sales (also known as “comps”) in the area to compare with the target home. This will help confirm the listing agent’s asking price. Be sure to check out these “comps” in person, if you can, so you can look at the homes’ condition. This information can help inform your offer and give you leverage. • Research local housing market trends. Learn whether the local market has gone up or down over the last few years. If it’s been years — perhaps decades — since you’ve last purchased a home, then you’ll soon realize that the real estate market has changed considerably. For example, are people buying more, or selling more? Your agent will certainly help in this department. This information you have gleaned can casually, yet professionally, be included during negotiations, letting the seller and listing agent know you are an informed buyer, which puts you in a better bargaining position. Don’t hide the fact that you’ve taken the time to review comps and researched the local market.
DON’T Make Assumptions.
Real estate deals fall apart at the last minute (in the end) more often than you probably think — even after contracts have been drawn up and signed. So, don’t make the mistake of making any assumptions, financial or otherwise. Don’t assume that somehow “everything will work out,” and never, ever make an offer or accept a counteroffer for something that’s over your maximum budget. So, make sure you’re prepared financially, as mentioned above. You also don’t want to assume the buyer and listing agent will give you a good deal “just because.” You will leave yourself vulnerable and in a weak bargaining position if you come to the negotiating table empty-handed without having done the homework ahead of
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