compromise—reasonable compromise—is generally a good practice. Pull out your list of needs vs. wants. Don’t compromise on your needs, but be willing to make a few concessions related to your wants.
DON’T Budge on the Big Things.
That said, don’t compromise on the big-ticket items. First and foremost, stick to your budget! You never want to be stuck with a new home that you might love, but simply can’t afford. This is no way to live out your senior years in comfort and security. Be sure that you and your agent are on the same page here.
DO Consider the Market.
You and your agent’s negotiating strategy will depend on the current housing market; for example, in a buyer’s market, you will have a natural advantage to get the home you want for a great deal. Discuss with your agent, of course, but you could, for example, put in an offer well below asking price, and/or demand certain home repairs as a contingency; and/or ask for the seller to pay the closing costs. However, in a seller’s market, you’re at an automatic disadvantage. Now you’ve got competition. Your best bet is to offer close to the asking price. I will add this tip: Find out why the owner is selling. You can have your agent ask gently (and subtly) on your behalf to reveal the reason behind the sale. You might uncover a motivated seller who needs to move quickly and therefore is more likely to accept lower-than-asking-price offers.
DON’T Be Surprised by Multiple Offers.
Expect some competition, especially in a seller’s market. Other
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