buyer and the seller might forget the final goal: to buy and sell! It’s easy for either party or both parties, to get carried away in their negotiation “battle.” Keep your eyes on the prize, but, at the same time, be realistic in your expectations. DON’T GET CAUGHT UP IN MINOR DETAILS. Both buyers and sellers can fall victim to getting caught up in negotiating on small, minor details, and even in the negotiation process itself. Remember to keep your eye on the ball. Remember your main goal (get the house!). Instead of getting caught up in details, come to an agreement with the seller on the main/major points before moving on to smaller items. DO CONSIDER THE MARKET FOR STRATEGY. Your agent will know this, but your negotiating strategy and tactics will vary, depending on the current housing market. For example, in a buyer’s market (where there are more houses for sale than buyers looking), you automatically and naturally have the advantage, with possibilities to succeed and not only get your dream home, but also get it for a great deal. In a buyer’s market, you could make a less-than-reasonable offer (well below asking price), demand some home improvements as a contingency, request a better closing date, and even ask that all closing fees are paid by the seller. Depending on how long the home has been languishing on the market, and how desperate the seller is to sell, there’s a good chance the seller would accept such an offer, even with all those stipulations you’ve put in place. However, in a seller’s market (where there are fewer homes available for sale, and more people looking to buy than selling), you are automatically at a disadvantage with less leverage. You’re not the only one in line. You’ve got some competition. In this case, your best bet is to offer close to the seller’s asking price, because if you don’t, someone else will, and that property you were so fond of will be snatched away.
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