This may be the right time to buy for many people interested in becoming Florida homeowners. According to Bloomberg, the Miami area and other markets in Florida lead the United States in home sales below the original asking price.
Here are some tips for buyers to consider before they approach the negotiation table.
Research the value of the home
There are a number of factors that go into the calculation of the value of real estate:
- Physical attributes
- Market conditions
- Sale prices of similar properties in the neighborhood
- The results of the inspection
- The appraisal
Sources to explore include public records, such as those the county assessor’s office provides, and online real estate value calculators. A good broker may provide details related to the market that are not otherwise available to the average buyer.
Ask the seller’s broker questions
Some brokers may not be forthcoming, but if the buyer learns that there are no other offers, that the home has been on the market for a while, that the seller is going through a divorce or trying to avoid bankruptcy, or some other relevant information, it can provide considerable leverage.
Prepare to walk away
Even if the house seems perfect, becoming emotionally attached to it is a bad idea. If the seller is not willing to negotiate a satisfactory deal, the buyer should be ready to move on. Because it is currently a buyer’s market, there is always the chance that the readiness to walk away will spur the seller to make a reasonable counteroffer.
Request other perks
If the seller is firm on price, the buyer may still come out ahead by asking that the seller pay closing costs, take care of repairs or include appliances or furnishings. Many of the terms of the contract can affect the ultimate price the buyer pays.