6 Ways to Negotiate the Price for a Home

When you're shopping for Mansfield homes for sale, finding a house that you'd love to call your own is just one step in a lengthy process. Negotiating a price for that home is one of the most critical steps in the process, while also ranking as one of the most intimidating for both new and experienced home buyers. Our REALTORS® know what it takes to succeed at the negotiating table, and we've put together six tips to help you negotiate a price when buying a house.

1. Find the Right Real Estate Agent
   Whether you have extensive experience or you're negotiating the price of a home for the first time, working with the right real estate agent will make life much easier. An experienced agent has been at the negotiating table many times before, so they're the perfect person to provide guidance. Don't be afraid to interview more than one buyer's agent to find someone you're confident working with as you buy a home.
   
   
2. Do Your Research
   Making an attractive offer requires an understanding of the real estate market where a home is located, and the trends in that area. Your real estate agent can provide a comparative market analysis (CMA), which will give you a firm idea of what similar homes have recently sold for in your target location. It's also important to look at school districts and amenities in the neighborhood that may impact the value of the home. When buying a house, knowledge is power.
   
   
3. Start with a Respectable Offer
   It may be tempting to start with a low-ball offer and work your way up, but it's also a risky strategy. You might put yourself far behind other interested buyers, or even discourage the seller from wanting to consider future offers from you. While you typically don't want to lead with your best offer, it's usually best to start with something respectable.
   
   
4. Leave Your Emotions at the Door
   Buying a house is often an emotional process, but it's important to leave your emotions at the door when it comes time to negotiate a price. Falling in love with a home too much is an easy way to overpay, or to miss potentially serious issues with a home that you'll have to deal with after closing.
   
   
5. Focus on What Matters
   When negotiating, it's critical to know where you're willing to compromise, and where you'd prefer to stand firm. Making a list of your priorities that you can consult during negotiations will help you focus on what matters most to you, and it's also a great way to help remove emotion from the equation.
   
   
6. Be Prepared to Compromise Creatively
   A list of priorities is essential in part because negotiating the price of a home is all about compromise. Every seller is different, so sometimes compromise requires creativity. Some buyers need to close quickly, while others will want to wait until they've sold their current home. Knowing where the seller stands will help you find the right compromises to close the deal.

Whether you've just started shopping or you're ready to negotiate a price, our experienced, local real estate team is here to help. Contact us at Haring Realty to buy and sell homes throughout the Mansfield, OH area.