Everyone wants to get the best deal on a home. To do so, you must have some skill in negotiation. Sellers are trying to get as much for their home as they possibly can and will employ every trick in the book as needed to achieve their goal. The current state of the real estate market means buyers are in a position to get a good price on a home but only if they are careful. For Brooklyn new home buyers who have found the houses they love, here are a few tips for getting your dream home at a dream price.
The first step in any type of negotiations and especially home buying is to determine who has the stronger position. Sure, the real estate market is in a slump overall but that is not true for all areas. Some neighborhoods in Brooklyn, like Brooklyn Heights and Cobble Hill, can’t keep homes on the market while others have been sitting on real estate lists for months waiting for Brooklyn new home buyers to notice them. It is a good idea to research individual neighborhoods to see how well homes are selling. If things are moving slowly then the seller may be more willing to lower the price just to get the home off their hands.
New home buyers in Brooklyn should avoid showing their cards as long as possible. The seller is working to get the highest price possible for their home and will use any information they have about you to that end. To maintain the upper hand, it is best to divulge as little information as possible and certainly not something the seller can use as leverage against you. For example, you may avoid telling them that you will be paying cash for the home because that will indicate you are a person of some wealth. Knowing this, they may stick to their asking price.
Although you may have fallen in love with the home, it is best to have several houses you are willing to move into. This will provide you with the flexibility of walking away from negotiations if they are not going the way you want them to. This can also work tremendously in your favor. If a seller sees that you are about to walk away from the deal then they may be more amendable to taking your offer. For Brooklyn new home buyers who don’t want to be bothered with the negotiating process at all, have an experienced real estate like Massada Homes do it for you.