Can You Negotiate Your Way to an Affordable Home Purchase?
After years of unaffordable everything, we are starting to see a few rays of sunshine for buyers in the housing market. Yes, the prices of groceries are still astronomical, and wages are stagnant, as the few people who still have jobs are afraid to ask for raises or apply to new positions. Many consumer protections and aspects of the social safety net have ended or are in jeopardy. Good news about the economy is hard to find, but we just might find it in the housing market, from the perspective of buyers. Interest rates are lower than they have been in recent memory, and everywhere you look, there is media content about the plight of homeowners trying unsuccessfully to sell their houses. A big part of the reason that sellers have been unable to sell their houses is that no one can afford to buy them. If you are trying to buy a house and need help negotiating your way into a buyers’ market, contact a Washington, D.C. real estate lawyer.
How to Tell If the Seller Is Open to Negotiating
The longer a real estate property stays on the market, the more likely the seller will be to negotiate about the price. The sellers may realize that they have set the asking price too high. Perhaps some of the first people who expressed interest in buying the property made offers that were slightly below the asking price, but the seller rejected them quickly, or somehow the negotiations fell apart before the sale could close.
If the property has only been on the market a short time, expect to pay close to the asking price. You will have better luck reducing the price of a property where the seller is eager to sell quickly. The sellers for whom selling quickly is a priority are the ones who are moving so they can start a job in a new city or because they need a house with more room for a new baby. House flipping operations are also willing to negotiate about prices, since they are in the business of selling, and they deal in volume.
Start Small With Negotiations, and Don’t Start Too Soon
Do not approach a prospective seller by saying, “I would love to buy your house, but there is no way I’m paying that much.” You need a reason for every dollar you take off of the asking price. For example, sellers are often willing to assume some of the closing costs in the interest of finalizing the sale quickly. The best time to start negotiations is after the inspection. Any flaw that the inspection turns up is something that will need repair within your first few years of owning the house, and therefore the seller might be willing to sell the house for slightly less.
Contact Tobin O’Connor Concino P.C. About Negotiating Real Estate Purchases
A Washington, D.C. real estate attorney can help you negotiate strategically to get an affordable price on the purchase of a real estate property. Contact Tobin O’Connor Concino P.C. in Washington, D.C. or call 202-362-5900.
Source:
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