Tips For Real Estate Negotiating in Chatham-Kent
Once you've signed and delivered your real estate contract, the fun is just beginning. Over the next few days, you and your Chatham-Kent real estate agent will go through the negotiation phase of the purchase or sale process. Negotiating a real estate deal can be stressful, it can be rewarding, it can be positive, or it can leave you with a sour taste in your mouth.
What do and your Chatham-Kent realtor need to ask for? How can you negotiate price, term, and amenities without losing your dream property? Take it from an experienced Chatham Ontario Real Estate Agent, you can get what you want, for the price you want, if you negotiate properly.
Do Your Research First
Step 1, ask your Chatham-Kent realtor for help before you come up with a price and conditions. Low-balling or asking for everything but the kitchen sink can turn off sellers and kill your deal. Research is important. It’s important to know what other homes on the same street, and in the same neighborhood, have sold for. As well, you should compare house prices of similar properties that have similar updates and amenities. If the asking price is $30,000 higher than any home that has sold on the same street, and has no updates to warrant that price jump, you might be able to go in well under asking. If the home is priced near other recent sales and it has updates and new renovations, you still might be getting a steal simply by making an offer near the asking price. Research is key, and using the knowledge and resources of your Chatham-Kent realtor will help.
What Should You Ask For?
Home buyers in Chatham-Kent often ask for more than the walls and foundation of a house. If you go into a negotiation asking for appliances, lawn mowers, window dressings, furniture, or other non-permanent highlights of the home, you can expect one of two things to happen. Either your offer will be rejected completely or the current owners will ask for money in return for their stuff. Asking for appliances is becoming very common, so Chatham-Kent home owners are often expecting this as part of the deal, but if you begin asking for big screen televisions and nightstands, you’re asking for trouble. Remember, you’re buying a home from an owner and their Chatham-Kent realtor, you can always buy furniture at the Brick.
Time and Conditions Are Vital
Time is of the essence when it comes time to negotiate for Chatham-Kent real estate. Most offers come with strict deadlines, usually not more than 48 hours from the time of the original offer. This protects the home seller allowing them to consider alternate offers if and when they present themselves. As well, closing time, which is typically 60-days, is another factor. The lesson in this: if it’s a property you want, hesitating for too long could ruin the deal, however; you still need to do your due diligence such as having a home inspection done. And that brings us to conditions.
Home inspections, conditional on financing, and legal approval etc, are all common conditions. They are also common sources of deals falling through. If you’re a home seller and the buyer has no conditions, the deal may be worth taking slightly less for and moving quickly. If you’re buying, placing too many conditions on your offer could cause the owner and their Chatham-Kent realtor to select another offer, or to be more restrictive on the negotiations of the price.
Finally, the All Mighty Dollar
When you're buying, selling, or working as a Chatham-Kent real estate agent, price is often the first order of conversation. Home owners want to receive compensation for the value of their home. Low balling seldom works unless a property has been on the market for a substantial time. As a seller though, you need to be flexible. Rarely in Chatham-Kent will you find a home that sells for or above asking price. This is only the case in hot, competitive markets, typically in large urban centers. The message in this is that both sides, buyer and seller, need to be flexible. Don’t accept a ridiculous offer, but don’t close any door. Your home does have a value, and you deserve to see payment for that, but you also need to be realistic, and work cooperatively with your Chatham-Kent real estate agent, and the opposite party.
If you have any further questions regarding Real Estate in Chatham-Kent, or you need help buying or selling a Chatham-Kent property, feel free to Contact Me or give me a call at 519-360-0141.