5 home negotiation strategies

Homeownership

When it's time to close on a house, how you negotiate can impact whether you get the best price and terms possible.

Have you saved for your down payment? Set a realistic budget? Found a home worthy of an offer? Make sure you get the best price and terms possible with these winning negotiation strategies.

1. Research the market.

Use public records to find helpful facts about the house itself: Has it been on the market before? For what price?

Review the multiple listing service (MLS) entries for comparable properties in the area. And ask your real estate agent to run a comparative market analysis (CMA).

2. Learn about the seller.

Is the seller hoping for a quick closing ahead of a cross-country move? Or do they have their eye on a new house, but need to sell their current one first?

The more you can find out about the seller’s situation, the more ammunition you’ll have for negotiating.

3. Stay quiet on social media.

Excited to have found your “dream home”? Mum’s the word on Twitter or Facebook.

The less the seller or seller’s agent knows about your situation, the more power you’ll have to negotiate.

4. Don’t debate every dime.

When it comes to the final offer price, remember that a few thousand dollars in the purchase price will be spread across your entire loan term. Don’t lose your first-choice home over what winds up being only a few extra dollars each month.

5. Know a good deal when you see it.

Some eager sellers initially price their properties to sell quickly. If research suggests you’re getting a good deal, don’t feel that you have to negotiate lower. You might lose out.

 

Embrace the negotiation process. It may lead to significant savings as well as a more rewarding buying experience.

Ready to get started?

Truist Mortgage is here to help.