IS THE HOME YOU ARE INTERESTED IN OVERPRICED?
Friday Jul 03rd, 2020
When the price is right...act quickly!
Should you always negotiate the price of a home you’re interested in? That’s a question more and more Canadian homebuyers are asking these days. While every transaction is different, some buyers may be surprised to learn that there will be times when it is appropriate -- and even desirable -- to go in at the asking price. This is where the expertise of your real estate professional really proves its worth. One of your sales representative’s most important duties is to provide you with the appropriate research to help you make sound decisions. They can tell you when a home is well priced, and whether or not there are comparable alternatives on the market. And they can also tell you if there are likely to be other offers competing with your own.
If you’ve found a great property that meets all your criteria, the asking price is attractive, and there aren’t any other comparable homes available, you may be well served to go in at the asking price. Buyers should take into consideration that negotiating the price extends the timeline when the home is still open to offers and during this time, other buyers may enter the process. Sometimes the best course of action is to go in at the asking price and bring negotiations to a swift conclusion. This is especially true in a hot market with low inventory.
But what happens if you’re interested in a home but think it’s overpriced? If everything else is right about the house, don’t just walk away...negotiate! You have nothing to lose and everything to gain by making an offer. If it’s not accepted exactly as submitted, then you are under no further obligation.
One word of caution -- be sure that you have your facts straight before you assume that a property is overpriced. Before you decide on what price to offer, your Coldwell Banker® real estate representative can show you recent sales and also active listings of comparable properties, as well as advise you about local market trends and conditions. All this will help you to estimate what price range the home will likely sell for in the current market. And this same information can also help your sales representative to negotiate from a position of strength.
Want more advice on negotiating a fair price in today’s market? Contact your local Coldwell Banker real estate professional and get a better perspective.