What Every Homebuyer Should Know: Negotiating Home Prices in Today's Market
Are you planning to buy a home soon? Understanding how much you can negotiate on the asking price is crucial in making an informed offer. I’m Lydia Rowe, your go-to realtor in Miami Valley, Ohio, and today I’m going to delve into the intricacies of how much sellers usually come down on a house, helping you make smarter home buying decisions.
Market Types and Negotiation Tactics:
Buyer’s Market Dynamics:
In a buyer’s market, you'll find more homes available than buyers. Sellers in such markets are often more flexible on pricing, especially if their property has been on the market for a while. It's common to start your offer at about 10% below the asking price, which typically prompts a counteroffer rather than outright rejection.
Seller’s Market Strategies:
Contrarily, in a seller's market, where available homes are scarce and buyer demand is high, prices are less flexible. Sellers frequently receive multiple offers, so it's advisable to meet or exceed the asking price if you're set on a particular home.
Factors Influencing Your Offer:
- Listing Duration: Homes that linger on the market may have more negotiable prices.
- Comparative Market Analysis (CMA): Always check recent sales of comparable homes in the area. This data helps you understand what is reasonable and can guide your offer.
- Personal Circumstances: How much you desire the home can also influence how much you're willing to negotiate. If you’ve found your dream home, you might want to secure it by offering the full price or more.
Real Estate Negotiation Insights:
- Never Offer More Than 25% Below List Price: This could alienate the seller, ending negotiations before they truly start.
- Employ a Skilled Realtor: A knowledgeable realtor can provide invaluable assistance. They understand local market trends and can advocate effectively on your behalf.
- Seller Concessions: In Ohio, it’s common for sellers to cover both their own and the buyer's realtor fees, giving you more leeway to negotiate without additional costs.
There's no one-size-fits-all answer to how much sellers will come down on their asking price—it varies widely based on market conditions and the property in question. By being well-informed and strategic, you can enhance your chances of making a successful offer.
Stay tuned for next week’s post where I'll address more common questions about negotiating home prices, ensuring you're fully equipped for your house-hunting journey.
About Lydia Rowe: Lydia Rowe is a dedicated realtor specializing in the Miami Valley area of Ohio, providing expert advice and guidance on the local real estate market.
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Lydia RoweYour Miami Valley / Tipp City Real Estate Agent
I specialize in homes for sale in Tipp City, Troy, Piqua, Vandalia, West Milton, Clayton, Englewood, North Dayton, and Huber Heights, with ties to Beavercreek, Oakwood, Kettering, Centerville, and Fairborn as well.
I believe everyone deserves to have a place called home, a place they belong and a place they feel completely comfortable. Your home is important. Where you choose to put down roots is significant.
I have grown up in the Tipp/Troy/Vandalia area and I am passionate about bringing you the best service in the real estate business, no matter what your goals! Whether it’s finding your next home or selling your current one, I will work hard, along with my fantastic team at NavX Realty, to exceed your expectations and have some fun along the way!
Check out my YouTube channel @listwithlydia where I post weekly updates on all things Living in the Tipp City, OH Ohio and Dayton Metropolitan Area.
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