Now that over-ask, non-contingent offers are on the decline and the real estate market is starting to normalize, buyers are getting the opportunity to negotiate prices and terms on their real estate deals again. But it’s been a while since negotiation has been an option, so here are some of our best tips for negotiating when you are buying a home:

Start With A Nice, Clean Offer

The offer is like a first date–your goal is to get to the second date, which is a signed offer contract. So keep it clean–don’t get cute with the numbers (i.e. instead of a $499,000 offer, make it $500,000). 

Customary contingencies like mortgage and home inspection are back, so don’t be afraid to include them. But don’t send an offer over with redundant or detailed demands (‘contingent upon passing septic inspection’, which is also a lender contingency, ‘Seller to remove all contents except for items in the attached list’, etc.). 

In almost every circumstance, there is a contingency period where those details can be worked out. Get to an agreement on the big things first, and then you can work out the little things.

Concede

Concede something that matters more to the seller than it does to you. For instance, if you know the seller needs to relocate for a job in a hurry, but the timing doesn’t matter as much to you, you can agree to the ‘burden’ of shortening the pending period in exchange for something you do care about, like that gorgeous outdoor furniture you noticed at the showing.

The Best Move Is No Move

Sometimes the best move is no move at all. If you’ve reached an impasse in the negotiations, have your agent tell the seller that you’ve got ‘negotiation fatigue,’ and that you need to consider the seller’s counteroffer overnight. If you can stomach it, the following day you will likely have a seller who has not slept well and is reconsidering their position. 

While we are still in a seller’s market, dignity is returning to the buyer position. With these tips and a great buyer agent by your side, a home buyer today can ask for what they want and have a pretty good chance of getting it!

Shoot us an email at jill@jillbiggsgroup.com or give us a call at (973) 495-6038 when you’re ready to find your new home.