Can you offer less on the house? Lowballing and negotiating like a pro in Newburgh By Sandra Cotthaus
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ost buyers hope to find a house at a price lower than the listing price. However, making a lowball offer does not always turn out well. The seller feels insulted, leading him to sell the house to other potential buyers. In making low balls, the buyer must have a real estate agent to help him, while the seller, on the other hand, has a listing agent. They are professionals in the real estate market, and using them makes the process smooth for both parties. Low balling like a pro necessitates specific strategies such as;
1. BEING UPDATED ON THE CURRENT MARKET CONDITIONS It means that the buyer does due diligence to determine the price of houses in neighboring areas. Mainly the process is carried out by a real estate agent who is more experienced in work. It is also good to note the current market trend. In a seller market, it is less likely that houses sell at a lower price than the listing. However, there are chances of the seller reducing the prices if the house has stayed in the market for more than six months. Buyers are discouraged from making counter offers which may lead them to lose an offer. 2. BE RESPECTFUL OF SELLERS. Buyers are urged to respect the sellers even if they feel a house is overcharged. Buyers are also encouraged to follow a local real estate market protocol. Notably, making meager offers upsets the sellers increasing the chances of selling the property to more willing buyers. When presenting an offer, the buyer and the real estate agent should show their appreciation of the property rather than present an offer that is halfway done and is rude to the seller or the property in question. JULY 2022 | 121
