3 Best Tips for Negotiating the Price of Your Dream Home

Handshake in foreground, house with lawn in backgroundSo you’ve crunched the numbers and established how much you can realistically pay on your desired house. Perhaps you’ve even visited homes for sale in Richland, WA, and have made up your mind on which one you want.
There’s just one problem though. The asking price of the house is slightly over what you had budgeted for. How do you get the seller to lower the price? 

Find a Competent Broker

A great broker has the skills and experience to negotiate on your behalf so that you get a reasonable price on your dream house. Ask around for reputable professionals, or head online and check out a few. Talk to two or three of them, and ask about their process, approach, methodology and tactics. Choose the one who demonstrates the ability to help you out.

Understand the Market

The market your dream house is located in determines how much negotiating room you have. If the home is in a competitive market, then negotiating may be a bit harder. Do a little research on the price of homes in the area to find out what figure you should offer to make the negotiation more effective. 

Study House Inspection Reports

Naturally, you’re going to have your home inspected before you purchase it. If the report reveals certain issues with the house and you feel you want to buy it, then use the report as your leverage. Most sellers will be willing to listen to your concerns and lower the price of the home.
You negotiate for most other things you want to buy, and there’s no reason not to do the same when buying a home. By applying a few smart strategies, you can get the seller to reduce the price to a level both of you are comfortable with.