Today I’ll discuss negotiating the purchase price on a home and share a story that reveals the importance of enlisting the help of a skilled agent in doing so.
Selling your Massachusetts home? Get a home value report
Buying a Massachusetts home? Click here for full MLS access
This past year, I had the privilege of simultaneously representing two buyers whose situations were somewhat dissimilar but mirrored each other in this way: Both buyers enjoyed favorable end results that they were thrilled to reap the benefits of.
While one buyer was looking to purchase a home, the other was in the market for commercial property. We found properties the buyers were interested in, respectively, and negotiated the purchase price for each. Here’s the difference—the commercial buyer successfully negotiated the asking price down by roughly $64,000.
Now, juxtapose that with the homebuyer, who paid $117,000 above listing price after negotiations, but in doing so, won a fiercely competitive bidding war against 11 other buyers. Not only that, the buyer had an additional $100,000 they were willing to offer if it had been necessary.
All in all, this made for very fulfilling buyer experiences for both parties.
There are a lot of particulars to bear in mind as negotiations on a home take shape.
The moral of this story regarding two unique sets of buyer circumstances and experiences is that there are a lot of particulars to bear in mind as negotiations on a home take shape—factors that include market value, appraised value, and assessed value.
In addition, there are certain questions that arise out of negotiations, such as: Is the property worth more to the seller than it is to the buyer or vice versa? And who’s actually setting the price—the seller or the seller’s agent?
As all these elements present themselves throughout your real estate transaction, you’ll want to have an experienced, skilled professional by your side to discern the true market value on the property you’re looking to purchase and to help you set a ceiling on the price you should pay for the property.
If you need help negotiating a great price in today’s market or with any other real estate-related questions, we’d love to provide our expertise. Please give us a call at 978-256-3306 or visit us online at www.HomesAreUs.com.
