Negotiating Las Vegas Real Estate
You've been out house hunting for weeks and you've done all your research and now you want to put in an offer to purchase the home of your dreams. So how much do you offer the seller? And is it really how much you offer or how you offer it?
Reasonable Market Price
Before doing anything else you need to know what a reasonable market price is for the home you hope to buy. Have your real estate agent run a Comparable Market Analysis for you on similar homes that have sold in the last year in your target neighborhood. Although an appraiser will only use the last six months of comparable sales when figuring appraisal value, it is helpful to have a more overall trend for the neighborhood to determine that prices are rising and that your investment will be protected in the long run.
To arrive at a reasonable market price you and your agent will be comparing the condition, location and amenities of similar homes that have already sold plus the current market competition of other homes for sale in the area.
Then you must figure out what YOU are willing to pay for this home. If you are willing to pay market value or more for this home because you don’t want to risk losing it, please let your agent know up front. Most good agents will try and negotiate a below market sales price for you because they want to please you and retain you as a future client. But only you can determine how you might feel if you lost this home to another buyer for a few thousand dollars. If you are most interested in getting a good deal, be sure to tell your agent that. But if this is the home you really want, tell your agent that too. His/her negotiating tactics will depend heavily on this information.
You must try and determine what is most important to your particular seller. If possible try and find out the answer to why he is selling his home. It may give you some insight as to what he is or is not willing to take or where he is willing to make a trade off. Although this may sound obvious, sometimes the reason "why" may not lead to the sales price you would expect ...Read more about Seller Motivation
Don’t show emotion when previewing the home. Be polite, but if you let the seller know what you are really thinking it doesn’t matter what else you do! He knows he’s got you hooked ...Read more about Negotiating Tactics
For questions and assistance negotiating Las Vegas real estate contracts, call 702-985-7654 to speak to a professional real estate consultant, or fill out our simple online contact form below . We look forward to helping you find the perfect property!
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