Negotiate a Sales Price

Before you negotiate a sales price, it's important to determine if you or the seller has the stronger position. Knowing this will help you plan your negotiation.

The seller may have the strongest position if:

1.) The local real estate market is strong, prices are rising, and homes are selling quickly ( a hot market, or sellers market).   Multiple offers on a home.
2.) They aren't in a rush to move.   They are living in the house.
3.) They haven't bought another home yet.
4.) Similar houses have sold for close to or above their asking price.

The buyer may have the strongest position if:
1.) The local real estate market is weak, home prices are falling (a buyers market).   Low showings and no offers.
2.) The seller has relocated or is going to relocate.
3.) The home is vacant because of the seller has bought another home or relocated.
4.)  The seller is an heir who is selling the home for an estate
5.)  The seller needs to move quickly. 
6.)  The seller's are getting divorced.
7.) The house has been on the market for a long time.

When negotiating, more information is better. Here are some negotiating tips.  Look in the closets for signs of a single person in the home.  Are there kids graduating from high school? (loss of child support)  Is the home vacant?  Have your agent look up public records for price bought at and mortgage amount owed.  Have your agent tell you how long home is on the market.  Talk to the neighbors.  They usually know what is going one.  Sometimes the selling agent will slip and let out information.   Pull comparable sales of homes in the neighborhood within the last six months.  Look at your notes from when you looked at the house. If there's anything in need of repair or replacement, you may include these costs in the negotiation. If you want certain appliances or fixtures to stay, be sure to include them in the negotiation. You may also want to make your offer contingent upon your obtaining financing or the house passing a professional home inspection, especially if it is an older home.

Knowing who is in the stronger bargaining position will help you decide how to negotiate to get your Livonia Home, or any home in Michigan.  When you are shopping among all the Michigan houses for sale you want to be able to land the one you want.  So do as much research as possible.
           Russ Ravary

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