When you’re ready to purchase a home in Ormond Beach, you need to be prepared for a competitive market and a detail-oriented process. While the real estate market is cooling across the country, Florida is a bit different. The population continues to increase steadily here, especially in Atlantic coast communities like Ormond Beach. There’s a lot of interest from investors and home buyers, and a huge demand for homes.
Prices are high. Competition is fierce. How can you position yourself to get the home you want, for a price you can afford?
We have some negotiation tips and strategies that may help.
Make a Serious Offer
There are a lot of people making offers on houses. Your offer needs to be one that the seller will take seriously. Don’t lowball your offer, especially not in a market that’s moving quickly. You don’t want to overpay for a house, and you definitely don’t want to exceed your own budgetary limits. Talk to your real estate agent about what a reasonable offer might look like. Remember that you may have to make a counteroffer. Leave room in your negotiation for that number.
Some experts recommend increasing the amount of earnest money you contribute with your offer. While the standard amount might be one or two percent of the offer, you could up the cash deposit to three or four percent. This would demonstrate the interest you have in the house.
Be Flexible with Closing Dates
Maybe you’re eager to take possession of the house you buy, but when you’re flexible about the timing, you could find that your sellers are more interested in entertaining your offer and working with you.
Be patient and willing to negotiate the date you take possession. This may help you settle on a price that’s closer to your end of the range, and it might also help your offer stand out among other offers.
Negotiate Contingencies and Terms
When people think about negotiations during the home buying process, they most often think about price negotiations. But, you have the ability to work with more than just the price. You can negotiate what’s included and how the home is repaired before you close. The seller might be willing to drop the price if you’re willing to forgo the home inspection or if you’re paying in cash rather than taking out a loan.
Know When to Walk Away
Don’t be too emotionally attached to any one home. If the negotiations are not moving in your favor and the seller is unwilling to budget on key price points and closing terms, you can walk away and look for another home. You don’t want to be desperate during your negotiation. Remain professional and detached, and continue working with the seller if they are communicating in a way that leads you to believe you can get to a common ground. If you can’t, protect your time and your money, and begin looking elsewhere.
These are some of the negotiation strategies we recommend when buyers come to us looking for help. Working with an outstanding Ormond Beach real estate agent will also help you get the home you want for the price you want. Be selective when choosing a real estate partner.
If you have any questions about navigating the home buying process, please contact us at Oceans Managing Group by calling (386) 255-8585, or visit www.oceanspropertymanagement.com.
