Are there tips for negotiating the purchase price?

Even though there are numerous homes on the market, the best choices go fast, so you’ll need to be ready to make an offer when you find the house you want. Your RE/MAX agent will draw up the Purchase Agreement and negotiate the best price and terms for you.

Before you begin, ask your agent to research for you the recent sales in the immediate area, and again in a broader area for similar size and age homes. Your agent will know whether the asking price is reasonable or overpriced for condition or comparable sales. You might also ask for an “aging report”, where you can see how many similar homes have sold in recent months compared to how many are on market today. The more active listings in comparison to sales, the more buying power you have. The fewer the active listings, the closer to asking price you will likely need to be.

Remember, the one who cares the least wins. Purchasing your home is a very emotional experience, and you definitely want to “feel” that this one is “home.” However, when you start negotiating, remain objective. How much do you want the house? Are you willing to lose it if the seller expects more than you believe is reasonable for the competition? It’s ok to pay over that price if you really want the house, just remember that’s what you are doing and know that you did so when it’s time to re-sell.

(Copy paraphrased from RE/MAX flyer Smart Buyer)