start.
An important component is a Comparative Market Analysis (CMA), which your real estate agent can provide—another benefit of working with a buyer’s agent—especially a Certified Expert Buyers Agent (CEBA) and is a mathematical model to find out the value of your future home. It calculates the basic conditions, such as number of bedrooms, bathrooms, existence/ size of the yard, or swimming pool. Then, it compares your potential home to similar houses on the market in your area. This model will give you an idea of the average local cost, which will be fundamental information to inform your offer. Research the market trends. Has the local market gone up or down over the last few months? Do people buy or sell more? Are there houses being built that will soon be for sale? For example, tear-downs and new construction would indicate rising local home prices. Those calculations and forecasts may take time and effort, but they will ideally leave you with options to consider and choose from. The real estate agent’s services will be very helpful. It won’t take a professional as much time to evaluate all the pros and cons and come to you with a proposal. Your real estate agent will assist in this process and may advise on offering price and factors involved. After you agree on a price, the agent will send your written signed offer to the seller’s agent. The seller will either accept it, or present you a counteroffer. Negotiations will go back and forth until you reach an agreement. After that, the home buying will move into the escrow.
NEGOTIATING THE PRICE: WHICH TACTICS TO USE
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