How to negotiate the price of a house: 4 key points
Prepare your real estate negotiation with 4 key points to defend your offer and reduce the purchase price.
Study the market and solidify its financing
Before starting your negotiation, it is essential to take stock of the local real estate market. An overview of the prices practiced will allow you to have comparisons to present to the seller or the real estate agent: price per m² of agency listings, properties offered by individuals, and prices of properties sold nearby.
At the same time, a solid financing dossier strengthens your position. Re-evaluating your contribution, conducting loan simulations, or consulting a broker are all elements that can demonstrate your seriousness and facilitate the negotiation.
Identifying how long the property has been on sale
The duration of the listing greatly influences the negotiation margin. The longer a property has been on the market, the more open the owner may be to a price reduction. If the listing has been online for more than 3 months, the context may be more favorable.
A property that takes time to sell may do so for several reasons: market conditions, the price displayed above the market, potential loss related to the location, brightness, or necessary renovations. To optimize your offer, note the unfavorable points and prepare your arguments in advance.
Caring for human exchange and maintaining some leeway
In a negotiation, the human aspect matters. Engaging with the owner, understanding their expectations, and building a relationship of trust can work in your favor. Many sellers also place importance on the profile of buyers, which can influence their flexibility.
Finally, allow for some maneuvering room: making an offer slightly below your budget can enable you to accommodate a counter-proposal. Being responsive remains important, as other buyers may be interested, and a successful negotiation often involves several offers and counter-offers.
