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How to avoid paying too much for a home

On Behalf of | Mar 5, 2019 | Residential Real Estate

Home buying is a complex process in Delaware and around the country. One of the biggest hurdles for a buyer is getting a seller to agree to his or her offer price. According to a 2019 report from NerdWallet, 45 percent of buyers paid more than the asking price on a home. The respondents had all purchased their homes within the last five years.

Among those who were buying their first homes, 56 percent said that they had to pay more than a seller’s asking price. However, there are steps that buyers can take to improve their chances of having an offer accepted. Flexibility when it comes to other terms can be helpful. For instance, those who are willing to move in quickly or solve other problems a seller may have could have an advantage during negotiations.

Other tactics could include making an offer on an available home outside of the prime selling season. At that point, sellers may be willing to take whatever offers that they get. It can also be a good idea to look at homes that may have issues that a buyer could fix. Generally speaking, fixer-uppers are less expensive and may fit better into a buyer’s price range. Finally, sticking to a budget may prevent a person from making offers based on emotion instead of logic.

Someone who is buying a residential property may face resistance from a seller after making an offer. While there is nothing wrong with negotiating, a buyer is generally best served by agreeing to terms that he or she is comfortable with. An attorney may review the terms of a purchase contract to determine if they are in a buyer’s favor. A buyer’s real estate agent might also help during negotiations.