Buying a piece of St Simons real estate is usually a big decision for most people, and there are a few steps in the process of buying/selling. So it’s a good idea to be sure that you really want to buy that home before you put in an offer.
At the same time, it’s possible that your first offer may not be accepted. So you may have to go into a process of negotiation. And even after the process is over, you may not end up with your first choice. So it’s good to have a plan B in mind.
What Is the Maximum You Are Willing to Pay?
When you go to look at homes with your St Simons real estate agent, you should clearly tell them your max. And if you would prefer something that doesn’t quite stretch your budget to the max, then tell them that too. Look at more homes that are a little bit less than the max that you’re willing to pay. This will give you some wriggle room.
Make Your First Offer Less Than Your Maximum
Even if you are clear about the max that you’re willing to pay for a St Simons home, it’s still good to first quote a price that’s less than that. After all, if you’re getting a dream home for less than your max, wouldn’t that be great? You can decide how much you’re going to quote in consultation with your agent.
Make Your First Offer a Reasonable One
Keep in mind that you can’t quote something less than the minimum that the seller is asking for, especially if that minimum is within the range that homes are going for in that neighborhood. You don’t want to turn off the seller entirely. So quote a slightly lower price than what you think the home is worth, and if that doesn’t work, then quote something a little bit higher.
Coming to a Compromise with the Seller
In general, if the seller rejects three of your offers, then the deal is probably not going to work out. But it’s ok to go back and forth a couple of times until the two of you come to some kind of compromise, as long as the compromise is within your budget. If this doesn’t happen, try putting in an offer for your second choice home and see if that seller is willing to sell at a more reasonable price. This will give you more choices and make your decision easier.
Contact DeLoach Sotheby’s International Realty for more great tips to negotiate the price of St. Simons real estate.