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Real Estate Tips: Articles on the Flagstaff Real Estate Market [August 2008]

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Negotiating in a Buyers Market

As we look at events of the past year in the real estate industry it has become apparent that we are now in a buyers market.  Sellers who receive an offer to purchase are often dismayed at the low price buyers are bringing to the table.  While both parties to a transaction want the best deal they can get it always comes down to negotiation.   Here are a few thoughts which may help your ability to work with the folks on the other side of the transaction.

Negotiating a purchase agreement is perhaps the most stressful aspect of a real estate transaction. Most home buyers and home sellers want to reach an agreement that is amicable to both parties, often referred to as a win-win agreement.  Successful negotiating encompasses the learned ability to use certain skills and techniques to bring about win-win results.

Start with a fair price and a fair offer. There's no question that significantly overpricing your home will turn off potential buyers. Likewise, making an offer that's far lower than the asking price is practically guaranteed to alienate the sellers. Asking and offering prices should be based on recent sales prices of comparable homes.  Buyers and sellers in Northern Arizona are usually assisted by a competent real estate professional who knows the local market.

Respect the other side's priorities. Be prepared to compromise. 'Win-win' doesn't mean both the buyer and the seller will get everything they want. It means both sides will win some and give some. Rather than approaching negotiations from an adversarial winner-take-all perspective, focus on your top priorities and don't let your emotions overrule your better judgment. If you are close to an agreement, meet in the middle. Splitting the difference is a time-honored and often successful negotiation strategy.

The most important advice to remember is to ask your real estate agent! Sucessful agents tend to be experienced negotiators. They have seen what works and what doesn't in a variety of real estate transactions and with a variety of personalities. Many times they have an established track record of bringing buyers and sellers together. Consult with your agent about how to best arrive at a workable solution that best meets your ojective.

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“Mary Monday made the experience of selling my home a genuine pleasure. It delights me to know there are true professionals left in the world.”—BS