Real Estate Negotiation
Buyers vs. Sellers Market
The first job before making a contractual offer is understanding the housing market that is working in your local area. This will help you determine how quickly you need to buy when looking at homes.
If you happen to be in the buyer's market, you will of course have plenty of time to find and search out several homes in different areas and price ranges before you negotiate best possible price.
If you happen to be in a seller's market, things are different, you may have a very short time to make and write an offer before your house slips away!
Buyers Market - The real estate market has more sellers than it has buyers and time is on your side! You will find plenty of homes that you can visit, and even revisit again for comparisons, before you negotiate favorable contract terms.
It would be very advisable to run a CNA, or comparable neighborhood analysis on homes that you have visited before making your offer.
Items you should compare include: