When negotiating a Boston real estate sale, remember this …
Boston Condos for Sale and Apartments for Rent
When negotiating a Boston real estate sale, remember this …
If you haven’t already heard, Boston condo for sale buyers are regaining some negotiating power in today’s market. And while that doesn’t make this a Bosron condo buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.
Whether you’re looking to buy or sell a condominium, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.
What Can You Negotiate?
Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:
- Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.
- Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.
- Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.
- Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table.
- Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.
- Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.
One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:
“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”
They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table.
Boston Condos for Sale and the Bottom Line
Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.
Want to chat more about what to expect and the options you have? Connect with a local real estate agent.
Boston Beacon Hill Condos for Sale
Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
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Beacon Hill Condos for Sale
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When negotiating a Boston real estate sale, remember this …
Bringing negotiations to a successful conclusion does take skill. However, if you avoid the obstacles that can put a wrench in your plans to purchase a condo. Prevent common negotiation mistakes by following these tips:
1. Keep your cards close to your chest
When the negotiation Boston condo for sale process begins, you might be eager to share as much information as possible with the seller’s agent. However, oversharing may give off the impression you’re desperately in need of the Boston condo and inadvertently ruin your chances of acquiring it. Don’t give the agent reason to believe you have the means and determination to purchase the condo at a price well above what you could actually buy it for.
2. Don’t make a lowball offer of the Boston condo for sale
Starting with a lowball offer just to test the waters may come off as you trying to see if the seller is desperate to sell the condo may backfire. Most sellers will view this as an insult. You’ll ruin your chances of the purchase before you officially even start the negotiation process.
3. Don’t come with your best offer straight away
On the flip side, don’t make the mistake of starting the negotiation with your best offer on the Boston condo for sale. It’s an unwritten rule that negotiations typically start with a lower price than what you’re in fact willing to pay. The other side will view this as such, and will come with a counter offer that you’re not able to respond to. The seller will simply not assume you’re being reasonable and honest.
4. Hide your excitement
Keep yourself neutral in front of the seller or their agent. Don’t let them see the excitement as you picture yourself lounging in your new living room or admiring the bathroom. By staying indifferent, the seller or their agent will not see an opportunity to inflate the price during negotiations.
5. Send a concise offer letter
Your offer shouldn’t be just a number on a piece of paper. Instead, you should craft the letter in such a way that it communicates commitment, and seriousness and reflects all the reasons why your offer is objective and reasonable.
Updated: Boston Real Estate Blog 2024
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When negotiating a Boston real estate sale, remember this …
A perfect Boston real estate deal is when the seller gets his/her asking price and the buyer is willing to pay it. Perfect rarely happens, but you always have available options. As one marketer said regarding available options:
That’s not the same as perfect.
The best available option is always available.
Perfect almost never is.
If you care enough to submit an offer, you can care enough – not to wait for perfect.
