Home buying negotiations? Talking the seller down? How much on average can a seller be talked down on price?

Question

Tell me about your home buying experience.... How much did you talk the seller down from the original price? How much on average can the seller be talked down? Any advice and info will be very helpful please.

It is not for sale by owner it is with a real estate company if that info helps

Answer 1

first look at the DOM. days on the market. Second is it vacant. Third what was the lowest sell price in that area. is a FSBO or by a real estate agency. which area are you talking about East or West. Give some of these details and I can probably help you. But any way, under normal circumstances about 2 to 6%.

Answer 2

A lot depends on how long the house has been on the market for. If it is only a few days, than not very far, perhaps 1%. If it has been on the market for 3+ months, I'd go in at 10% under and work from there.

Also look at what homes in the area have sold for.

Answer 3

It's a buyer's market right now. Nine sellers to every buyer. Your first offer should be 10-15% below the asking price. But first make sure the home is priced correctly - not based on inflated prices of a year ago.

Answer 4

I guess there may be an average in some areas, but the bottom line depends on each seller, days on market, amount of interest in the property, comparables in the neighborhood, and level of desire of the buyer.

My suggestion is to make an offer, and wait for a counter offer. Be sure to work with a realtor in your area. They can help guide you.
Good luck,

Kevin
http://www.KevinScolastico.com

Answer 5

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Answer 6

It also depends on what you can give them in return for a lower price. In our case, the sellers lowered their asking price 16,000 in exchange for closing as early as possible and letting them have 10 days to move after closing rent free. Also, we didn't require them to wait until we sold our other home. We also just asked for a basic inspection, but no other major tests, but do that only at your own risk. My husband happenes to be in the construction business, so he know more about what to look for, in the area of defects etc.

Answer 7

Your Buyer Agent will have a good handle on this as it varies by area and market at the time. What do they say?