- Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
- Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
- “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.
- Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.
- Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.
You probably know that owning your own home can benefit you financially, but home ownership comes with a surprising number of health, wealth and social perks too. Check out these five ways home ownership could be making your life even better:
1. Homeowners report better psychological and physical health than non-owners.
2. Homeowners are far less likely to become crime victims than non-owners.
3. Homeowners are more likely to live in neighborhoods with more opportunities for school involvement or participation in neighborhood activities.
4. The average homeowner’s net worth is 35 times that of the average renter.
5. Homeowners bring stability to neighborhoods. They move far less frequently than non-owners, and hence are embedded into the neighborhood and community for a longer period.
Source: National Association of REALTORS®