You’ve finally found your dream home. It’s in your favorite New York City neighborhood, has great light and is close to everything you need — subways, parks, groceries. Here’s the bad news: It’s slightly out of your price range.
Of course, you wonder if there’s any wiggle room. Some sellers may be willing to negotiate, so we can work together to look for signs that they might be more flexible on the pricing.
Here are three signs that a seller might be willing to meet you a little closer to the middle?
● Days on Market (DOM)
The longer a home is on the market, the more “stale” it becomes. A property that doesn’t sell quickly may be priced incorrectly for its area and amenities. If we find out that a listing has been for sale for a while, then we’ll know the seller is likely primed to negotiate. Don’t assume that a simple 30 days on market means the seller is ready to negotiate. Every market cycle is different so it helps to know what the current average days on market are in the neighborhood.
● Price Reduction
A price reduction can indicate that a seller wants to move the process along. If you see one — even a small one — it could be a clue that they might be willing to drop the price even more.
● High Supply or Low Demand
If there are lots of properties on the market (especially if they’re similar), then the seller is less likely to receive competing offers. So before we start seeing houses, let’s do research together. If the market is crowded with listings, sellers may come down on price. We have plenty of research tools to help you figure out the current supply and demand equation.
Do you need more guidance on your search? Reach out today.