The #1 thing a good agent does when preparing an offer for their buyer is communicating with the listing agent to gauge interest in the home and see if there are any offers. If there are no offers on the table, you have more room to negotiate with the seller. If there are offers already on the table, then negotiations pretty much go out the window if you really want the home as you have to put your best foot forward to gain the top spot and take the home.
Days on Market
If a home just hit the market a few hours ago, usually there’s not a lot of room for negotiations since the seller still has time to wait for a good offer. In today’s current market, a property can be on the market a week or two and still get their asking price. 6 months ago, it would have had 67 offers within 3 hours of it hitting the market. If the home has been on the market, however, for 67 days, then you have a lot of room to negotiate because the seller may be more motivated to get it sold.
Which brings me to my 3rd point: the seller’s motivation. A seller may not need to move, so negotiations usually don’t go so well in those types of scenarios because the seller doesn’t need to go anywhere. Or this may be their investment property or vacation home that has been vacant and they don’t really need to offload it quickly so they don’t mind waiting for the right
offer. If a seller has a home to buy or a new job relocation waiting for them, they may have more urgency to sell right away and may be more willing to negotiate on price and terms to get the deal done.
Comparable Recent Sales
The final point is something that’s helpful in determining if the home you’re submitting an offer on is worth what you’re offering. You’ll find this out by doing a Comparative Market Analysis on the home and check comparable recent sales to see if the sales in the area support this value. If they don’t, you can use justifiable data to support your lower offer price. You can also educate
the listing side that you may have issues with an appraisal given the research on sales you’ve completed.
There are all things a good agent knows how to find out so that they can best advise you on submitting a good offer and getting you the best deal on the home you want. If this information has been helpful to you, subscribe to our channel as we put out weekly videos with helpful tips just like these. And you should definitely check our awesome property tour play list too! If you have questions specific to the Orlando real estate market, leave it in the comments below or DM us on instagram and we can chat more! We will see you on the next one!