During the fall and holiday season, the real estate market and industry often tends to wind down. Multiple offers, competition, and the number of homes for sale may diminish due to the time of year. That may translate to an especially good time to buy your next home and negotiate a great deal.

Before jumping into the negotiating process, keep in mind that buyers and sellers typically view the changing market differently despite the time of the year.  Sellers often are somewhat resistant to the impact of a slowing of the market, while buyers frequently think that sellers should be ready to significantly drop their pricing.  The fact remains that market may slower, but it will not come to a complete halt.

To negotiate the best deal, a buyer should do their homework and carefully examine the area in which they are looking, the size of the home and the condition of the home.  Once equipped with comparables of recent similar home sales in the area, buyers can aggressively negotiate a fair price supported by factual information while also saving as much money as possible.

Another key to effectively negotiating a favorable deal includes securing as much information as possible regarding the degree of the seller’s motivation.  A seller who is driven by such events as divorce, job relocation, the need to close on another home or a prolonged time on market may be highly motivated to negotiate a deal.  In contrast, a seller opting to downsize or with no place to go will most likely be much less driven to reduce their price.

Lastly, there may be more room for negotiating with houses that are newer or updated, but have not yet sold.  Likewise, negotiating opportunities often exist on fixer-uppers that have not already discounted their pricing to reflect the condition of the property which may need repair, upkeep and modernizing.  While lenders no longer readily accept credits for improvements such as new appliances, or allowances for carpeting or painting, sellers can offer concessions as closing costs offsets to ease the financial burden for buyers.

The fall and holiday season should open up opportunities for buyers through effective negotiating. Partnering with an experienced Realtor who really knows the market and has proven finesse in the art of effective negotiation will assuredly make a huge difference in the outcome of your success. For additional information, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, and/or help you find your dream home in Chicago's North Shore, North or Northwest suburbs.

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.   

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