For most people, a house is the biggest purchase they'll ever make. But unlike most things we buy or sell, the asking price is often not the final price. So, chances are your next real estate transaction will involve some kind of negotiation. Here are some key points to consider as you navigate the real estate sales process with your agent.

All parties should be aware of comparable home prices in the surrounding area. In a buyer's market, the buyer might have more negotiating power because there's a surplus of available homes. Conversely, in a seller's market, where demand may exceed supply, the homeowner usually has the advantage.

For buyers looking to get a seller's attention, it's best to make a strong offer that includes substantial earnest money, a down payment of at least 20%, flexibility on a closing date, and limited contingencies. It's also good to have a mortgage lender's pre-approval before making an offer.

Unless an offer meets or exceeds the listing price, sellers will likely make a counteroffer. A counter could include things such as a selling price adjustment, a change to the closing timeline, a request for more earnest money, or the removal of contingencies for costly repairs. Both sides should include an expiration time — 24 to 48 hours, for example — so the negotiations can be wrapped up quickly.

Ready to Negotiate?

Remember, when everyone negotiates in good faith, both the buyer and seller can view the transaction as a success. A Blue Ridge Properties real estate professional can guide you through the process and ensure the experience is as smooth as possible. Browse our agents: https://www.brphomes.com/Agents, contact us online, give us a call (423-247-4181), or stop by one of our offices to chat.