Home buying is essentially a modern form of the traditional bartering system used for centuries where buyers and sellers test their haggling skills. Buyers are looking to negotiate the lowest possible price while sellers, especially in the existing real estate market climate where buying and selling South Florida homes is tougher, are trying to generate as much profit as they can.
Despite the differences, the end result is ultimately the same for both the buyer and seller: finding a price both parties can agree with. Therefore it’s best to approach the home buying and purchase offer as a problem that requires a couple of steps and time in order to be solved.
Even Miami Beach oceanfront condos are having a little more trouble obtaining buyers, so sellers will try and generate as much profit as they can even though given the market circumstances that may not necessarily be possible. In such situations it’s best to hold off on naming a price but it’s important that the seller is made aware of your interest. This is usually a simple matter of letting a real estate agent know through your own agent of your interest so a seller can reach you when they’re about to lower their asking price.
Assuming there are no other buyers trying to compete, aiming a little higher or lower than what you ideally have in mind allows room for negotiation which a seller appreciates. Also remember the seller is looking to get as much of a deal out of the transaction as you are so it probably wouldn’t hurt to consult your real estate agent on what incentives or strategies are available in order to “sweeten the pot”. Sometimes the seller is looking to get out of there as quick as they can so use things like these to your advantage during your home buying experience.
