How to Get the Best Price for a New Home
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Some of us might feel overwhelmed with the negotiation process of buying a new home. The back and forth can be a lengthy experience and a major source of additional stress. We provide tools and products to help members secure the best price for your home—without the headache. Negotiate with confidence by utilizing these homebuying tips.
Get Pre-Approved for a Mortgage
Having a pre-approval letter from a lender shows sellers that you are a serious buyer with the financial backing to close the deal. This can give you a competitive edge in a hot market, as sellers are more likely to favor offers from pre-approved buyers who have already secured financing. Additionally, a pre-approval can streamline the closing process, reducing potential delays and making your offer more attractive.
Get pre-approved for the Credit Human Slack Builder loan. This loan offers up to 100% financing, and you start building equity faster than a traditional home loan.
Make a Strong Initial Offer
Your initial offer sets the tone for the negotiation. You will need to base your initial offer on solid market research and the true value of the home—your realtor will help with this. A reasonable offer shows that you are serious and well-informed.
Be Ready to Walk Away
One of the most powerful negotiation tools is the willingness to walk away. If the seller isn’t willing to meet your price, especially after reasonable negotiation, be prepared to start looking into other properties.
Ask for Closing Costs or Other Perks
If the seller is firm on the price, consider asking for other concessions. Closing costs, leaving appliances with the home or making repairs before selling may sweeten up the deal. These perks add significant value to your purchase without affecting the sale price. Determine what’s most important to you.
Don’t Skip the Inspection
A thorough home inspection will reveal any potential issues that might not be visible during a regular showing. It will uncover minor issues like loose faucets to major (and expensive!) issues like foundation problems. Use the inspection report to negotiate repairs or a lower price if significant problems are found. Additionally, don’t be discouraged if you decide to walk away based on the results. Purchasing a home is a major investment–it’s important to ensure you’re aware of all potential problems you may experience after your purchase goes through.
Stay Calm and Be Patient
Keep communication respectful and professional, and don’t rush the process. A well-negotiated deal is worth the time and effort.
At Credit Human, we’re here to support you every step of the way. Whether you’re buying your first home or looking to refinance, we’re ready to help you achieve your homeownership goals. Explore our home loan options and take the first step towards your dream home today.
Want to Create a Homeownership Plan?
Make an appointment at one of our Financial Health Centers to discuss your home buying needs and receive personalized guidance on creating a financial plan that works for you.