You’ve got your eyes set on your dream condo. But, while the property hunting experience can be exciting, it can also be stressful, especially if you’re a first-time buyer. Making sure not to make any wrong moves when negotiating and jeopardizing your purchase is half the battle.
While the negotiation process is pretty straightforward, people make mistakes that can put their condo purchase at risk. So, before you can call up an interior designer to take a look at one of the new condos in Columbia District, or another area of San Diego, CA, read on to learn more about how to avoid making common negotiating blunders.
What are common negotiating mistakes?
Bringing negotiations to a successful conclusion does take skill. However, if you avoid the obstacles that can put a wrench in your plans to purchase a condo. Prevent common negotiation mistakes by following these tips:
- Keep your cards close to your chest
When the negotiation process begins, you might be eager to share as much information as possible with the seller’s agent. However, oversharing may give off the impression you’re desperately in need of the property and inadvertently ruin your chances of acquiring it. Don’t give the agent reason to believe you have the means and determination to purchase the condo at a price well above what you could actually buy it for.
- Don’t make a lowball offer
Starting with a lowball offer just to test the waters may come off as you trying to see if the seller is desperate to sell the condo may backfire. Most sellers will view this as an insult. You’ll ruin your chances of the purchase before you officially even start the negotiation process.
- Don’t come with your best offer straight away
On the flip side, don’t make the mistake of starting the negotiation with your best offer. It’s an unwritten rule that negotiations typically start with a lower price than what you’re in fact willing to pay. The other side will view this as such, and will come with a counter offer that you’re not able to respond to. The seller will simply not assume you’re being reasonable and honest.
- Hide your excitement
Stay neutral in front of the seller or their agent. Stop saying that you picture yourself eating in their kitchen or hanging out in their soaking tub. Be more neutral so the seller and their broker won’t think they can yank on your heart strings during price and concession negotiations.
- Send a concise offer letter
An offer is more than just a number scribbled on a piece of paper. Your offer letter should be carefully crafted, and explain the offer as well as the reasoning behind it, referencing supporting information like comparable sales.
It communicates a lot more sincerity if it’s a written letter that takes time to delineate the points supporting the offer. A letter also shows that you are committed and someone who takes care to produce a letter explaining the offer in detail.
How do I find the best new condos in Columbia District and the greater San Diego, CA, area?
Premium condos around Downtown San Diego and the Columbia District area are proving to be a hot commodity, so it’s no wonder buyers are flocking to purchase a luxury condo in the neighborhood. With the help of San Diego’s #1 real estate agents, you’ll avoid the mistakes when negotiating for your new home. With decades of success in the industry, reap the benefits of Neuman & Neuman’s unmatched selection of real estate on offer.
Our team is on hand to assist you in finding your home in the most sought-after properties in the city. For all your inquiries, feel free to reach out to us. We’ve got you covered!