Negotiating in Today's More Active Market

After a brief slowdown for a few months, the real estate market is roaring back in most of Canada's urban markets. The big question now for many home buyers is

- In today's market, will sellers be more or less open to negotiating their price?

As with most aspects of real estate, there's no one right answer to that question. Every transaction is different. Sellers will tend to determine their negotiating position due to a number of factors, such as their financial goals, personal time lines, their own motivation to move and many other factors, including market conditions.

However, it goes without saying that in an active market with limited inventory, such as we're seeing now in most of Canada's major urban centers, sellers tend to have more options. It's easier to hold firm on your price if you think there are other buyers out there who will be prepared to meet it. Of course, the seller is in an even stronger position when it comes to an all-out bidding war. Negotiating a price between one buyer and a seller tends to be a more measured process. When bidding wars come into the mix, emotions run high, time lines are tight and a greater sense of urgency exists.

This is when the expertise of your real estate professional really shows its worth. Buyers need to prepare their negotiating strategy with their sales representative in advance. They should know their limits going in, so they won't get caught up in the frenzied pace of a bidding war and make an impulsive decision.

Your Vantage West REALTOR can arm you with a wealth of information to help you plan your negotiating strategy. Information such as past sales, competition from other comparable listings currently on the market, and trends in the local marketplace can all be used in negotiations and help you to make an informed decision.

Want to know more about negotiating strategies? Contact your Vantage West REALTOR to find out more. You'll be glad you called us first!

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