Michael loves helping Delaware area real estate buyers to find the perfect property. But he loves even more the ways in which he can help them to buy it at the very best price with the very best terms. Sometimes negotiations aren’t all price. A great contract can involve other seller concessions that create the right deal for our buyer clients.
Real estate market data – How can you be expected to make price offer decisions in a vacuum? Michael Parico spends a great amount of time and effort in collecting market data to help our buyers in their price negotiations. This data involves not only sold property prices by neighborhood, but also current listing pricing to determine the competitive nature of the market.
This data is very thorough, and it’s called a Comparative (or Competitive) Market Analysis. There are two parts, the comparison of the property you’re considering to similar properties recently sold in the nearby area. This gives us a firm grip on what has happened in the near past, but by nature it is “past” data, thus possibly not accurate for the market as it is when you’re in negotiations. He then does another CMA process on the currently listed properties most like the one under consideration and in the same neighborhood or nearby. This gives us a current market snapshot so that he can adjust our evaluation model and our offer to reflect the current market situation.
Thorough knowledge of your situation – Only through constant communication can he advise you properly in pricing negotiations. By understanding your motivations and financial capabilities, he can help you craft a price negotiation strategy with the highest probability of success.
Seller motivation research – While it’s not always legally possible to determine why someone is selling, there are things he can glean from their listing and price activity that will allow him to help you to negotiate from a position of strength.
It’s not all money – There are a lot of ways to negotiate a real estate deal, and they don’t always involve money. Perhaps the seller doesn’t have a lot of ability to work with you on price, but they can make other concessions that could result in a deal. He helps you to take the best approach.
It’s not over ’till it’s over – Many real estate price negotiations involve multiple counter offers and a lot of back–and–forth. Michael is with you with each counter offer to adjust your negotiation strategy accordingly. Because he can’t know the seller’s financial limitations in many deals, some buyers are elated when they cut a major low-priced deal on a home, but then after inspections they hit a brick wall in negotiations with the seller related to repairs. The negotiation to purchase a home isn’t over with the price on the contract, and it’s best to know that a real deal at the front end could result in less flexibility after inspections in the repairs discussion.
The thing to remember is that Michael Parico is right there with our Delaware area Real Estate buyers throughout the negotiation process with the latest information and experienced advice.