How to Negotiate the Best Deal on NYC Condos

Have you found your dream house, but scared that the price will prevent you from buying it? Don’t be afraid; it is normal for NYC condo sellers to quote a high price at the beginning, because very rarely to they end up selling it at the same price. How? In any real estate transaction, negotiating is a crucial part of the process when the buyer can lower the price of the property and get a good deal. Outlined below are a few helpful tips that will help you during the negotiating phase:

• Do research on the current real estate market. It is essential that you are aware of the prices for similar NYC condos to the one you are looking at. This is the best bargaining tool because it will lay the foundation of your price arguments. With this information, you can begin the negotiating process by quoting a slightly lower figure than the price of a similar property recently sold on the market.

• Establish what is driving the seller to sell his/her NYC condo. Is it divorce, a new job, or a relocation? Based on how eager the seller is to get rid of the property, you can drive a harder bargain and negotiate a better deal.

• Use multiple listing services; if they are not readily available, your agent can help you ge them. These services normally state the amount that the seller wants, and can help you determine if you are able to pay an amount similar to the one quoted by the seller.

• Take advantage of timing. Usually a couple of months after a condo is on the market, the seller starts to panic because buyer interest in their property starts to drop. When this happens, most NYC condo sellers get anxious to sell their house, and are more likely to accept a lower offer. They are afraid that if they wait too long, the only buyers interested will offer a price that is too low. Use this mentality to your advantage, by offering your negotiable price at the right time.

• Only consider real estate that you can afford. If you have a good amount of money, you can search for updated NYC condos with more features. This is a good approach if you have enough time to spend going through the available selection of properties and when the market prices are constant /not changing.

• Avoid closing costs. In tight markets, avoid asking the seller to add the closing costs to the house value (price). It would be wise if you drop the 20% and add the closing cost to your loan, instead of accepting 15% and pay for the closing cost.

• Avoid quality workmanship requests. Do not attempt to have the condo seller update the property before you buy it, because you run the risk that the remodeling or renovation job will not be up to your standards. It is easier to have them lower the price, and do the updating yourself.