Do you want to find a deal when you buy a Knoxville home? If so, finding a home in a seller’s market could be challenging. When there’s not a enough homes and too many buyers, prices will inevitably rise.
But, that doesn’t mean that you’ll be stuck paying a hefty price for a home. There are ways to identify sellers who may be willing to negotiate. In this post, we’ll offer up you identify 3 signs a seller may be willing to negotiate.
Multiple price drops are a key indicator that a seller may be willing to negotiate. Sellers who drop the price in their home are hoping with every price drop they’ll finally get the offer that they’ve been waiting for. Oftentimes, these sellers are willing to negotiate because they want to be done with the home. You can tell this by the fact that they’ve dropped the price on their home.
Dropping the price on a Knoxville home for sale is never an easy decision. When this happens the seller is faced with the decision of keeping their home on the market and continuing to pay for the costs of having the home (mortgage, utilities, etc.). Or, the seller is faced with dropping the price and taking a bit more of a loss, but finally being done with a home. A price drop shows that a seller has finally reached the point where they’re willing to accept less for a home.
When you see that a home has had multiple price drops, you’re more likely to be dealing with a seller who is willing to negotiate. Oftentimes, these homes hit the market and are overpriced and in order to sell the home, they require multiple price drops. By the time the second or third price drop comes around, the seller is more motivated than when they start. They’re sick of dealing with showings and dealing with the stress of selling a home. Most likely, the want to be done and will be willing to work with a buyer on price.
Days on the market are another key indicate that will shower whether or not a seller may be willing to negotiate. For every neighborhood or area, there is generally a certain amount of time in which a home will sell. When homes have been sitting on the market longer than that, sellers will often get antsy and be more motivated when they get an offer.
When the market is a seller’s market like the current Knoxville market currently is, many new homes will only hit the market for a matter of days before they sell. If you’re a seller and your home isn’t selling like the homes around you, you’re likely to get frustrated. The longer your home sits, the more willing you’re going to be to work with buyers.
Days on the market can be a good indicator. Be sure to ask your realtor how long a home has been on the market and what is typical for the area. If a home is past that number of days, you’re more likely to find a seller who is willing to come down in price.
Finally, an empty home can tell you a lot about a seller. When a home is empty, a seller or renter has clearly moved out. So, a seller is probably more motivated to get rid of a house than if they were still living in it. They could be carrying two mortgage payments or have a rental property that is no longer generating any income. Regardless, an empty home shows that you may have some more negotiating power.
When a home is sitting empty, it can be a burden for a seller, particularly if a home has been sitting empty for a long time. At that point, the home is costing a seller, so they’re going to be more willing to make a deal. Most sellers are willing to accept a little bit less if it means they’re done taking a loss on a home every month.
The approach to a seller’s market is a bit different than that of a buyer’s market. With the right approach, you may be able to find a deal. You’ll just have to determine how much it means to you to find the best deal. It may take a a little bit of patience.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].
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