Buyers often ask, “How much flexibility is there in the seller’s asking price?” The answer varies from seller to seller, but a seller might be willing to make a concession if he or she initially priced the property too high.
If a homeowner is realistic from the beginning and there was an accurate assessment of the property’s true market value, then the list price may well reflect the price the house should generate. In cases like this, there probably won’t be much need to negotiate.
Another factor that influences negotiability is the seller’s pricing strategy. This will also vary from property to property. Some believe it aids the selling process to build a little cushion in the price, just for the sake of negotiation. Other sellers recognize that they’ll never get to the negotiating stage unless they have a high number of interested buyers, and they figure that a competitive price will generate a higher level of interest.
Property value is determined largely by supply and demand factors, also known as market forces. Market forces are out of the individual seller's and buyer's control. A competitive market analysis should be done to accurately calculate property value.
When you are ready to buy or sell, give me a call. I can use current sales data to help you determine a price that is reflective of market values and meets your needs.