TWO TYPES OF BUYERS
In residential real estate we are currently experiencing two types of buyers:
- Those fishing for "a deal"; and
- Those who are actually "looking for a home" to live in
Both types of buyer will start negotiations with a lowball offer, but their response to the Seller's first counteroffer determines their type:
- If they increase their initial offer substantially, they are actually looking for a home, they need a place to live (but of course they are shopping the market);
- Those looking for a deal will increase their offer just marginally or walk away if their initial lowball offer is not accepted... they are in no rush, have no specific time frame in mind, and are out there just trawling for bargains.
Has your agent explained this to you? It is imperative to get the right advice to plan your negotiating strategy accordingly!