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I have a client who is very interested in a condo he saw last week, but it is s little above his price range. He told the listing agent that he is interested, but it is unlikely that he will be able to close at the asking price. How do I go about negotiating a possibly lower price for my client?
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For how long has the unit been on the market? What valuation do the comps suggest for the apartment? Are there other offers?
If fair value is close to asking price, there will likely be limited room for negotiation unless the seller is desperate. If the asking price is optimistic/lofty, there's no harm in submitting an initial offer. Either way, there's no harm or cost in submitting an offer! Offers are non-binding in NYC.
Typically it's a good idea to submit an initial offer which allows room for your buyer to improve up to the midpoint between original offer and asking price during the course of a negotiation. -
If the valuse your client asking to you is near to the fair value then accept it or else You can avoid it.Comment
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As of Fall 2018, the real estate market nationwide and also in NYC is a bit soft. In my opinion there's no harm in trying with a lower offer, but you should also place multiple offers for option value.
As a general rule, I think you should bid no more than 10% lower than the asking price, assuming it's fairly priced. An offer that's more than 10% lower than the listing price is just insulting. Just my 2 cents. Hauseit also has a great article on home price negotiation, see link below.Comment
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