More than 60% of buyers believe that negotiating is the hardest thing when trading a property.
Negotiating can be a real challenge for buyers, sellers, and agents.
The UK real estate market, is more competitive than it has ever been in a decade. With low mortgage rates and the stamp duty holiday, homebuyers have joined the race for more space. According to a new survey by estate agents Douglas & Gordon, 64% of UK buyers and renters say they feel safe negotiating property prices; however, 6 out of 10 people admit that timing and knowing when to negotiate is the biggest challenge.
Searches for properties for sale are up 55% compared to the previous year, and demand for homes outstrips supply in some parts of the country; Also, sales prices have reached an all-time high, increasing + 5.1% compared to last year.
Douglas and Gordon have investigated and found that 36% of people usually avoid negotiating due to anxiety. But since 61% of homeowners and sellers consider denials an essential part of the process, it is a vital skill to have; therefore, Douglas & Gordon have provided some expert advice on getting the perfect property deal with confidence.
Key things to remember when negotiating:
- Use a trusted real estate agent as your guide – Make the most of your real estate agent’s experience, knowledge of the local area and market knowledge.
- Research the area: Around 11% of Brits admit that they do not research areas before submitting an offer.
- Show them you’re serious – you can jump to the top of the queue by showing you’re a serious and prepared shopper. If you can act fast, adjust to the seller’s deadlines, and show proof of funds, you can use this to your advantage.
7 out of 10 admit that their biggest concern is losing the property or having another buyer outbid. Right now, buyers and renters have very little bargaining power, to begin with. Applicants who expect to negotiate or bid below the asking price run a high risk of being rejected. The best chance of success at this time is to offer to ask for a price to be taken seriously.
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