Here’s how to spot a motivated seller & negotiate a better deal
With the number of homes on the market at a 12-year high, buyers could have more room to negotiate this autumn. Property experts at Landlord Resource have shared their tips for spotting a motivated seller and negotiating a better deal on your next home.
Saif Derzi, co-founder of Landlord Resource, has shared 5 ways to spot a keen seller:
1 – Long listing periods often lead to more flexible sellers
Almost two-thirds of homes listed for 90+ days in the UK end up with their asking price reduced. The longer a home is listed, the more likely a seller is to be flexible. Take a look at Rightmove or Zoopla for sales timelines and historical listings.
2 – Previous reductions present an opportunity to negotiate
If you see a property’s price has been reduced more than once but it’s still unsold, that may open the door to negotiation. The first cut may simply correct an overinflated asking price, while a second reduction could be a stronger sign the seller is becoming more flexible.
3 – A price cut doesn’t always mean you’re getting a bargain
A large reduction doesn’t automatically mean that you’ve found a bargain. It’s important to do your own research to see if the new asking price is actually close to the property’s market value.
4 – Sellers who’ve found their next home could be ripe for a deal
It is useful to start a conversation with the seller on why they are moving and if they have a new property already lined up. A seller facing an onward purchase, relocation, or ending up with an empty property may have more incentive to agree to a deal.
5 – Flexibility will make your offer more appealing
Negotiation isn’t always about offering less money. If you are chain-free, mortgage-ready, or flexible, you may be favoured as a buyer even if you do submit a slightly lower offer.
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