Not surprising for this board, you have gotten great advice so far.
I would echo the above remarks and add
– the longer on the market, the more realistic the asking price, the more motivated the seller (stating the obvious here, but sometimes people forget).
– if they are still living in it, they are more likely to be sticky sellers.
– never underestimate a seller’s emotional attachment to their home and consequential unrealistic expectation as to price and unwillingness to sell at market despite high carrying costs.
– look for second and vacation homes and the empty homes with sellers already into new homes.
– be aware that if a selling agent tells you they got 3 other offers comming in, it may not be true.
– set some criteria for your negotiation and do not waiver from it.
– Remain detached from your purchase and stick to your rules.
– Don’t get caught up in a bidding war unless you are still in your range.
– patience is the best form of leverage.
– When told by the selling agent that “the market is picking up, has stopped falling, is red hot, lots of activity” tell youreslf they are dyslexic and slowly back away.
– Assume developers will start with higher asking prices. Appearance is everything to them.
– Be creative and put yourself in the seller’s shoes and ask what they need, now, other than the price they want.
– In this market, a strong buyer is almost more important than a high bidder. Demonstrate that you are a strong buyer.
– back up your offer, whatever it is, with data and reason. Comps are not the only reason.
