Once you identify a property that you would like to make an offer on I will assist you with determining an offer price and a negotiating strategy. The first step in the process is analyzing recent comparable sales to determine the subject property's current market value. I will then research why the Seller is selling, what their main priorities are with the sale and assess their overall level of motivation. Finally, we will review and account for how the local Ocean City real estate market is performing overall. Based on this market data and the local knowledge I have developed through my experience I will advise you on what the right initial offer amount is and more importantly, what is too much. This comprehensive process will put you in a position to make informed buying decisions that you can be confident in.

While price is typically the most important factor, there are several other factors that you will want to account for when preparing your offer.  Items such as financing terms, inspection contingencies, closing timeframes and Seller credits will have an impact on negotiations and should be accounted for in the overall strategy.  Once we have reviewed the offer I will present it, along with our reasoning behind it to the Seller's side for consideration.  I will then negotiate on your behalf to secure a deal with the best price possible and the most favorable terms. 

Effectively managing the negotiating process requires patience, organization and the willingness to compromise where possible. A few helpful tips to keep in mind while preparing for and working through the negotiating process

• Ensure mortgage pre-approval or "proof of funds" are readily available
  
• Respond relatively quickly to keep positive momentum going
• Keep the offer as "clean" as possible and only include necessary items
• Meet halfway where possible and try to make a concession to a Seller concession
• Stay calm, patient and focused on you overall goal
• Be clear on your top-line number and be willing to walk away

Most home Sellers expect to negotiate in one form or another when listing their properties for sale and they tend to price their properties accordingly.  How much the Seller is willing to negotiate will be dictated by how much interest they are getting in the property and whether it is a  Buyer's market or a Seller's market

Buyer's markets occur when the supply of homes for sale exceeds Buyer demand. Buyer's markets are less competitive than Seller's markets and are an ideal time to buy. Buyers will have more leverage in negotiating price, contract terms and contingencies in Buyer's markets. Buyer's markets occur in the Ocean City real estate market when the absorption rate is greater than seven months. 

Seller's markets occur when Buyer demand exceeds the supply of homes for sale. Seller's markets are competitive amongst Buyers. There will typically be multiple offers submitted on the more desirable real estate listings that come on the market. Buyers will compete in Seller's markets based on offer price, contract terms and contingencies. Seller's markets occur in the Ocean City real estate market when the absorption rate is less than five months.

Good real estate deals are the result of diligent market research, a well thought out strategy and strong negotiating skills.  The market knowledge and experience of the real estate agent you choose to work with will have a considerable impact on the negotiating process and the deal you ultimately secure.  Negotiating is both an art and a science that when executed properly will ensure you secure a good deal on your ideal coastal home, save time and money and avoid potential issues down the road.

Choose wisely and look for a Realtor with a proven track record of success. If you would like to discuss buying a coastal home in greater detail, feel free to contact me directly anytime at 443-614-9179 or via email below.