SHOULD I UNDERBID ON A HOME?
ADVICE FROM THE EXPERTS
Signs are pointing to more competition among homebuyers as the city tips away from a buyers’ market. But, at the same time, prices have barely budged and there’s a backlog of home listings. So how should you bid? The Star asked One Group broker Nasma Ali — here’s what she said:
You should absolutely be offering below asking price and trying to negotiate as much as possible if the property has been sitting a few days, weeks or months. Of course, expect the seller to counter and for there to be a back and forth until an agreement on price is reached. If the seller accepts your first offer immediately, then chances are you could have gotten away with a lower price.
The best deals are also made when you are willing to walk away from the deal. If you are not emotionally attached to the home, offer your lowest price and be capable of walking away if they refuse. Sometimes, they can come back and accept it. But you’d have to be willing to lose it first.
Written by Amber Shortt
November 20, 2024