The knowledgeable consumer wheels and deals from a position of strength. It doesn’t matter whether you’re buying a pair of jeans, shoes, car, boat or a home – one of the most important purchase in a lifetime.

Even though most home buyers  negotiate the purchase through a real estate broker,  the more home buyers know about the process, the better the outcome.

No matter how qualified, experienced and successful your broker is,  don’t rely totally on his expertise.  He or she can’t every possible question, contingency.  Together, you make a formidable team.

Here are a few essential pointers that can help new-home buyers negotiate the best price:

Get appraisal

Real estate brokers have licensed  appraisers they work with. An accurate appraisal is essential for determining the house’s fair market value. Ideally, the  appraiser should be familiar with the homes in the area. If not, get another appraiser with a working knowledge of the value of the homes close to your property.

Consider the comps

When it’s time to sit down to negotiate, your broker will come to the meeting with “comps,”  comparable square-foot prices within the area, which gives an accurate picture of the house’s market value. If the house had significant upgrades – new kitchen or bathroom – it could be worth appreciably more. Try to avoid over-buying. Also consider that if the house is worth a lot more than your neighbour’s homes,  you it may be difficult re-selling it in the future.

Inspection caries a great deal of weight

If you offer $175,000 for the house  and the offer is accepted by the seller, it doesn’t mean you’re going to pay that amount. If the inspection turns up problems, such as part of the roof needs immediate repair, you can renegotiate the  offer  or have the seller fix the roof if you accept original offer.  It points up the important fact that negotiating the price of the house is an ongoing process until the  closing papers are signed.  

Until the deal is closed, everything is negotiable

Consider closing in  60 days rather than the standard 30. There may be items that you want, such as a backyard swings or basketball stand and hoop, or climbing equipment for the kids. Make sure that it is included or part of the building’s structure  or it won’t be included in the sale.  An important commandment new-home buyers should never forget is, everything is negotiable.

Remain detached, objective throughout the negotiation process

Or don’t take anything said personally. Don’t assume negotiations will go smoothly and you’ll get or come  close to the price you offered. It’s more than likely the seller won’t accept  a lowball offer, or agree to what seems like an insulting miniscule price reduction. Don’t be offended, and chalk up his counteroffer as part of the give-and-take negotiating process. Understand that people’s perceptions of their house values are often not objective. After all, this was their home, and their thinking is swayed and heavily influence by prior attachments. Be ready for anything, and understand that buying or selling a house can  be an extremely stressful experience. So don’t lose your cool. Respect the seller’s feelings. Undestand that there are good reasons for trying, and often emotionally draining negotiations.  Stick with it, use your instincts, and guided by the good advice of an experienced broker, start now determined to lock up the deal with reasonable accommodations on both the buyers’ and sellers’ side.

Choose your battles wisely

You may fancy yourself the Donald Trump of residential real estate, but do you really want to jeopardize the whole sale haggling over the inclusion of comparatively insignificant items like your old drapery or a rug? Save your stubbornness for the at matter most.