Billings Buyers: You May Have More Negotiating Power Than You Think

Billings Buyers Have Something They Haven't Had Much Of: Options

For several years, buying a house could feel like a race.

See the house.

Make a decision.

Write the offer.

Hope nobody else beats you.

Today's Billings market looks different.

Recent market data shows more inventory, longer marketing times by some measures, and a meaningful percentage of homes selling below their original asking price.

For buyers, that can create something incredibly valuable:

Options.

Negotiation Isn't Just About Price

When people hear “negotiating,” they usually think:

Offer less money.

That's one possibility.

But there are plenty of other pieces of a real estate transaction that can matter.

Depending on the property and situation, we might talk about:

• Purchase price

• Closing costs

• Repairs

• Inspection items

• Closing date

• Personal property

• Other contract terms

The strongest negotiation isn't necessarily the one where you “win” every point.

It's the one that gets you the house on terms that make sense for you.

Look for the Story Behind the Listing

This is something I pay attention to.

How long has the house been listed?

Has the price already been reduced?

What's the competition?

Does the property need work?

What are comparable homes actually selling for?

Those details help us understand where there may—or may not—be room to negotiate.

A house that hit the market yesterday and has multiple interested buyers is a very different negotiation than a house that's been sitting.

Strategy changes with the situation.

More Choices Doesn't Mean You Should Buy Just Anything

This is important.

Having more leverage doesn't suddenly make the wrong house the right house.

We still need to ask:

Does it fit your needs?

Does the payment work?

What are the potential headaches?

Is the location right?

Are you compromising on something you'll regret?

The goal isn't to get a “deal.”

The goal is to make a good real estate decision.

If you're buying a home in Billings, today's market may give you more time and negotiating opportunities than buyers had during the frenzy of a few years ago.

My job is to help you recognize those opportunities without losing sight of what you're actually trying to accomplish.

If you want guidance on buying a home, go here