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Old 02-03-2008, 10:16 AM
 
1,054 posts, read 2,973,909 times
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How much can you negotiate?
Can you negotiate "down" more on a new home than a resale?
How does it work there?
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Old 02-03-2008, 10:24 AM
 
Location: Wake Forest
2,834 posts, read 11,257,611 times
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If you search on this forum you can probably find a lot of information about the topic.............because the answer is really it depends.

Depends on the house, the location, the age, the location, the location, the location!

It depends on how desperate the people are to sell, have they moved already, or if it is a builder, is he or she waiting to sell until they build another home.

There are many variables, for sure. The best bet is to find an agent and they can pull comps on the neighborhoods you are interested in and they can see how much the houses are selling for. But, you have to know that is just a ball park.

There are some homes that do not sell for a reason (the lot, it needs to be updated, the driveway is too steep, the shudders are a bad color, etc). So, take it all with a grain a salt. A house is really worth what you will pay for it, to be honest.

Leigh
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Old 02-04-2008, 01:15 AM
 
Location: Triangle Area
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Default Resale vs. New

Quote:
How much can you negotiate?
Can you negotiate "down" more on a new home than a resale?
How does it work there?
It is a difficult question because it really depands what location the house is and what the price of the house that it is listed at. Most of the new construction will not negotiate with price but they might offer additional upgrades for the house. The market is very competitive with the prices and the builders know about it, They are pricing the house to accomodate the incentives.

The resale negotiations depands on the value of the house and location. If the price isright there is no negotiation because you can sell it fast but if the price is not accurate and it is sitting in the market for long than sometimes seller will give you incentives to work with you. So it really depands to what and where are you buying. Consult your realtor and they will be able to suggest you and guide you the right way. Good luck.
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Old 02-04-2008, 07:34 AM
 
5,524 posts, read 9,218,760 times
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While doing our most recent home search I would say the "ease" of negotiation is ranked as follows:

1) New Inventory Homes - Builder wants to close out a phase, it's been sitting, the upgrades are not "personal", the builder has been paying for electric and water etc and they have certain profit points they are targeting. Could be the end of their fiscal year and they want to move the home ASAP.

2) Existing home - The owner may be desperate to sell or may not be, they may have a certain price they cannot go below in order to have enough equity for another home, they are not too bright when it comes to selling and see the $$ as opposed to the opportunity.

3) Building new - I see this as having the least wiggle room just because there are no current cost to builder except the land, they have the best opportunity to make the most profit, with some of the water restrictions and building restrictions things may cost them more to build new now than 2 mos ago, depending how far along the phase is, the fiscal year etc.

On any of them I would highly suggest a buying agent just for the simple fact that they do most of the work for you (comps, negotiating, contract evaluation etc) and their fees come out of the selling agents bonus and not your pocket. Good luck with whatever you do and remember to negotiate with your wallet, not your emotions. Walk into any negotiation thinking you are going to be leaving with nothing and it takes the emotion right out of it. Do not be scared to walk away.
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Old 02-04-2008, 06:34 PM
 
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We just signed a contract on a new build. We were able to get some decent incentives. Lot fee waved ($6000), $7000 off the house, 10,000 in upgrades, closing costs paid by seller and downpayment paid by seller. Almost 30,000 in discounts which I felt was a pretty good deal. Some builders did not want to give any sort of discount at all.
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Old 02-04-2008, 07:46 PM
 
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We also just signed a contract to build new. We got the lot premium and $13,000 in incentives for just $800 over the base price of the house. This specific house is in the low 200s and we felt like it was a good deal. Our realtor suggested that we could probably get a better deal with a new constructiom now, then buying a pre-owned home later this year. (We can move until our lease is up at the end of May.)
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