How to drive a hard bargain in a buyers market

Major lenders are reporting a slow down in the property market and there are currently thousands of properties available. In this buyers market when we believe demand is still strong we set out below some hints on how to achieve the best deal:

  • Buy early in the year before buyers appear and prices strengthen.

  • Make low offers on properties that have been on sale since the autumn.

  • Find out if the sellers need to move quickly. If so, cut a deal.

  • Use Energy Performance Certificate test results to leverage a reduction.

  • Keep an eye on how much nearby homes sell for in the dipping market.

  • If there are repairs to be done, use theses to drive the price down.

  • If you are buying a new house remember that developers need cash-flow so will cut a deal, especially if it helps to convince shareholders that the firm is still doing well.

  • Make offers below asking price, even if there are other incentives.

  • Ensure fixtures and fittings are thrown in.

  • Consider buying a show home and leasing it back to the developer for rent until the scheme is completed.

  • Look for unusual opportunities like buying the final property for sale in a new scheme. While it remains unsold it is checked daily to ensure that squatters don't move in and it has to be advertised for sale. To avoid these costs, the developer might cut the price.
16th December 2018

Sarginsons Law