HONOLULU (Hawaii News Now) - On today's Real Estate of Mind, Coldwell Banker's Tiffany Bove (RA) talked about negotiating a transaction in today's market. Bove said it is definitely a "seller's" market and talked about some basics in real estate negotiations. Check her bullet points below and the video of her interview.
How many times can you go back and forth in negotiations?
In a negotiation process you can go back and forth several times but that process can be dictated by what cycle the market is in. Right now we have low inventory and high demand so it's definitely a seller's market or cycle, meaning the negotiation process definitely favors the sellers. You may not have time to negotiate a lot due to the amount of offers a buyer receives, so you may want to your best offer forward but there are lots of variables .
What kind of variables would dictated the negations process?
Price range for example. a one bedroom, one bath condo downtown for 300,000K would have more buyers which means more competition for offers. Same for single family homes around the 700,000K - completion is more fierce in these price points than a 2 million dollar home. For another example - Neighborhood can dictate the negotiation process. Right now Kapolei and Ewa Beach are experiencing more new construction. Competition for previous lived in homes and condos might not be as strong because buyers are favoring the new construction.
Buyers should always contact a real estate professional who can better assist in their search.