Most Buyers Don't Negotiate Enough
The asking price of a property is a starting point, not a fixed price. In most markets, there is room to negotiate — and the buyers who do negotiate consistently pay less than those who don't. Here's how to approach it effectively.
Research Before You Offer
Know what comparable properties in the area have actually sold for — not what they're listed at. In the UK, sold prices are publicly available on the Land Registry and property portals. In the US, your real estate agent can provide comparable sales (comps). This data is your primary negotiating tool.
Understand the Seller's Position
A seller who has already found their next property and needs to move quickly has different priorities to one who is in no hurry. A property that has been on the market for several months is more negotiable than one that was listed last week. Understanding the seller's situation — through your agent or through observation — informs your approach.
Making the Offer
In the UK, offers are made verbally through the estate agent and are not legally binding. Start below your maximum — you can always increase, but you can't decrease. In the US, offers are typically made in writing with earnest money and are more formal — work with your agent on the right approach for your market.
What Else Is Negotiable
Beyond price: the completion or closing date, fixtures and fittings included in the sale, the seller contributing to closing costs (US), and conditions attached to the offer (subject to survey, subject to mortgage). In a buyer's market, all of these are potentially negotiable.
After the Survey
If the survey reveals issues — structural problems, damp, roof condition — you have grounds to renegotiate the price or ask the seller to address the issues before completion. Don't be afraid to use this leverage.
Read next: Buying Your First Home — The Complete Process Explained
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This article is for educational and informational purposes only and does not constitute legal, financial, or professional advice. Always verify current requirements and consult a qualified professional for your specific situation.