Negotiating for your dream home in desirable Santa Monica requires strategy and finesse. Buyers need to use their innovative thinking and persuasive communication skills to get the perfect property because there is a low supply compared to the strong demand. Santa Monica real estate agent Susan Coletti provides insightful tips to strengthen your bargaining position, build rapport with sellers, and ultimately reach a deal that matches your price, terms, and timing needs.
Homes for sale in Santa Monica: Do your research
When buying a home in the competitive Santa Monica real estate market, research is key. Look at recent sales prices for comparable homes in the neighborhood and area. This will give you a good sense of what homes are selling for so you can make an informed offer. Track price changes over time to see if prices are trending up or down. Thoroughly inspect the home and research any repairs or upgrades that may be needed. Consider having a professional home inspector identify any issues.
Make a strong but fair offer
Your first offer is your best opportunity to get the home for a comfortable price. Ensure your offer is competitive, but don’t overpay to win the bid. Consider looking at recent sales of upgraded homes nearby to support a higher offer price. Make sure to specify your ideal closing date, contingencies, and other terms you require. A seller is more likely to consider a solid, straightforward offer over a vague or confusing one.
Be ready to negotiate
Expect that there will be some back-and-forth negotiation with the seller on price and terms. It’s rare for any seller to accept the first offer. Go into the negotiation with a prioritized list of the terms that are most important to you. Consider what you are willing to concede on to help drive the negotiation towards your key requirements. Be prepared to move quickly during the negotiation process.
Leverage competitive financing
Easy and efficient financing can make your offer stand out in a competitive market like Santa Monica. Getting pre-approved at competitive mortgage rates will show sellers you are serious and ready to move quickly. Consider alternative financing options, such as adjustable rates or interest-only mortgages, to help you qualify for a higher loan amount. Use the flexibility of these financing options during negotiation if needed to outbid other buyers.
Work with a local real estate agent
An experienced realtor can be invaluable when navigating the negotiation process in Santa Monica’s competitive market. A realtor will have up-to-date insights on sellers, neighborhoods, comparable sales, and effective negotiation strategies to help secure your ideal home.
Santa Monica real estate
Santa Monica is a desirable beachside city in Los Angeles County known for its ocean views, historic pier, and vibrant downtown. The luxury real estate market here is competitive with multi-million dollar beachfront homes, condos, and apartments for rent. Santa Monica is expensive, yet it has great schools, walkable neighborhoods, easy access to the seaside, and employment and entertainment opportunities. The high demand and limited housing inventory make Santa Monica a top destination for those seeking coastal Southern California living.