Almost a Third of Buyers Don’t Haggle Over Price

Whether it’s down to embarrassment, fear of missing a dream home or just wanting a stressful process over and done with, research from Barclays has found that three out of ten homebuyers do not negotiate on price. Yet this failure to haggle could be costing a significant amount of money – on the biggest purchase of most of our lives.

According to Rob Smith, head of behavioural finance at Barclays, lack of knowledge means first-time buyers, in particular, struggle with the concept of haggling.

“Buying your first home is a particularly emotionally-laden experience, and combined with having no prior experience of the process, it’s unsurprising that younger homeowners find it tough,” he said.

For anyone feeling squeamish about haggling, here are a few tips.

Do your research

There’s plenty of information online to help you establish the going rate for the property you’re interested in, as well as local sold prices. Find out how long the property has been on the market too – so you’re armed with all the information you need.

Understand your seller’s motivation

Try and find out why your seller is moving – understanding their motivation and how important the sale is will indicate how flexible they may be on price.

Be realistic about what you can afford

It’s all too easy to set your heart on a place and be tempted to stretch your budget, but don’t. Somewhere else will come along if you let this one go. Don’t become emotionally attached to a property on the assumption that the seller will come down to your price range – they may not.

Be patient

Don’t rush it – make sure you are comfortable that your offer is affordable. Demand for properties is currently outstripping supply, but don’t allow yourself to feel pressured into a purchase you may ultimately regret.

Read more about this story in the Independent.