Buyers, get into negotiating position

Crafting purchase offer takes strategy

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Bridging the price gap between home buyers and sellers can be a challenge in today's market. Sellers, many of whom have a hard time accepting that their home has lost value, often expect to sell for more than buyers are willing to pay. Buyers, on the other hand, are concerned that home prices could drop further. So, they're making sure that they don't overpay. There are exceptions to the rule. Very desirable homes in the best locations sometimes sell for over the asking price, particularly if there isn't much inventory of similar homes on the market. Some foreclosure properties at bargain prices are attracting multiple offers. Prices are rising in select areas. Overall, however, it's a still a buyer's market in most parts of the country. There's not much you can do to convince an unrealistic seller that he should accept your market-price offer. Many of the listings on the market belong to sellers who will sell only if they get a certain price. They may not be able to sell f...