Stellar, you’ve found the place for you. Maybe it’s home for 3 years, maybe for 10; but after all the searching on Realtor.ca, open houses, newspapers, private showings, you know this is the one you want. Now the question becomes, how do you lock it up and make it yours?

There two big factors in a first-time buyer’s favour when it comes to negotiating a deal on that perfect place. The first is flexibility, the second: cash.

I don’t mean cash as if the world is full of loaded 20-somethings, but rather that the math is all done and the money is there. You’ve been pre-qualified for a mortgage, you don’t have a house to sell and it’s just a matter of pulling the trigger. Many buyers who already own a home aren’t willing to sign an agreement on a new place until they have some assurance that they won’t be burdened with a pair of mortgages for an extended period of time. This means any first-timer’s offer at a similar price-point is more lucrative than one conditional on the buyer selling their current place. The less the seller needs to wait for and worry about, the better, and usually they’d be willing to sacrifice a few thousand dollars for a firm deal.

First-timers are also a pretty flexible bunch. Without kids in the picture, there’s less consideration for the timing of the move, which tend to occur most often when kids are on summer holidays. With a lease, or living at Mom and Dad’s, you can be flexible with your closing date to suit the sellers’ needs. If the sellers want to close in 2 weeks and all you have to do is lug your futon out of your parents’ basement, there’s nothing stopping you from doing it, and that’s rare.

The same flexibility that lets you choose your move in date can also give you the freedom to walk away from a bad deal. Use that to your advantage. If you’re shopping for a townhouse or in a newer subdivision, it’s easy to find the same floor plan for sale nearby. Don’t feel it necessary to overpay for a home that there are an abundance of, especially if you can afford to wait for another similar one to pop up.

There are other factors that can impact your strategy in negotiations- one of which is multiple representation. When an agent represents both the seller and you (as a buyer), they are bound in terms of what they can disclose about the other side. Essentially, calling the listing agent to see a property will put you in this situation every time; and it effectively removes the agent from the negotiating and turns them into a mere paper mule. Multiple representation limits the advising and strategy-planning role of the agent. Not only are listing agents constrained in consulting you as a first-time negotiator, they have an added motivation to put you in the house they’re selling. As a result, you’re better served as a buyer using an agent who will shop different houses with you- establishing a strong understanding of each other and strengthening trust along the process. That way, when you do settle on the right place, they know your needs, motivations and budget and also how to best negotiate on your behalf, representing you alone.

A good offer price is always subjective. Even though 2 agents on either side of the negotiation both likely know what the home is worth, they are only 2 of the 4 players in the game. Sellers may require a certain sale price to validate their move, and buyers often work within set budgets, so houses don’t always sell for their true “value”. Offering on a house differs given a number of factors including buyer & seller motivation, the length of time the house has been on the market, market value, the number of other interested parties, etc. Obviously you can offer lower on a home with a motivated seller whose house has been on the market for 3 months with no action than you should on a property that just hit the market and is likely to garner multiple offers. Situational awareness is key, and a good Realtor will know the signs to look for to get you the best deal.

Strong negotiating is an acquired skill. You don’t want to learn that the hard way on your first home purchase. Consider expert advice and put yourself in the best situation to make an informed decision, whether it be on your own or with an ally such as a Realtor on your side. It won’t cost you anything, so bringing in an agent to work for you is common sense. Failing to do you homework can lead to you not enjoying your first home for all it should be. Just remember, you only get one chance to buy your first house.