Negotiation is both art and science. In a balanced market like Greater Victoria's 2026, negotiation skills matter more than ever. Whether you're a buyer or seller, here's how to negotiate effectively without sabotaging your deal.
For Buyers: Know Your Market Position
In a balanced market, you have leverage but not dominance. You can request repairs, negotiate price, and be selective about terms. But sellers know other inventory is available, so unreasonable demands will kill deals. Position yourself: research comparable sales, understand realistic pricing, get pre-approved so you're a serious buyer, and be prepared to move quickly on the right property. When you make an offer, sellers know whether you're qualified and serious or just fishing. Being prepared is your leverage.
For Buyers: Lead with Price, Not Terms
Make your initial offer on price, with standard terms. For example: offer $1,025,000 (2% below asking) with standard 7-day inspection period, standard financing terms, and close date 30–45 days out. Don't complicate the initial offer with unusual terms. If price is close and terms are standard, sellers move toward acceptance. Once price is negotiated, you can then request inspection findings, repairs, or credits. Complicated initial offers signal you're not serious.
For Buyers: Use Inspection Findings Strategically
When your inspector finds items, request repairs or credits for significant issues. Phrase requests professionally: "Inspector found minor plumbing issue estimated at $500. Would you prefer to repair pre-closing or provide $500 credit?" This gives the seller options and is non-adversarial. For major issues: "Foundation concerns require assessment. Recommend shared cost estimate and repair plan." Reasonable requests are negotiated. Unreasonable demands are rejected and can kill the deal. Be fair.
For Buyers: Know Your Walk-Away Point
Decide upfront the maximum price you'll pay, the latest close date you'll accept, and what inspection findings are deal-breakers. Stick to these limits. If negotiation crosses these lines, walk away. This prevents emotional decisions at the negotiation table. Buyers who stay disciplined to their limits make better decisions than those who get swept up in emotion.
For Sellers: Price Right from the Start
The biggest negotiation mistake sellers make is overpricing. An overpriced home sits, loses market momentum, and eventually sells for less than if it had been priced correctly initially. Price based on comparable sales, not hope. If you price fairly at $1.05M, you'll get offers at $1.03M–$1.05M within 10–14 days. If you price at $1.10M, your home sits 30+ days and eventually sells for $1.00M–$1.02M. Price right and you move quickly.
For Sellers: Respond Promptly to Offers
When a buyer makes an offer, respond within 24 hours, ideally within 12. Fast response shows you're serious and professional. Delaying response signals disinterest or games. If you don't like the offer, provide a counter-offer quickly. Efficient negotiations close deals.
For Sellers: Know When to Accept Good Enough
Don't hold out for perfection. An offer at 98% of asking price, with standard terms and quick close is a win. Accept it instead of countering for an additional $5K that might cause the buyer to walk. Good offers that close are better than perfect offers that fall apart.
For Both: Use Your Agent
Let your agent handle negotiations. They're objective and don't get emotionally attached. They know market norms and can advise when an offer is fair, unreasonable, or strategic. They buffer between buyer and seller emotions. Let agents mediate. This keeps relationships professional and negotiations productive.
For Both: Separate the Person from the Position
A buyer trying to negotiate down price isn't trying to insult you—they're being prudent. A seller asking you to close in 60 days instead of 45 isn't being unreasonable—they might need the time. Don't take negotiations personally. Approach each request and counter-offer as business, not personal attack.
For Both: Document Everything
Offers, counter-offers, agreements about inspections, repairs, and credits should all be in writing. Oral agreements create disputes. Written agreements create clarity. Your agent and lawyer ensure all agreed terms are documented. Nothing is final until it's written, signed, and mutually agreed.
The Goal: Win-Win Closing
The best negotiations end with both parties feeling reasonably satisfied. Buyers get a fair price and protection through inspection. Sellers get fair market value and a reliable buyer. Aim for fair negotiation that closes the deal smoothly.
I'm Dan Juricic, a REALTOR® with RE/MAX Camosun. If you have questions about the Victoria market, I'd love to help. Call or text me at [phone] or visit danjuricic.com.