Price is very clearly one of the most important aspects of buying or selling a home. As a seller, if you set your price unrealistically high, you risk your home sitting on the market too long and attracting very little interest. Even if you do price your home fairly, however, you should be willing to negotiate with your buyer if what they are offering is also fair.
In an ideal world, every buyer and seller would get exactly what they want out of a transaction for a mutually agreed upon amount of money. Unfortunately, we do not live in an ideal world. While price negotiation doesn’t always occur, it is fairly common. So, as a seller, you should prepare to respectfully negotiate with interested buyers, taking their concerns into consideration and protecting your own interests as well.
Before you begin the selling process, it is important to distinguish between truly interested buyers, who may negotiate the price some and back their offer with understandable concern, and “nibblers,” who will attempt to negotiate on nearly every little detail of the transaction. Each type of negotiator is trying to get the most for their money, but at some point, you may get fed up with the nibblers’ constant nickel-and-diming. Be sure to keep everything in writing and remember that you have no obligation to accept counteroffers, especially when they are unreasonable.
When it comes to reasonable offers, keep the following tips in mind to work with buyers and close on your sale.
Hear the buyers out.
Remember that buying a home is both a major emotional and financial commitment for the buyers. If they do want to negotiate the price, respect their important issues and seriously consider the impact this negotiation will have not just on your bank account, but on the transaction overall. Turning away a buyer with a reasonable offer could mean that your house will sit on the market, leading you to accept a much lower offer down the road.
Keep your unique situation in mind.
Depending on your own personal situation, you may need to be more flexible than you’d like to be. For instance, if you have already accepted an offer on your next home or have a fixed timeline for relocating, you will need to take all offers seriously, as you cannot wait for the perfect offer to roll in. This isn’t to say that you should accept any lowball offer, but to remember your time and financial constraints in the negotiation process.
Leave your emotions out of the negotiation.
Sellers have emotional attachments to their homes that can often factor into pricing. If a potential buyer points out that some feature of your home isn’t worth as much to them as it is to you, try to separate your personal attachments to the home from your pricing and treat the negotiation as a business process.
Remember price won’t be the only thing you negotiate.
While the offer price is often the main point of negotiation, other topics, like making repairs to the home, who will pay closing costs, and settlement dates can also be brought up for negotiation. These decisions can also be used as bargaining chips when negotiating bigger picture items.
Realtors often stress that the first offer tends to be the best. You might not be completely satisfied with a buyer’s offer, but it is very possible that their reasonable offer might be the best you’ll get. If their offer is close to your asking price and seems fair, keep the discussion going so that they don’t lose interest in your property.
Stress is one of the largest concerns when selling a home. Staging, managing finances and documents, and simultaneously juggling the rest of your life can be completely draining. However, one thing is certain about selling your home: it’s a lot easier when you have a solid real estate agent to handle it. Remember, No-One Works Harder to Sell your Home more than Joe! Contact Joe today by calling 813-701-2030 or visit https://josephlewkowicz.com/