Negotiating Tips For Home Sellers
Posted by Garman Group on
In today’s housing market, buying a house means you’ll have to negotiate, and if you’re ready to buy, you’re prepared to make concessions. But home sellers need to be ready to negotiate, too. After all, you want to come out of the sale with as much money as you possibly can.
Here’s what you need to know about negotiating a home sale:
Be Prepared to Counter
Much like how you want to get as much money from your home sale as you can, the person buying your home wants to spend as little as possible. They’re going to offer you the least amount possible (generally within reason!) and expect you to counter with a price that’s lower than your asking price.
But here’s the trick: as long as your asking price is fair, your counteroffer can be your asking price or with a very slight drop. This shows the buyer that you know your price is reasonable, and you’re unwilling to negotiate too much.
You may put off some buyers with this approach, and they’ll walk away. However, others will respect your fair asking price and will come prepared to pay what your home is worth.
Price Ahead of the Market
Chances are you’ll come up with your asking price a week or more before your home goes onto the market. However, real estate markets fluctuate fast — even within a few weeks. You should be looking at pricing your home, not at that moment, but rather, when it actually goes onto the market.
This will ensure buyers aren’t able to do much negotiation around the current fair market value.
A qualified MLS REALTOR® can help you evaluate real estate market trends and come up with the perfect price for when your home goes up for sale.
Get a Home Inspection
Your potential buyers are likely to get home inspections done on your home, so don’t you want to know what they’ll find? When you proactively get a home inspection done, you can price your home reasonably, based on the findings. Or you may consider doing some home renovations before you put that for sale sign up.
If a buyer tries to tell you the home inspections bring up some additional costs, you’ll be able to counter with the fact that you've already factored that into the price.
Even when we’re in a seller’s market, there are ways to make people practically fight over your home.
The best way to do this is to put your home up for sale and hold an open house a few days later. And you must refuse to take any offers until after the open house. If a buyer is serious about your home, they’ll be scared of the (potential) competition and will likely offer a price that’s higher than they usually would.
Set Time Limits
If you’re going to enter into negotiations with a buyer, set some time limits on your end. Show that you’re unwilling to wait around for days or weeks for them to accept your offer or counter. They can either make a move or move on to other houses for sale.
List with the Garman Group
Garman Group REALTORS® know all the ins and outs of the Victoria real estate market and will help you price your home fairly. We’ll also help guide you through the negotiation process and ensure your home selling process goes smoothly.