In order to get the best value for your home, you should follow these strategies.
As you go through the selling process, you may find out that homebuyers can be greedier than children on Christmas. They expect rock-bottom prices, gift cards, and everything including the kitchen sink. As a seller, you want to sell your home quickly, but the transaction needs to be worthwhile. In an ideal world, every homebuyer and seller would get exactly the deal they want. Realistically, the best deals are the ones where each side feels like they got a fair deal without having to give up too much. The following three negotiating tips will help home sellers get the most for their home without ruining the sale.
1. Give only if you receive
If the buyer asks you to wait 90 days to close and you are hoping to close much sooner, then ask for something in return. You may not get it but this negotiation strategy effectively dampens the buyer’s impulse to ask for more. And if you start to concede on points unopposed, the buyer might sense weakness and ask for even more than they otherwise would. You should be willing to compromise, but as soon as the other side knows this they’ll look to take advantage. Thus, be willing to give in on some requests only if you’re also getting something out of the concession.
2. If you agree to the buyer’s closing costs, up the purchase price
It’s understandable that buyers feel strapped for cash when they have to come up with a down payment, moving expenses, and furniture and appliances, in addition to closing costs. Closing costs typically amount to three percent of the purchase price and cover what can seem like very frivolous fees. That’s why it’s become somewhat standard practice for buyers to ask the seller to pay their closing. However, this effectively lowers the home’s sale price. If a buyer submits an offer but asks you to pay the fees, counter with agreement but only at an increased purchase price, even if it’s above the list price. Explain the bottom line to the buyer to make sure that they understand your rationale.
3. Let your house sell itself
You’ll never be able to prove your home’s worth to a potential buyer. Many people make the mistake of trying to aggressively sell a house but come off as a needy salesman. To avoid this, let prospective buyers connect with your home for themselves. Instead of being a pushy seller, be an absent one. This includes both the showings and the negotiation process.
The less you’re present, the better. This way, the potential buyers can’t read your body language or ask questions you’d rather not answer. Instead, let your realtor do the talking for you. By remaining unseen, the buyers can focus on the deal instead of who you are and what they can get out of you.
Before you commit to selling your home, you’ll want to make sure you’re selling at the right time and have the opportunity to get the best value. That’s where No Limit Real Estate comes in. We can perform a free comparative market analysis to determine whether it’s the correct move to sell your property before you get to the negotiation table. Learn more today.