As a homeowner, you want to get the best price for your house, even if you are having to sell fast. It can be frustrating hearing about the “buyers’ market,” and you may feel as if you are at the mercy of their offers. Buyers expect to grab your home at a steal, and request everything, including the kitchen sink, to be repaired and upgraded before they are willing to purchase. It is important to know that you are capable of getting the target price for your house with a few, simple negotiating strategies.
Your real estate agent and buyers do not need to know that you need to sell your home quickly or any personal information surrounding the reasons why. Keep that information to yourself, do not even hint at a deadline. In many areas, houses are selling quickly regardless of the homeowner’s situation, but letting it known that you want the house gone fast will only lead to low offers and leaving money on the table.
Know the Market
It is important to know how the local market affects the value of your property. The price at which you purchased the home for several years ago may be tremendously different from current market prices. Even if you have invested a good bit of money to maintain and upgrade the home, setting the listing price over other homes for sale in the area will extend its time on the market, leading to lower offers. It is better to set the listing amount at or below market value. Competitive pricing leads to less negotiations and more profit in your pocket.
Do Not Try and Prove House Value
A lot of homeowners unintentionally try and prove the value of a house at a showing, which can give off the wrong attitude to shoppers. It is recommended that you let the home “sell itself.” Attempt to be somewhere else while the buyers view the home, or stand outside and out of the way. Let the home buyers fall in love with the property and discover the value for themselves. Serious buyers will place their best offer first on a house that meets their wants and needs.
It is acceptable to offer your agent incentives to get your house sold at a certain price and before a certain date. For example, for every dollar they get over a determined amount, you will give them 10%. Even if you give a quick deadline, you do not have to tell your reasons for wanting to sell fast. Offering incentives before you receive offers on your property lets your agent know that you are standing firm at a predetermined price.
Strategically letting your agent or potential buyers know that you have other options besides selling (renting, letting a family member use the home or lending the property to a local college) will show the shopper that they must be competitive and you will not negotiate at rock bottom prices. This will bring more competitive first offers.
Getting top offers for your house is the first step to successful negotiating. The most important aspects are to stand firm and appear confident in your price, deadline and the home itself.