You have decided to sell your home and have come up with a reasonable listing price that will secure your needs. You need to sell your home quickly and when you get your first offer it is significantly lower than the price you are asking for. Do you take the first offer in order to sell your home fast or should you wait for a better offer to come along?
Just because you need to sell your home quickly does not mean that you have to settle for a low-ball offer on your property. In order to get the most out of your home, you will need to learn a few tricks on how to negotiate with buyers. These simple steps will help you to get the most amount of money out of your home without leaving it on the market for a prolonged period of time.
Let the Buyer Know Where You Stand
Buyers who are interested in your home are unaware of how desperate you are to sell. That is why they will offer you a low amount at first just to test the waters, hoping that you will be in a desperate need to sell and take their offer right away. If you are not happy with the amount they proposed then let them know by coming back with a price that is few thousand less than your original sales price. This will let them know that you are willing to negotiate.
Price Your Property High
Any professional real estate agent will advise you to price your listing high and work your way down to a price that you feel is reasonable. This will allow you to get a good amount of money for your home. If your home is worth $350,000 and you are willing to take $200,000, start your listing at around $325,000. If you receive an offer for $275,000 and accept it, you will be getting $75,000 more than your “actual” asking price. This is extra money that can be used to take care of moving expenses or renovations for your new home.
Keep Things Going
The longer you keep the negotiations going with a potential buyer, the more likely they will be to purchase your home. After they have invested so much time in negotiating prices with you, they will be more reluctant to come to a reasonable agreement with you. No matter how ridiculous their offer may seem to be, always come back with a counter offer. Try adding in extras such as including furniture that you were initially going to take with you (if the buyer seems to be interested in the furnishings). Doing whatever you can to keep the deal active for as long as possible will help you to seal the deal in the end.
Price negotiation is part of the home selling process and something that all sellers should learn about before they list their home on the market. Just because you are willing to take a low offer, doesn’t mean that you necessarily have to take one. When a buyer is browsing real estate listings, they look for homes that are within their budget. Therefore if someone can afford a $300.000 home, they will more than likely look for homes priced at or around $300,000 and not homes that are priced $150,000 or below. Always remember that if they are truly interested in your home, they will be willing to pay you a reasonable amount for it.