Back HomeWinning strategies: Negotiating the best deal for your home sale
Selling your home? Sometimes it takes a few tries to find the right buyer.
On top of the emotional baggage of selling the home where you’ve made countless memories, there’s the added pressure of getting the best deal possible.
How do you navigate this delicate balance? With our help, of course!
Whether you’re trying to get the highest price or just want to close a deal quickly without leaving too much money on the table, we’ve got your back with these tried-and-tested tips for selling your home!
GETTING READY TO SELL: MAKING YOUR HOME READY FOR THE MARKET
OK, so you’ve rounded up all the papers, repainted, redecorated, dusted everything, and even fixed those leaky faucets you’ve learned to live with months ago. Now what?
Remember that your buyers will be looking at your home with a different set of eyes. Get caught flat-footed by their questions and you might find yourself conceding a lot more ground than you’re comfortable with just to close the deal.
Gaining a deeper understanding of your house restricts the scope of buyers to point out perceived flaws, while also projecting a strong image of capability and trustworthiness that will make them like and trust you.
We’d pay especially close attention to:
- Your home’s history, including renovations and major repairs
- Any issues with the foundation, roof, plumbing, or electric systems
- The exact sizes of your home and its rooms
- Your average monthly utilities cost
Staying updated on your local real estate market will also help immensely. Consider things such as the selling price of similar homes in your area, current interest rates, and the typical time homes stay on the market before they’re sold. Being well-informed helps you get an edge in negotiations!
3 TIPS TO GET THE BEST DEAL FOR YOUR HOME
You’ve done your due diligence and have all the necessary information about your home. Time to put it all together!
We know it’s hard to keep your emotions in check with something as personal as selling your home. So if you’re committed to seeing this through yourself, you will have to treat it like a game, with a clear strategy and a cool head. Get the best deal for your home with these three essential tips:
- Reject lowball offers outright
The typical negotiation involves the buyer making their offer and you as the seller coming up with a counteroffer. While it’s part of the process, it can grow tiresome, especially when you’re on the receiving end of lowball offers. So the strategy to conserve your energy and maintain control of the situation is to simply turn down offers that grossly undervalue your home.
This shows potential buyers that you understand the value of your house and are not afraid to turn down unreasonable offers. If the buyer genuinely wants your home, they will return with a fair offer.
If they don’t, save yourself the time and aggravation by setting your boundaries early on. To confirm the worth of your home, consult with a local real estate agent. They will let you know whether the offers you’re getting are fair or if you’re letting your emotions get the better of you by rejecting offers outright.
- Don’t make a counteroffer without an expiry date
When you do decide to make a counteroffer, set a deadline.
Otherwise, buyers can take their sweet time mulling your offer while you sit and wait – with no guarantee they’ll even accept it. This not only prolongs negotiations, it also forces you to follow the buyer’s schedule, which might be different than yours.
Take control of the situation by assigning a deadline to your counter-proposal. While it’s important to allow the buyer sufficient time to think it over, make sure you’re not left hanging unnecessarily so you can consider or entertain concurrent bids. Moreover, a deadline helps both you and the buyer get to the next phase of the process as soon as possible.
A common timeframe is typically 24 to 48 hours, but this can vary depending on the specifics of the negotiation and the preferences of both parties.
- Encourage a bidding war
Every home seller hopes to have several buyers interested in their property, which potentially sets the stage for a bidding war. Though it’s not guaranteed, there are a few strategies to encourage such a scenario. One approach is to set the listing price slightly lower than the market rate. This strategy can attract more potential buyers and create a feeling of urgency.
Another method to spur competition is to keep buyers on their toes. This can be done by scheduling an open house for a limited period of time or limiting private showings to serious buyers. Such restrictions can generate a feeling of urgency and encourage buyers to go beyond their best offer just to prevent other buyers from beating them to the punch.
Not enough hours in your day to manage your home sale in Central Texas? Let the experts at Berkshire Hathaway HomeServices Caliber Realty do it for you! Send us a message here or call 979.694.8844 and we’ll secure the best deal for your home, completely hassle-free!
