Selling a house, no matter your motivations, is one of the biggest decisions you can make. And it isn’t as simple as listing your property on the market, choosing the highest offer and walking away with that amount. Buyers will often try to haggle for a lower price, so sellers should make sure that they don’t end up with the shorter end of the stick.
To make the most of a home sale, here are some ways to negotiate a house price.
Encourage multiple bids
When doing an open house, try not entertain offers until after it’s done. This gives interested buyers an opportunity to gauge each other. If they want the home enough and know what their competitors are willing to pay, they may be compelled to give a better offer.
You are likely to start a bidding war if the market favors sellers – there is not enough housing to meet buyer demand. Listing your home below fair market value can also trigger multiple offers. Finally, make sure there are little or no comparable homes for sale in your area when you list. That way, all (or most) eyes will be on your property.
Counter at the list price
Most buyers will expect back-and-forth haggling with the seller, which is why it’s likely their initial offer is lower than the home’s list price. When you make your counteroffer, instead of going for a higher amount, go for the original list price. Even if you don’t make a ton of money, at least you get to sell for exactly what you asked for. Such a strategy also helps you get rid of buyers with lowball offers who aren’t willing to negotiate.
Reject the offer
You don’t have to make counter offers all the time. If you want to, feel free to outright reject an offer and ask the buyer to submit a new one. Doing so sends out two signals to potential buyers. First, you’ve done your research and your home is worth what you’re asking for. And second, it implies you’re a serious seller and will only entertain offers from equally serious buyers.
Rejecting an unattractive offer straight away also frees you from any unspoken obligation that usually comes when you decide to negotiate. Some buyers think that because you made a counteroffer, you’re already tied to them until you reach a compromise. And when you’re selling, you’ll want to keep your options open if a good offer hasn’t come your way.
Give a deadline
To quickly sell a home, it’s wise to put an expiration date on your counteroffer. This will pressure the buyer into deciding if they accept or come up with another counteroffer. If they are unable to choose if they want to push through come deadline, then you’re free to entertain other interested buyers. That said, make sure the deadline is shorter than Atlanta’s standard real estate contract, but long enough for them to think and decide.
Whether you’re looking to buy or sell Decatur real estate, Chad and Christina at Carter & Associates are more than happy to assist you. They have over 32 years of combined real estate experience, centered on professionalism, care, and compassion. To get started, call the Carters today at 404.944.6577 or 404.564.5560 or send an email.