Tips for Negotiating the Selling Price of a Home
Selling your home or high-rise condo can be tricky, but knowing how to successfully engage in negotiations can mean thousands of dollars to you.
Here are some tips you can use for negotiating the price of a home or high-rise condo:
Assess the current climate of the real estate market. Sometimes there will be lots of homes for sale but only a few buyers, but at other times there will be a lot of buyers with less of a selection of properties for sale – which as you know, drives up the demand. Knowing the market conditions will help you determine a fair starting price for your home or high-rise condo.
Be aware of your motivation. If you’re looking to retire and move to Florida soon and want to sell while the market is favorable, you may be a less motivated seller. If you’ve received an amazing job offer and need to relocate, or you’re having a baby and need more room, you are going to be more motivated to sell.
Price it appropriately. Before you list your home or high-rise condo for sale, you or your real estate agent will check out the competition and find out what other houses, similar to yours is going for. I have clients who’ve used the Internet to obtain this information but real estate agents can access up-to-date real estate data. The most critical period is the first 30 days your home is on the market. I tell clients that it’s better to get multiple offers on a moderately priced home or high-rise condo than to risk getting no offers if it’s priced too high. If a home or high-rise condo has been on the market for too long, it begins to lose its appeal.
Listen to your real estate agent. Get the opinion of someone who works in the business regarding the listing price of your home or high-rise condo. A competent real estate agent will help you determine a good starting price.
Make some compromises. If you receive an offer on your home that’s too low and you plan to counter, be willing to make some concessions to help ease the blow to the potential buyer. For example, if the buyer wants to move in quickly, perhaps agree to a quicker closing date. If certain repairs need to be made, determine which you’ll complete to ensure the deal goes through.
Remember, it’s always best to work with an experienced real estate agent who knows the area or community you live in. Their knowledge and passion for your home and the area will only help enhance the selling process.