Unlock your home’s true value – 4 proven negotiation strategies to sell your house
When listing your home, most sellers have two goals: making a profitable sale and selling the home within a set timeline. A practical strategy and excellent negotiating skills will help you meet these goals. This article lists some tried and tested negotiating strategies to help make the best of your situation. So read on.
Don’t Negotiate Below Your List Price
- The home-selling process involves many back-and-forth negotiations between the buyer and seller. In most cases, buyers will place a much lower initial bid on your home than your listing price. Sellers then make a counteroffer that is higher than the buyer’s bid but lower than the listing price of their home. This tactic may help you sell the home faster but at a much lower profit margin.
We recommend you remain steadfast with your listing price and do not make a counteroffer lower than your initial asking price. By not negotiating below your listing price, you may lose some semi-interested buyers, but any serious buyer who understands the true worth of your property will match your listing price.
- However, if negotiations come to a standstill and the buyer is unwilling to come up with a higher offer, then experts recommend lowering your listing price by no more than $1,000. You can sweeten the deal with other incentives, such as accommodating the buyers’ move-in schedule, offering to pay some percentage of the closing costs, etc.
Create A Sense of Competition
- To increase the demand for your home, create an aura of competition around it. To do so, arrange an open house for interested buyers to visit your home. Do not accept any offers until after the open house.
This will create the notion that multiple buyers are interested in your home, prompting serious buyers to offer a higher bid for your home. It may also lead to the initiation of a bidding war where one party tries to outbid the other party’s offer repeatedly. If multiple buyers are willing to pay a higher price for your home, you can choose the best offer and close the deal on your terms.
Add an Expiration Date on Your Counteroffer
- Make your counteroffer time-sensitive to expedite the sale process and add pressure on the buyer. When presenting the counteroffer, tell the buyer that the counteroffer is valid for X no. of days, after which you are free to negotiate with another potential buyer. This will prompt the buyer to make a quick decision.
Team Up With An Expert Real Estate Agent
Working with a professional real estate agent is one of the best negotiation tactics for any seller. Real estate agents have a lot of experience in selling a house successfully. They understand the market dynamics and how to prompt buyers to place higher bids for your home. Unlike you, real estate agents do not have an emotional attachment to the home. Using their objectivity and superior negotiation skills, they can help you close the deal for a top dollar.
Working with a professional real estate agent is one of the best negotiation tactics for any seller. Real estate agents have a lot of experience in selling a house successfully. They understand the market dynamics and how to prompt buyers to place higher bids for your home. Unlike you, real estate agents do not have an emotional attachment to the home. Using their objectivity and superior negotiation skills, they can help you close the deal for a top dollar.Real estate agents also take a considerable load off your hands. They arrange open houses, review the offers, negotiate on your behalf, and deal with the complicated legal and administrative aspects of the home-selling process.
- Looking for a trustworthy realtor in Morris County? Contact Jackie Scura. We are an experienced team of real estate professionals who provide expert guidance and support throughout the home-selling process. Call us at 973-319-8334 for more information.
