If there is a pile of properties for sale in an area and they are taking a long time to sell, then you have what is referred to as a buyer's market. Buyers have many homes to choose from, can take their time to find the perfect house, and will fight harder to get a lower price. While this is great if you are a buyer, it isn't always so wonderful to be the seller. If you need to list your home in a buyer's market, then these tips will help you get the best price:
Tip: Try to Put Your Anger Aside and Think Like the Buyer
When you receive a low-ball offer it is easy to feel angry or insulted and simply dismiss it out of hand. However, what you may not realize is that even a low offer is somewhere to start negotiating and you may end up with your desired price in the end. If you allow your emotions to take over and refuse to send back a counter offer, then you will never know if you are sending away your potential buyer.
To keep your frustrations at bay, try to put yourself in the shoes of a buyer. This serves two purposes. First, it gives you the perception of wanting to get the best deal. Second, it reminds you that a buyer who makes an offer typically really wants the house they are buying. Keeping these two things in mind will help you be less emotional and a better negotiator.
Tip: Keep in Mind that "Final Offers" are Rarely Final
If you receive an offer for your home that's marked "best and final" it's important to understand this is rarely the case. If you don't like the offer but would be willing to settle for a price that isn't too far off, then what exactly stops you from sending back a counter offer? Nothing! And, you have absolutely nothing to lose by doing so.
Tip: List Your Home with a Realtor Skilled in Negotiating
If you have not yet listed your home for sale and your area is currently experiencing a buyer's market, then it is important you hire a real estate agent who specializes in homes for sale. In a buyer's market you should always assume you will get low-ball offers and when your agent is skilled at negotiating you will end up with a higher sales price when the final contract is signed.Share