Angel Cutshall's Blog
Selling your home can be stressful, particularly when the time arrives to negotiate with a homebuyer.
You'll want to ensure that both you and a homebuyer can find common ground during a negotiation. By doing so, both parties will be satisfied with the end results.
In some instances, however, a homebuyer may submit an offer for your residence that fails to meet your expectations. If this happens, you may need to submit a counterproposal to ensure you're able to agree to home selling terms that fulfill your needs.
Submitting a counteroffer can be tricky, particularly for a home seller who is looking to complete a home sale as quickly as possible. Fortunately, we're here to help you take the guesswork out of countering a homebuyer's offer.
Here are three tips to help you streamline the process of submitting a counterproposal to a homebuyer.
1. Consider Both Parties' Perspectives
Ultimately, a home selling agreement should meet the needs of a homebuyer and a home seller. As such, you'll want to consider both parties' perspectives before you submit a counterproposal and ensure that your counteroffer is fair to everyone involved.
Does a home selling agreement ensure that you will receive fair value for your home? And does this pact guarantee a homebuyer will receive fair value from his or her purchase as well? Consider both sides of a home selling agreement, and by doing so, you'll be better equipped to agree to terms that work well for both you and a homebuyer.
2. Try Not to Get Emotional
If you feel like a homebuyer submits an offer that is below your initial expectations, try not to get emotional. Instead, take a step back from the home selling process and consider all of your options before you proceed.
For home sellers, it often is easy to let stress and anxiety get the best of you, particularly during high-pressure negotiations with a homebuyer. Conversely, if you take a deep breath and review all of your options after you receive a homebuyer's offer, you can avoid making any rash decisions.
Remember, a homebuyer's first offer may not be his or her best offer for your residence. And if you submit a counterproposal, you can show a homebuyer that you are willing to work with him or her to reach a fair agreement.
3. Get Advice from Your Real Estate Agent
Your real estate agent can guide you along the home selling journey and will help you determine if you should accept, decline or counter a homebuyer's proposal. This professional also serves as a liaison between you and a homebuyer, which means your real estate agent can share your concerns about a homebuyer's offer directly with this individual.
With a trusted real estate agent at your disposal, you should have no trouble reviewing a home offer and submitting a counterproposal if necessary. In addition, your real estate agent is happy to provide tips and suggestions throughout the home selling process, ensuring you can maximize the value of your residence.
Take advantage of the aforementioned tips, and you can move one step closer to selling your home.
Once you put your home on the market for sale, you’ll have some decisions to make including the real estate agency that will list the home. One of the most important things about selling your home is finding the right price to sell the home at. You’d like to make a return on your investment. On the other hand, if time is a factor in your move, you may need to be even more strategic about pricing.
At some point, once the home has been on the market for a certain period of time, you’ll need to think of reducing the price of the home.
Work With Your Realtor
You may not know the perfect time to reduce the price of your home, but your realtor does. As a seller, you may not be too happy about lowering the price of the home at all. Depending on the state of the real estate market, your realtor will make the right suggestions to do what they can in order to sell your home. Sometimes this includes a price reduction to make both buyers and sellers happy.
Marketing Is Everything
Before the price is even reduced, you may need to take a look at how the home is being marketed. There’s so many pieces of the puzzle that come in when a home is being marketed.
The home is listed in the MLS by your realtor, but is it getting hits? Have open houses been held to further advertise the home? Are the pictures of the home representative of the property and good quality? Is adequate “for sale” signage present? Is your realtor available for showing the home privately?
These are all important things to think about when it comes to marketing the home. Your realtor is well-versed in all of these areas. The important thing for you as a seller is to be aware of just how many different avenues are available for you to get the word out about the home.
Can You Wait To Sell?
If you’re not moving due to a job change or a life transition that’s urgent, you may be better off waiting to sell the home. If the market is slow or happens to favor buyers heavily, you may want to wait and take your home off of the market for a bit. One of the most important things that you can do as a seller is to go with the flow of the market that you’re in.
Find The Right Number
When you price your home too high, you’ll need to keep lowering the price until you find the price that’s “just right.” When you use this approach, your house will sit on the market for a long time. This will be worse for you as a seller in the long run. Buyers will wonder why your home has been on the market for so long. Is there something wrong with the home? Will the price continue to drop? Really, interest will continue to wane from your home using this strategy. At this point you may just need to take the house off of the market.
In a perfect world, you only want to have to drop the price of your home once. Work with your realtor to find that sweet spot for pricing and you’ll be happy selling your home to satisfied buyers.