Let’s discuss mistakes to avoid as you go to sell your home.
Aside from pricing your home right, one of the most important things you’ll do when selling a piece of property is to try to get the best offer, as this will help you make a profit from the sale.
To be able to get the best offer, you’ll need to know how to negotiate with buyers. Here are some common seller mistakes to avoid when negotiating a price:
Taking the first offer for granted
It’s easy to think that the first offer you get will be followed by many more, and so you might not take it seriously. You might think that holding out for a higher price is the better option. This tends to be the case when an offer is made soon after the home hits the market.
But the first buyer could turn out to be the best buyer, and you might end up having to settle for less than the initial offer later on. Properties are most saleable during their first few weeks in the market, and the amount that buyers are willing to pay for them goes down the longer they stay unsold.
Making too-small counteroffers
When countering an initial offer, a reduction that’s lower than one percent of the price could be perceived as an insult, and won’t likely get the buyer agree to your terms. It might even drive them away, forcing them to consider other homes in the market.
A more generous price reduction of about one to three percent, on the other hand, shows your willingness to meet them halfway. This helps keep negotiations going, which could possibly lead to a profitable sale.
Letting your ego get the best of you
There are sellers who take negotiations personally and lose out on potentially lucrative transactions as a consequence. This is especially true when you still feel attached to the home that you’re selling.
You’ll need to distance yourself emotionally from negotiations to keep them from turning sour. Focus instead on creating a win-win situation for everyone involved.
The assistance of an agent who has dealt with numerous real estate transactions can temper your emotions and help you keep a level head throughout.
Ignoring low-ball offers
Instead of taking low-ball offers as insults, consider countering them – even if your counteroffer is your asking price. This shows that you stand behind the price that you’ve set for your home, and that you’re still willing to discuss things with them.
A good number of low-ball offers end in closed sales, and sometimes within close range of the initial price. So don’t dismiss them entirely. Work with your agent to see if you can bring these offers up to an acceptable amount.
Need help selling your home?
Negotiations can either run smoothly or drag on for long periods. In any case, you’ll benefit from the services of a professional who can guide you through the push-and-pull of offers and counteroffers. Hiring one will help you avoid common mistakes that sellers make.
If you’re looking for an experienced Realtor to help you through this, call/text 760.622.5087 or email me at [email protected]
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