One of the biggest financial transactions that you may ever have to go through in your life is selling your home. When you’re letting go of such an important property, you’ll want to ensure that you’re getting the right amount in exchange for it.
Meeting this set amount, however, is often easier said than done. As the seller, you want the best price, which means the highest possible price for your home. But, for house buyers, remember that the ‘best price’ for them is on the opposite end of the scale: it’s the cheapest deal that they can get on your property.
So, as the owner-seller, how can you reconcile this gap? This article gives you some tips for negotiating when selling your house.
1. Sell To A Cash Homebuyer
First on this list is to sell to a cash homebuyer, one of the many being Leave The Key. Negotiating to buyers can be a difficult process, especially when you don’t intend to hire a real estate agent, or if you’re pressed by time. On top of all the other responsibilities you hold in the day leading up to your home sale, it can be stressful to have to meet with would-be buyers consistently just to keep on negotiating.
So, if you don’t want to undergo this whole process or you just don’t have the time for it, selling to a cash homebuyer is your best bet. The negotiation process will typically be shorter and easier, given that these cash homebuyers are, more often than not, aptly willing to take your home as it is, without renovations and fixtures. The price your home lists for in the market is typically what will form the basis of the price that these cash homebuyer companies will also offer for your home.
2. Have A Walk-Away Price
When you know the current market value of your home, this should give you an idea as to how much is ‘too low’. This way, you’d be able to know what your walk-away price is. As its name implies, this refers to the price that’ll make you sign the deal, and walk away. This threshold often takes a lot of thinking, research, and personal reflection.
Having a walk-away price keeps you realistic about how much you can actually get out of your property. It avoids the situation of an unrealistic price you may have in mind that’ll only drag the selling process even longer, simply because you want more.
When a buyer offers a price that’s equal to or a little bit higher than your walk-away price, then that should tell you that the deal is done and closed.
3. Counter Offer At Your List Price
When you put your home up on listing sites for sale, this means that you already have a listing price for your home. This listing price is typically based on the fair market value of your home. But, you have to expect that potential buyers will try to haggle over the price.
If this haggling price is too low, set your counter offer at a price that’s between that number offered by your buyer and close enough to your list price. While this might not be the best strategy to get top dollar on your property, it can still give you an assurance of a closed deal, especially if you’re on a rush to sell your home.
It's important to open yourself to buyers that haggle as there may also be other buyers that may walk away from sellers that are unwilling to negotiate. You wouldn’t want to risk what could’ve been potential buyers, simply because you weren’t open enough to haggle the price of the sale.
4. Learn When You Should Stop Entertaining A Buyer
While you want to be amicable to all potential homebuyers, there are just some that are a total waste of time. For instance, those that have so many requests about your home, but stick to a very low offer. If they’re not even willing to raise their price a little, then they’re just not worth your time.
This is your home, and you’re the owner-seller, so you should have control over the negotiations. Anything that you feel is throwing off your home’s value too much isn’t just a worth-it sale. When you walk away from buyers that don’t have good offers for your property, you’re also opening yourself up to those that do.
Conclusion
In closing, the most important takeaway for you as the house seller is to remember that because you’re the owner of the property, don’t forget to stay on the driver’s seat of the transaction. This means having control over where the negotiations are headed to. If you feel that the price being offered on your home is ridiculously low, then don’t be constrained to say ‘no’. As there are so many homebuyers out there, you can be sure too, to find that one with a price in mind that’s not far enough from the price you also intend to sell your house for.
