When selling your home, you obviously want to get the maximum price for it. But most buyers will try to negotiate the price down. So how do you make sure this doesn’t happen? You need to learn the art of negotiation. Here are some tips for honing this all-important skill.
Know your competition: Investigate other homes for sale in your area and see what they’re listed at. Then check with your agent to see what they actually sold for. This will help you determine a realistic listing price, which will ultimately help you avoid receiving bids that are too low.
Understand your market: Understanding whether you live in a buyers’ or sellers’ market comes down to knowing how fast homes in your area sell and whether the sellers were inundated with home offers or had to settle for what they could get. Having this information in advance will help you determine how far to take the negotiating process.
Negotiate, negotiate, negotiate: The key to successfully selling your house is to look beyond the price itself. Everything is negotiable. For example, if buyers won’t rise to the price you’re asking, negotiate other financial aspects of the transaction, such as who pays for closing costs, upgrades or repairs, the appraisal or the home inspection. Agreeing to a less-than-hoped-for price is more palatable if the buyer agrees to pick up such costs.
By viewing the home sale as part of a larger transaction with several different pieces, many of which can be tweaked to help settle on a price that both parties can live with, the seller gains significantly more negotiating power.
Source: AOL Real Estate
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