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Pretty much everyone hates haggling over a price yet the single most important part of buying or selling a home is, of course, the price! When a prospective home buyer makes an offer are you ready to enter the negotiations to make a good buying or selling decision?
Here are some simple tips to help you through the communcations that result in a successful home transaction.
First - remember that the opening offer is always the asking price of the home. So the potential home buyer is going to be countering your first offer with their ideal buying price.
If you are selling your home the best thing you can do to prepare for the counter offer, and every home seller will get a counter offer eventually, is to be confident that the price you have set is good.
Once you've decided on the price you feel is fair, you have a few options:
You can post almost exactly what you want to get out of the house as your price. This, of course, will attract buyers who are in that price range and can most likely close the deal because they will have access to the funds.
Or, you can add to your bottom line asking price so there is room for negotiation. This will attract buyers in a higher bracket who may, or may not, feel your price is fair. But you may unintentionally weed out buyers who can afford your home.
If you are buying the home keep in mind that the listed price is an offer to you - you can counter that offer but do a bit of research first. Look at other,similar homes in the neighborhood to see how they compare on a price level. Visit other open houses in the area to see how the condition of the home you are considering compares. These factors will help you construct a good counter offer.
According to the Realtors Association, almost one-third of "For Sale By Owner" homes are sold to friends, relatives and acquaintances. Just because you don't have an agent doesn't mean your buyer doesn't. If you are in a negotiation with a professional, don't say anything that you wouldn't say to the home buyer.
Don't be afraid to say no. If you get an offer that is too low or the seller counters with an offer that you simply cannot afford, say no and walk away. And remember, only offers that are written are real offers.
For help in your home buying or selling transactions realtors can provide a wealth of information - call your realtor today!
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