You have worked with your Realtor, and between the two of you, you both believe that you have set the price according to the market. You have staged the home, and it is impeccably clean. You both are firmly convinced that you have done everything necessary to obtain a quick sale.
Does this mean that a buyer will pay your asking price? Probably not.
If your home is the type of home that a first time buyer would be interested in, you need to realize a few things. First time buyers are deferring their home purchase seven years longer than previous generations. They have challenges forcing them to do so, such as large student loan debt, high prices and large down payment and closing costs. New construction is rarely available in the starter home price range, and the homes that they do buy are getting older. All of this means – prepare to negotiate.
But in negotiation, there does not need to be both a winner and a loser. It is possible for both the buyer and the seller to win. If a buyer makes a low ball offer, do not take it personally. They may be telling you that something is wrong with the property. It may be the location, the home may be a bit tired or maybe they feel it is overpriced for the neighborhood. And you need to find out what that “something” is. Maybe you can do “something” about it.
Ask your agent to provide updated Market Analysis’. Markets can change quickly, and if the market changes, you may need to adjust your price. Think about offering to pay some of the buyer’s closing costs instead of a price reduction. Including appliances that you were not intending to can make a difference. A home warranty can also be a difference maker.
Keep the lines of communication open, and don’t let a good buyer get away.
Comments or questions? Call me, Art Reiman – Realtor at 732-598-7700
