“How do I negotiate my home sale if I get a low-ball offer?”
Getting a low offer is frustrating and common when selling. Just be ready for it and try to leave the emotion out of it. You will think of all the wonderful improvements you have made and the money you have invested into making this home top notch. Try not to take it to heart and let your agent guide you through this transaction and negotiate all offers on your behalf.
Home selling statistics show that…
If in the first two weeks on the market you get zero showings then it is safe to assume it is highly overpriced. The buyer’s real estate agent will have advised the buyer of the fair market value. Even if the buyers want to put in a high offer it may not appraise and they may not be able to obtain a mortgage. Very few buyers are unrepresented, it does not cost them anything to hire an agent.
If you get several showings in the first few weeks but no offers then you may assume the home is slightly overpriced and the price should be adjusted.
In an active market with a well-priced home you may find yourself in a multiple offer situation and get over asking price.
When you price a home too high you will eventually have to lower the price enough to get a new pool of buyers. The others will have gone off and bought something else while you were waiting for that “one buyer”.
Before putting your home on the market make sure you prepare your home for sale.
Bottom line when pricing your home to sell …
Don’t sabotage the sale of your home! Pricing your home appropriately from the beginning is critical to getting it sold quickly and at the best price. Overpricing your home may mean that your home will sit on the market for months and even years giving buyers the perception that there is something wrong with it.
The longer a home stays on the market, the more the price will drop from the original price. Don’t chase the market.
An agent will analyze the sales prices of comparable homes in your neighborhood and advise you accordingly.
Your best bet to sell fast and get the most money for your home is to trust a local real estate agent to give you sound advice and update you along the way of any market changes.
Additional real estate information provided by a group of top real estate authors in this article:
How Much of a Price Reduction Should I Have on my Home? via Kevin Vitali
Home Seller Question How to Determine List Price? via Karen Highland
Ten Signs Your Home is Priced Too High via Bill Gassett
How Should I Price My Luxury Home for Sale? via Paul Sian
How to Price Your Home Correctly via Anita Clark
Real Estate information was provided by Eileen Anderson, a recognized leader in her field. Eileen can be reached via email at Eileen@eileenandersonrealtor.com or by phone at 860-966-2112. Eileen has helped people move in and out of many Connecticut towns for the last 21+ years.
Thinking of selling your home? I love Real Estate, sharing my knowledge and helping people find the home of their dreams!
I service Real Estate sales in the following CT towns: Avon, Bloomfield, Burlington, Barkhamsted, Canton, Colebrook, East Granby, Hartland, New Hartford, North Granby, Farmington, Simsbury, Litchfield, Suffield and West Hartford, CT.