Real estate tips: How to negotiate house price when selling
The home selling process can involve varied house prices, which makes it crucial to learn how to negotiate those prices. As a seller, you want to get the best deal possible, even if not in a seller's market. If a buyer offers less than the original asking price, it's time for negotiation strategy.
Working with a real estate agent, here are some tips for negotiating a selling price:
Always use market value as your starting point
The market value of your home is the actual amount a buyer is willing to pay in context of the current market. In a buyer's market, a seller may need offers below the present cost of the property in order for a house to sell. If the price is too much higher than market value, offers may be too low to be accepted.
Keep your list of upgrades handy
Buyers often raise concerns about features or details of a property in an attempt to negotiate lower prices. Therefore, it's important to counter with the positives to their negatives. One great idea is to emphasize any upgrades or improvements to the home that might outweigh a buyer's misgivings.
Know the housing market
Knowing the market value of your home is just one piece of the puzzle. Understanding the trends of the overall real estate market in the area you're trying to sell in is essential.
Real estate agents can help you choose the best price with comparative marketing analysis, or CMA. This type of report gathers data on market behavior regarding asking price, purchase price and the likelihood of multiple offers.
Negotiate from a win/win perspective
Negotiating isn't necessarily win or lose. If you approach your price negotiation from the perspective that everyone can win, you're likely to be more successful. Addressing buyers' concerns and interests with a collaborative, positive outlook can win you a higher home price, even if the initial offer is lacking.
Negotiation can seem intimidating, but real estate professionals are there to help you. Using these guidelines, you can ensure you get the highest possible amount for your home sale, no matter what offers you receive.
About the Author
Linda Cappello, Broker, GRI, ABR
Linda A. Cappello, Owner/Broker of Cappello Realty Shoreline Properties. Cappello Realty is a full service boutique Real Estate firm that specializes in 06855 - East Norwalk, and services all of Norwalk and Fairfield County, CT. Linda has been in the Real Estate business for 20+ years, spending 18 of them as a Owner/Broker. Being a Broker adds a lot responsibility to her job. She is responsible for overseeing every transaction and agent in the office. This is a challenge that she looks forward to and takes very seriously. She is constantly taking continuing education classes and attending seminars to keep abreast of the ever changing market as well as the industry standards, rules and regulations.
She is a native to East Norwalk, and has an in-depth knowledge of the city that she loves, as well as the intricacies of the many unique neighborhoods and areas that Norwalk offers. Linda offers her clients a network of professionals ranging from Attorneys, Mortgage Brokers, Home Stagers and Home Inspectors to any and all pros that you may need for a successful transaction and for the convenience of her clients.
"My job doesn't end at the closing table. It goes far beyond that, keeping in touch and staying friends who refer their family and friends. A lot of my business is referral business which is the greatest accomplishment and honor of all. Earning my clients trust."
