It’s no secret the US is in the midst of a strong seller’s market.
Yet even with so many eager buyers out there, knowing how best to negotiate with them is crucial for home sellers.
After all, the goal of selling a home is to receive the highest possible price – and this is especially significant for the majority of sellers who’ll later purchase a home in a tough buyer’s market.
Ideally, the seller will receive several buyer offers from their agent.
Generally speaking, the offers will be below the listing price; however, in the current market, it may well be above.
A price well below the listing price could mean the buyer genuinely can’t afford this figure, but more usually it is due to their hope for a cheaper deal.
Either way, sellers may immediately accept or refuse the offer, or start to negotiate with the buyer through a counteroffer.
The counteroffer can feature an expiration date to push the buyer to respond more quickly.
This is an excellent idea for vendors needing to quickly sell their homes and/or move.
Vendors should be firm and stick with their listed price, thus confirming they realize the property’s true worth and don’t intend to be swayed by lower offers.
This firmness should be based on personal confidence that the home’s listed price is reasonable, based on the current overall property market and comparable sales in the area.
Vendors should also remember that keen buyers won’t be distracted by such a position and will instead suggest (potentially) higher counteroffers.
An idea for those who have never sold their home before may be to counteroffer with a slightly lower price than the listed one. Saying this, they should be prepared to adjust their listed price in some way if necessary, depending on their price priorities and their next property step.
This adjustment can include paying for the buyer’s closing costs – a common trade-off in negotiations.