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When selling a home, it is prudent to trust local real estate pricing experts. A real estate agency, like John Arquette Properties, deals with buyers and sellers on a daily basis, and can provide some valuable guidance as you sell your home. Here are a few major points to touch on when negotiating the price of your home.

Determine Who Has The Upper Hand

When you are selling a home, it is important to pay attention to whether you are working within a buyer's or seller's market. To figure this out, your Realtor needs to be familiar with the specific market in which you're selling in, down to the neighborhood and possibly even the street. The kind of market you are in will dictate your negotiating strategy.

Understand How Much Your Home Is Worth

Don't use a quote from online or online services. You need to consult with a real estate agent who knows the area. A skilled real estate agent with knowledge of the market and negotiation experience will be able to help you in differentiating between what is a smart price point, as well as what is not.

Always Make a Counteroffer

Negotiation is a give and take. When a buyer asks for something, you should get something in return. When you have a successful negotiation, it may also lessen the amount of requests for which the potential homebuyer will ask.

It is important to note that there is no limit to the number of times that the buyers and sellers can counter each other. In your review of the offer, always be sure to consider the items, aside from the price, that could be unacceptable to you. Among these deal breakers may be a shorter time frame until closing, different dates, terms, contingency modifications, and more.

Consider a counter-offer that includes an incentive to help your buyer. Such tactics may be:

  • Paying for the home's closing costs, and/ or title insurance
  • Offering to contribute money toward the buyer's closing costs
  • Paying the homeowner's association fees for a year
  • Including items like new window treatments or blinds

When it comes to eager homebuyers, especially those of the first-time home buying variety, incentives such as the suggestions listed above can often do the trick in sealing the deal to successfully sell a home.

Know When to Act and When to Walk Away

When working with the bank, if you need to stay in your home longer and you are not getting the offer you need, there are a few things you can do. Remember, when it comes to negotiating, there is more to consider than just the price. For example, the ability to quickly close directly affects the likelihood of accepting a lower offer. Consider the bargaining position with secured financing and as few conditions as possible.

Things to Avoid

When it comes to selling your home, don't mention your deadline. Always do your best to avoid emotional decision-making. Do your best to not misprice your home—both overpricing and underpricing can result in costly and regrettable errors. Do your best to make any and all necessary repairs. You will lose money if you do not remedy repairs before you list your house.

It is also cheaper to fix them before putting your home on the market than it is to have buyers see your home's faults at the open house. If you opt out of making repairs, you can expect that prospective buyers will offer less or ask for a credit back for the work that needs to be done before the closing.