It's a tough market out there for sellers, so here are a few tips to help you survive the brutal offers you can expect in the current market:
"DO's";
1. Do NEGOTIATE! Be prepared for a low offer, the media is preaching to everyone to "low ball the seller"! Have you ever walked into an auction, car dealership, or insurance company and offered to pay full price, or did you try to negotiate a deal? It's simply human nature so don't be offended, press forward and be sensible. There's a very good chance this IS the person who will buy your home - don't let him slip away!
2. Do be EXCITED when you get an offer, no matter how low it may initially be! The buyer likely looked at 20-50+ houses - and the great news is THEY PICKED YOURS! There's an emotional connection to your home or they wouldn't have written an offer.
3. Do be REALISTIC. It is a buyer's market, depending upon your market there are certain things that are expected by the buyer, if you don't comply you may never sell your home. For example, in the Omaha Real Estate Market here's what I tell all of my sellers to expect;
a. Do expect a "low ball" offer (to start). We're talking up to $20,000+ under asking price is the "norm" right now- but no worries, your agent's job is to bring that number up, or guess what? You can walk away!
b. Do plan to pay closing costs for the buyer for two reasons. 1) If you don't the buyer may not be able to purchase your home, they already have to bring a minimum of a 3.5% down payment to purchase, therefore, they probably don't have the closing costs too. 2) If you don't pay their closing costs, another seller will. Additionally, if the buyer doesn't ask for seller paid costs they will expect if off the price. Depending upon how quickly you get the offer some of this negotiable, but realistically just plan on it.
c. The buyer will ask for a Home Warranty Plan (about $425), refrigerator, and maybe even washer, dryer, and/or kitchen table! Your agent can use all of these as negotiating tools to help you get a higher price, so again, don't be offended it's all part of the market.
4. And finally, DO listen to your REALTOR. This is why you hired him/her - to be the "neutral" advisor. He/she is a Full-Time Professional who has sold millions of dollars worth of real estate. Your agent eats, sleeps, breathes and lives real estate 24-7 - she knows the ever changing market better than well meaning friends and family because she sells it daily. Trust her instincts so you can achieve the best possible results!
"DON'TS";
1. DON'T react emotionally to a low offer (remember, we are EXPECTING one). Take a step "outside the box" and think of it as a business transaction. This is your biggest investment, treat it like one and please take your pride out of the picture.
2. DON'T ever counter back at full price. You could lose a great prospect, countering full price may work in a "sellers" market, but it a "buyers" market it's not worth scaring away someone who actually picked you out of 100's of competing homes. Give up something - there are many things to factor into the decision, ask your agent for the most cost effective approach, sometimes it doesn't take much!
3. DON'T think the buyers won't walk away if you make a counter offer they don't like. Most buyers have another 2-3 houses on the back burner to go after if yours doesn't work out... and they will.
In summary, choose an agent who has great negotiating skills (ask them their strategy during the interview). A professional will point out all the positives and negatives of any offer. It's his/her job to advise you on what to expect so you're prepared. Once that glorious moment of an offer arrives, your agent will give you all the facts so YOU can make an informed decision and get the highest sale price for your biggest investment.
Just remember; "It never matters where you start, but rather, where you finish"!
Seller's Page to learn more about how we can help you sell your home!
Labels: angela may, husker home finders, NP Dodge, Omaha Home Sales, Omaha Homes for sale, omaha realtor, Real Estate Negotiation Tips, Seller contract negotiations, Seller negotiations
# posted by
Angela May @ 9:23 PM
