It’s easy to stand stalwart with your asking price on a home without yet having to negotiate with potential buyers. However, many factors come into play that can make the negotiating process a little tricky. Some people just aren’t prone to holding out and standing firm on a sales price. The very first thing that needs to be addressed is the property must be priced appropriately from the get-go. That gives you leverage when the negotiation process begins.
When you’re the seller, you have to think about a few things. For starters, are there any repairs that need to be made? The buyers are going to notice upon inspection, so these are things you need to think about ahead of time. You either need to make repairs or plan on dancing around them during the negotiation process. Estimate how much you’re willing to take off the top when it comes to your asking price.
What you’re asking shouldn’t be what you plan on getting for your home. It would be nice, but the price is going to be negotiated down. Let’s say you have your home appraised at 250,000. No major repairs need to be made and ‘as is,’ that is where the home’s market value stands. You price your home at 275,000, in hopes to get 250,000 as your bottom line. While you can’t quite anticipate what potential buyers are going to do, you can prepare yourself for the negotiation process.
Remember the importance of curb appeal. Your job is to prepare your home to the point that your negotiating tactics pay off. Patience is required in order to get what you want from the negotiating table. And remember, your real estate agent is much more versed on selling properties than you are, so use him or her during the negotiating process to get what you want.