When you receive an offer for your home, chances are that it will be lower than you expected. The housing turmoil of the last 8 years have taught buyers to go low, expect in the most heated markets.
Today with somewhat higher interest rates, qualified buyers do have an edge. If you do receive that lower than expected offer, don't get angry or indignant which is natural, you won't get a higher offer that way. You've got a fish on the hook, and jerking the rod won't land it. You've got to reel it in. Like a good fisherman, you want to get the fish to the boat alive, before you decide whether to throw it back.
Before you fire back a reply, try to understand why the offer is so low. First look at the comparables that they are using. Are they relevant? Is the condition of you home better or worse than other similar homes?
The first offer is your reality check If you agent told you to declutter, paint, repair and deep clean, and you didn't do it. then the offer is showing you the error of your ways. Unless you do some drastic corrections, the only thing you can do is negotiate the buyer's low offer upward.
Negotiation typically works best when both parties get what they want. For example, you may be willing to take less money in exchange for a cash offer, or a quicker closing. Your buyer may be willing to pay closer to your asking price in exchange for paying their closing costs, which could be several thousand dollars.
Your willingness to negotiate depends on several factors:
Can you get something you want for conceding something to the buyer?
How badly do you want to sell? Are you willing to let a few thousand dollars stand between you and the next stage of your life?
Your agent can help with how to conduct negotiations, to try to come to something that is acceptable to both parties.
When you are ready to list your property, a current appraisal of your property will let you know where you stand with the market conditions. Boivin Appraisals, is always ready to help. Contact us today!