For most people, purchasing a home is the largest financial investment they will make in their lifetime. In addition to being a place of residence, a home represents a significant financial asset, and as with any other investment in life, ensuring a sale that maximizes its profit is essential.
When it comes to securing the sale of a house, the price agreed upon will determine the return a seller will realize on their investment. A price that neither deters potential buyers with its over-inflation nor undervalues the property and leaves money on the table is key to ensuring an optimal sale. In this article, we will outline key negotiation tips a seller can employ when listing their home to ensure they walk away with the best deal.
Create a Bidding War
Ideally, a seller will want the buyers to do the work of raising the price of their property for them. This can be achieved by employing strategies that can create a bidding war amongst interested parties.
By setting an attractive asking price, a seller can attract multiple offers on their home, opening the way to the negotiation process. This is more easily achieved in a seller’s market where the inventory for suitable housing is scarce and there is a surplus of buyers. In this situation, prospective purchasers are more likely to compete with one another by submitting higher or better offers, thereby pushing up the purchase price.
Another way to drive up the price via a bidding war is by holding an open house event. Inviting the public to view a property but refusing to accept offers until after can create a frenzy amongst buyers as they rush to submit higher offers in the belief that they must compete with other interested parties.
Counter at the Asking Price
Most buyers will put in an offer that is below the asking price. In an attempt to secure a deal or at the very least not risk the buyer walking away, a seller will often counter with a higher price but one that is still below their asking price.
If you are confident you have listed your home at a price that accurately reflects its value, your counteroffer should remain at the asking price. There is a chance that the buyer may walk away at this stage, however, it is also likely that another party will accept the price it is listed at, understanding it is a fair valuation of its worth.
Place a Counteroffer Deadline
Insisting potential buyers respond to a counteroffer within a specified time frame can place a sense of urgency on them which can work in the seller’s favor.
By giving them a deadline in which to respond, sellers can speed up the negotiation process by avoiding drawn-out deliberations and ultimately facilitating a faster sale of their property. If you are looking to sell your home in the Virginia Beach area, visit https://coastlinehomebuyersva.com/va/virginia-beach who can help you complete it in as little as ten days.
Putting these tips into practice can help sellers negotiate the best deal for their home, enabling them to maximize the return on their investment.
