Make a Sale: Six Tips to Negotiating a Home Sale

Selling a home in today’s market is quite the challenge. Baby boomers are looking to save for retirement and millennial are hesitant to plunk down the money for a home in a market that they don’t trust. Let’s take a look at some tips for negotiating a home sale.

Keep the Lines of Communication Open

You might not like the initial offer or even the counteroffer of a potential buyer but that doesn’t mean that the talks need to end. Keep communicating and working toward an amicable middle ground that benefits both parties. Counter all counteroffers with your own counteroffer, even if your number moves only a little bit lower. Or, offer to throw in some home appliances or furniture instead of asking for more money. Be flexible and keep talking.

Listen Closely To Potential Buyers

Pay very close attention to what buyers say during the negotiation process. This will help you understand what the other side wants and what they might accept. Try to understand the situation from the buyer’s prospective. It will help you anticipate their next move.

Research the Market

When attempting to sell a home, you must understand market trends. The market could favor buyers or sellers depending on where you are attempting to sell your home. Find out how much homes in your neighborhood sold for. This will help you establish a reasonable asking price and will also shape your negotiation tactics.

Take Poor Offers in Stride

There is a good chance that you will receive a low offer for your home. It’s a part of the home selling process. Accept this as a fact and move on from the poor offers either through a counter offer or with a polite rejection. Remember, the initial offer is just a starting point.

Stay Calm

Trying to sell a home can be a stressful and emotional process but you need to stay even keeled. If you can’t handle the ups and downs of home sale negotiations, let your agent step in and negotiate. Never let the process get personal and keep your true feelings to yourself so that the buyer doesn’t get the upper hand.

Don’t Be Competitive

Selling a home is not a competition. This isn’t a winner take all contest. A home sale should be a “win-win” for both the buyer and seller. Cooperate with buyers and find a mutually beneficial selling/buying price.

Remember, selling a home is a process that eventually comes to an end. No matter how dismal the situation may seem, there will be a resolution at some point. Follow the advice set out above to make the process that much easier.

Informational credit to BC Alberta Movers, help when you’re moving to Edmonton.