To make the most out of the sale of your Ulster County home, negotiations truly are key!
If you’re wondering what tactics and best practices to employ, keep reading to learn more.
Afterall, negotiating isn’t easy, but the following tips will certainly help make it easier!
Tip # 1: Have Your Home Inspected
A home inspection is a great way to provide a comprehensive understanding of exactly what it is that you’re selling.
The inspection can reveal the state of your electrical system or safety hazards, for example, that may be mentioned during the negotiating phase.
When you have a clear picture of what is and isn’t wrong with your place, it equips you with all the information you need for a straightforward sale. Ideally, this will prevent unexpected surprises from the interested buyer, because you have a clear grasp of what your property offers.
Tip #2: Counter The Offer
If you receive an offer on your Ulster County home that is below your listing price, you don’t have to accept it!
Instead, you can respond to the offer with a counteroffer. What this means is that you can respond with a price higher than what they initially asked, but still below your listing price, or you can counter the offer by sticking with your original listing price.
If you’ve priced your property fairly and according to the current market, countering at your original listing price shows the buyer that you’ve done your research and know your properties worth – and that you intend on getting the true value it deserves!
Tip #3: Reject the Offer Altogether
Another negotiation tactic to respond to a buyer's offer is rejecting the offer altogether with no counter. When doing this, the hope is that they will submit an entirely new offer, which is often the case with highly interested buyers.
Tip # 4: Offer To Pay Closing Costs
Oftentimes buyers ask sellers to pay the closing costs for the sale of their home.
As they’re already often strapped for cash from a down payment, redecorating costs, and moving expenses, the prospect of a hefty closing fee can deter certain buyers (in that they might not be able to afford them).
If you offer to pay the closing costs, it helps ease this concern.
However, it’s important to keep in mind that in doing so, you’re effectively lowering the price of your home. One way to offset this, is by then increasing your listing price to help make up for the loss.
Tip #5: Try To Create Competition
A great way to get the best possible price for your home is by creating competition. You can do this by refusing to accept any offers until after an open house has taken place.
This can encourage a bidding war, thereby bringing you the highest and best offers!
Tip #6: Follow A Timeline
While part of negotiating tactics can involve going back and forth between buyer and seller to find the best possible deal, this can often take some time.
As such, by putting an expiration date on your counter offer it can prevent the exchange from becoming drawn out. Instead, a timeline forces those that are interested to make a decision fast, especially if they’re concerned about missing out on the opportunity.
Overall, to help you prepare for negotiations, it’s important to have a clear grasp of why you want to sell, the money you expect to make, how much money you’re willing to accept, and how much time you’re willing to commit.
As real estate negotiations take time and effort, it also helps to have an expert by your side to help.
The team of professionals at Taft Street Realty are always ready to help you when it comes to selling your Ulster County home.
Afterall, you deserve to get the best price possible for one of your most valuable assets, and we’re prepared to make that happen!
For more information on Taft Sreet Realty's Seller Guide, you can read the following article here.
Posted by Dylan Taft on
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