How to Negotiate the Highest Possible Price for Your Home
When selling a home, most homeowners do not hold out much hope of getting the initial price that they have put out there today. In fact, given how discriminating buyers can be and the fact that a high number of properties take several months to sell, it is important to acknowledge the fact that there are several mistakes that sellers may make that can cost them a significant proportion of their asking price. It is important to find out all about these possible mistakes if you are to shift your home quickly and negotiate the highest possible price.
There is no magic formula that can help a seller to maximize the profit on his or her home. In fact, there are several factors that can cause huge swings in the market and this, in turn, may determine how successful you are in achieving the price you want. Despite that though, there is one factor that can significantly improve the level of cash you get for your property if you actually do it and that is negotiate. Negotiation is something that many homeowners are too scared to do in case they lose the sale but the fact is that a little negotiation can go a long way if it is done skillfully. Avoiding the four common mistakes outlined below will certainly help you to do just that:
- Understanding Dual Agency - Dual agency is actually when an offer comes from a buyer that is represented by the same real estate company that you are using to sell your home. You may have different agents in the same company but they are required to make full disclosure under the law. As such, you should avoid mentioning the lowest price you will accept and what you will include in the price to your agent. Save that information for negotiation because it will otherwise be passed on immediately, reducing your powers of negotiation in the process.
- Not Knowing When to Keep Quiet - Negotiation is all about keeping something back that can act as a deal breaker should it be needed at a later date. As such, you need to know when to keep quiet. Only tell the buyer the information that you are legally obliged to divulge and avoid discussing anything else until you have thought it through completely. For example, never discuss a lowest price you are willing to accept. Always make the seller make the offer before either accepting or rejecting it and force them to respond.
- Giving Away Too Much - You should know that you do not have to include fixtures and fittings in a home sale unless they are specifically agreed upon by you and the buyer. As such, you should never say what you are prepared to include until the information can be used as a useful negotiating tool. Using this information too soon could result in your giving away too much so use them only at the right time and avoid itemizing them in the negotiating process until that point.
- Failing to Make a Counter Offer - Take your time to respond to an offer and talk it through with your agent. If there are critical issues that need to be discussed then speak privately with your agent and make a counter offer where appropriate. You do not need to do so immediately. Take your time over it first but always make a counter offer if you are to reject the initial one.
In short, negotiation is an art but one that must be mastered if you want to achieve the highest possible price for your home. Failing to negotiate at all can cost you thousands so make sure that you know what you are doing and go for it!
If at any time you have questions about selling real estate in Ulster County or the surrounding area, please don’t hesitate to contact Dylan Taft, Principal Broker/Owner, Taft Street Realty, Inc. - 845.687.9292 office or 845.380.3394 mobile.