As mortgage rates are starting to reduce and buyers are starting to come forward in greater numbers, if you’ve been thinking about putting a ‘for sale’ on your front lawn and selling, now might be the time. That said, with a lot of factors favouring buyers right now, sellers understandably want to get the best deal for their property.

This involves negotiating your home sale and prioritizing receiving top dollar. Here is how you can do exactly that.

Hire A Real Estate Agent

As much as you may want to go it alone, an experienced real estate agent knows the ins and outs of buying and selling. They can advise on the local real estate market and assist with negotiating the best price for your needs.

Research The Market

Understand the market realities. A poor negotiator will not close a sale for their home and will continually lose buyers to other properties. Prepare beforehand by getting to know today’s process of buying and selling better, understanding your home’s value, and not setting unrealistic pricing.

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Don’t Accept Any First Offer

Most experts will say to reject the first offer received from a buyer, unless you absolutely need the property gone. This is where you want to start negotiating.

Make A Counteroffer That Is Reasonable

Make a counteroffer with a higher price to an interested buyer. You want to appear flexible and willing to negotiate as well, and present yourself as willing to help close the deal under the right terms.

Establish An Expiration Date

Provide an expiry date on any counteroffer typically 3-4 days. This is a strategy that speeds up the process and will help push the buyer to make a decision on how they want to respond.

Tailor Your Negotiation To Buyer Motivations

Learn why a buyer is interested in your home. A motivated buyer may want to negotiate something other than price based on their priorities. Work to tailor the negotiation to what a buyer’s priorities are rather than it being a debate around price.

Keep Your Emotions In Check

Do not let personal feelings impact decisions in the negotiation. Focus on what the facts are and market data. Approach your home sale logically.

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Request A New Offer

If you don’t want to present a counteroffer, you can ask the prospective buyer to submit a new bid. Especially if they submitted a bid under the asking price, requesting a new offer asserts you are set on the listing price.

Offer To Make Repairs

Have a home inspection done. If there are repairs that need to happen before a buyer wants to purchase, offer to do those repairs for them to simplify the process. This saves them the time, effort, and money of having to do that and can further boost your home sale takeaway.

Decide Who Pays Closing Costs

Closing costs can be as much as 4% of the purchase price. A buyer who does not have enough money to close the sale with closing costs included may ask the seller to pay for them. While you can reject this, another approach is to accept paying the closing costs but raising the purchase price accordingly.

Both sides – buyer and seller – deserve what’s most fair in a real estate sale negotiation. Do you need help negotiating your home sale as a seller? Call us at Adrian + Andrea today at (416) 319-6893 or email info@adrianandrea.com.