You’ve decided to sell your home and are already having success, as homebuyers are already coming to you to negotiate on the price.
You are nervous, however; you can barely haggle with sellers at flea markets, let alone with homebuyers who are ready to offer you hundreds of thousands of dollars for your home.
Being wary of how to negotiate with homebuyers is fine, but rule number one, according to Speed Stick, is “never let them see you sweat.”
Selling your home is like selling anything else and when it comes to negotiating with homebuyers, the same rules apply.
How to negotiate with homebuyers: rule #1
Understand the buyer
When you are showing your home, feel free to ask the homebuyer questions like, “Why did you decide to look at homes in this area?” and “When are you thinking of moving into a new home?”
These types of questions might lead to extra information. If the homebuyer admits that they love the area and have always wanted to live here, or that it’s close by work or family, this gives you some inkling that the homebuyer really, really wants your home.
If they admit that they need to move ASAP because their lease is up in two months or that they are expecting a child and want to move into a home and settle before its arrival, this also indicates that time is of the essence.
How to negotiate with homebuyers: rule #2
Have a Comparative Market Analysis
If a homebuyer wants some wiggle room, the expectation is that you will bend, at least a little bit. If you are armed with a Comparative Market Analysis, however, one that stipulates how much the homes in your area are being listed and sold for, then this allows you to better explain why you settled on your selling price.
How to negotiate with homebuyers: rule #3
Keep your options open
Even if you are in talk with someone who is interested in buying the home, sometimes even the best laid plans tend not to work out. Keep showing your home to other homebuyers who are interested, but be honest about your current situation if you have a buyer.
How to negotiate with homebuyers: rule #4
Negotiations over the phone do not have the same appeal as they do face-to-face. This allows you to read the person’s body language and discuss issues at length, and has a friendlier feel, whereas telephone or email communication oftentimes leads to miscommunication.
How to negotiate with homebuyers: rule #5
Don’t get caught up
At the end of the day, your objective is to sell your home, not one-up the homebuyer. Come to an agreement that makes the both of you happy and close the sale.
Keep the negotiations focused on the sale, not your ego. Refusing to come down by a couple of thousand dollars and losing the sale sometimes isn’t worth it.
Other tips on how to negotiate with homebuyers?
Do you have any other advice for home sellers who are getting ready to negotiate the sale of their home? Please let us know in the comments below.
And if you are ready to sell your home, visit ComFree.com, where the customer service team will help you through every step in the home selling process.