Right now, the Triangle area market seems to be filled with either bidding wars or lowball offers; there hasn’t been a whole lot in between.
Though pricing can be a problem when it comes to homes sitting on the market, I think that one of the main reasons homes are taking a little longer to sell is due to neighborhood and market conditions.
When a home sits on the market for a longer period of time than we’d like, that usually gives buyers the green light to submit a lowball offer. What should you do if you receive a low offer on your home? Here are four steps you should take to make that lowball offer work for you:
1. Don’t be insulted by a lowball offer. Try to take each offer at face-value and refrain from reacting emotionally. It’s unproductive and not in your best interest to simply reject an offer immediately. Think of this as a starting point of the negotiation.
2. Respond gracefully. Determine what is most important to the buyer in this transaction. Is it price? Concessions? Closing costs? The condition of the property? Grace and consideration can go a long way in a negotiation.
3. Write a strategic counter offer. Once we’ve discovered what is most important to the buyer in this transaction, we will know which elements to factor into our counteroffer. We can negotiate by asking buyers for more money up front or fewer contingencies in the offer.
4. Negotiate other terms. Most of the time, the buyer is looking at one large number: the sale price. This is where we’ll attempt to negotiate with them and educate them on some of the aspects of the offer that they may not have considered so that both the buyer and the seller feel that they’re getting a good deal.
Determine what is most important to the buyer in this transaction.
If you have any questions about lowball offers or the real estate market in general, feel free to give me a call or send me an email. I’d be happy to help you!