After getting offers for your property, your next plan of action would be to decide on whether to accept or present a counteroffer. If you decide on the latter, know that you have the option to counteroffer at full price. Now, the next question would be how to know when the time is right to do so. You need to choose whether to wait for more buyers or to accept the less-than-ideal offer.
Here are several tips on when to sell your home at full price:
Many potential buyers may have better offers
See how long a property can stay in a listing and if there’s an option to list it for longer. Especially if your home is in a seller’s market, it’s almost certain that you’ll get more viewings and potential buyers that may be worth the wait.
It may also just be a matter of budget, where potential buyers are hoping to get a better deal. They will be looking at a number of factors, such as the house’s features, in case they’re looking to repair or replace something on the property. They may also want to see if you’re amenable to contributing to their closing costs. Whatever the case, it’s worth a second conversation with them to see if there’s an opportunity you can present them with so you can reach a better deal.
The property is well worth it
This applies especially to newly built homes in great locations. But even if it has been a while since your last home renovation, as long as all things are in optimal working condition, this will still add to the property’s worth. You may also want to know the reason behind the potential buyer’s interest in the house, particularly if you’ve been informed about their preferences and priorities.
Should you decide on presenting them with a full-price counteroffer, be sure to highlight the value of what they’re paying for. Recap the benefits of the neighborhood, how accessible it is, and that it’s worth investing in the comfort and peace of mind that a good house can give them.
It’s an educated gamble
Perhaps you’re just curious about how the potential buyers may react, and if they could afford the full price, after all. There are a few helpful factors to consider here. First, be sure that they have a genuine interest in the property.
Also, expect both parties in any sale to try to get a better deal. In offering a lower value, potential buyers provide you with a chance to present your full price as a counteroffer, if only to confirm that they’re willing to raise their own offer.
Buyers go low, while sellers go high
It’s only natural: You can always expect buyers to go lower than your asking price, and they’ll wait for you to either agree or make a counteroffer. Chances are that they may also be able to match your initial price off the bat, but you can’t blame them for trying to get a lower rate. The only way to know for sure is if you counter with your full price. It’s an educated gamble – if you’re confident in their interest in the property, you can take this as an opportunity to convince them to buy at full price.
In a competitive seller’s market, the likelihood of getting full-price offers right off the bat is moderately high. Knowing that there would be other interested parties, they could make an offer that matches your price.
Here are some things to keep in mind when negotiating with your potential buyers:
- Take time to process everything. While real estate is understandably fast-paced, you can still take a few moments to think about your options, whether you’re selling or buying. This is your chance to take a step back and consider offers and how you will move forward.
- Be honest and upfront with potential buyers. When it comes to responding to offers, it helps to be transparent about how your listing has fared so far. Let your suppliers know if multiple parties are interested in it. This also informs potential buyers of how much time they have to make a better offer if they’re open to it.
- Remember to be polite despite the nature of the business. Being strictly professional in the duration of your real estate transaction is good, But, at the same time, you should temper this apparent stiffness with common courtesy. Make the right balance, especially when preparing a house for sale. At the very least, buyers will be more likely to think of the property as a home if they’re warmly welcomed to it. Whether you’re accepting or rejecting their offers, be sure to thank them for their interest and, if applicable, congratulate them on their future home.
Looking for more real estate tips? If you’re a seller staging your house for a virtual tour or getting ready for a home inspection, reach out to Heritage Realty Group for all your real estate needs. Get in touch with our team at 814.231.0101 or send us a note here.
