Everyone wants to get the best deal possible on their house, but in a buyers market it can be difficult to know when to stand your ground and when to give in. Especially if your house has been on the market for a long time, it can be tempting to take any offer that is put on the table. However, you don’t want to give too much, or you will come out of the deal smelling like a rotten egg instead of roses. Take these tips into consideration when examining and negotiating real estate deals in a buyers market.
1. Be willing to give on the little things. If you were planning on taking your appliances with you or selling them separately and the buyer wants to keep them in as part of the deal, go with it. Appliances don’t cost enough to make it worth arguing over, and it certainly should not be a deal breaker.
2. Be willing to give a little on the asking price. Your asking price is just that, a starting point that you are asking for. It should not be set in stone. If someone makes an offer within five thousand dollars of your asking price, take it. Even within ten thousand can be a good deal if your house has been sitting for a long time.
3. Be willing to work with the buyer on down payment and closing costs. You can get a much better offer in many cases if you stick to your asking price but make a “seller’s contribution” to the down payment and agree pay the closing costs. This way the buyer has to give up less money to get into the property, which makes them more likely to buy from you.
4. If your house has been sitting vacant for a long time, you will have a harder time selling it if you don’t budge in negotiations. The longer a house sits, the less it is worth. This is what makes today a buyers market in the first place. Keep in mind this fact, and be willing to give in on negotiations when necessary to get the house sold.
5. Don’t think you have to give in on everything. If someone wants to pay ten grand less than your asking price, have all appliances included, go with a lower down payment and still have you pay the closing costs, they are going too far. While you should be willing to be flexible, don’t let buyers walk all over you either. Other wise you will find quickly that you have made a deal that leaves you in the hole, all in the name of selling quickly.