Tips On Getting Better Offers For Your Home

October 20, 2021

Selling your home is likely to be one of the biggest financial transactions you will ever make in your lifetime. The price you agree on with your buyer, taking into consideration the costs you're likely to incur, will determine how much money you are likely to pocket from the sale of your home.

How can you get a better deal from your house sale? The tips shared in this article are likely to help you make a killing in this one-off real estate transaction.

1. Set Your Priorities

Before you embark on listing and selling your home, talk to your agent about your priorities in selling your property. Having a list of all your priorities will help you determine the best offer depending on the factors that are of most importance to your situation.

For instance, if your finances are not good, an offer from a buyer who wants repairs done before they purchase the home is not the best. You might prioritize a buyer who is not requesting repairs before assuming ownership. 

If the repair works needed are so conspicuous, you may have to lower your list price slightly to attract potential buyers who don't mind them.

2. Test The Waters

Even in a buyer's market, you can always list your home for higher than you expect it to fetch in the market, just to see how buyers react to the price.

Doing this helps you during negotiations, and you could as well land on the price you expected it to fetch. Better yet, it is possible to find someone who will make an offer at the higher price you set.

Tips On Getting Better Offers For Your Home
Photo by todd kent on Unsplash

3. Make A Counteroffer at Your List Price

Potential buyers are likely to make bids below your asking price. Sometimes, their bid may even be below what they are willing to pay, with the hope of stirring up a bidding war that could further lower the asking price.

The mistake most sellers make is to go for a counteroffer that is higher than the buyer's bid, but lower than the list price. They do this to show prospective buyers that they are flexible and ready to negotiate. Doing this will help sell your home, but won't help you get the best offer for it.

Instead of quoting a price lower than your list price, make a counteroffer by sticking to your list price, and defend it. Making a counteroffer at your list price is proof that you know what your property is worth, and you don't intend to sell it at a 'throw-away' sale price. 

A buyer who is really interested in buying your home and sees its value will make a higher bid for your property than their initial bid.

Inasmuch as you are likely to put off some potential buyers, you will avoid wasting time engaging with buyers who make lowball offers.

4. Create a Bidding War

When you're selling your home, make sure you schedule an open house. After listing your home on the real estate market and making it ready for showing, schedule an open house sooner rather than later before you start accepting offers.

During an open house, prospective buyers will see the kind of competition they have and are likely to make higher offers as a result. If you happen to get multiple offers on your property, look out for your highest bidders. Pick the best offer from among them depending on your priorities in selling your home.

You don't even have to get multiple offers. You may end up getting only one offer, but the good news is that the party offering it won't know that. This gives you an edge and gives you the chance to make counteroffers that could fetch you loads of money from the sale.

5. Highest Isn't Always the Best

The highest offer you get on your home does not always make for the best deal. Sometimes, the lowest price may prove to be the best offer if you consider the net proceeds from the purchase transactions after factoring in all the costs of making the sale, the time spent, and the risks inherent.

Before you get excited about any offer, investigate it to find out the net proceeds you expect to receive from the deal. Are you taking care of the closing costs? Are you expected to make costly repairs before selling the property? Will the buyer be making a one-off payment, or they will pay in installments? What are the risks involved in accepting that offer?

If you don't take a close look at these factors, you may end up picking the highest bid which eventually results in lower net proceeds.

6. Choose Your Agent Carefully

You can sell your home without a real estate agent. However, it's important to hire a professional to guide you through the sale, especially if you're an amateur at the real estate game.

One of the best ways to find a competent real estate expert is through references. Getting to know whether past clients were satisfied by an agent's services is one of the surest ways of knowing whether the agent will meet your expectations.

A professional realtor will ensure your home gets the best deal from the current market. The agent will help you stage your home, analyze the risks associated with every offer, and align these offers with your priorities as the seller.

Tips On Getting Better Offers For Your Home
Photo by John Schnobrich on Unsplash

Final Thoughts

Selling your home is a huge financial transaction you do not want to get wrong. It can get overwhelming, especially if you're not acquainted with it. That's why to get a good offer, you need the services of a professional real estate agent.

Discuss with your realtor your top priorities in selling your home. Are you selling because of a divorce? Or is it because you're relocating? Whatever the case, your real estate agent will help you get an offer that meets your immediate needs. You can test the waters by quoting a relatively higher list price and negotiate down to your desired price if you must.

When you are confident that your list price is the fair price in the current housing market, always bid at the list price and defend it. This will work in your favor especially if you succeed at creating a bidding war. Make sure that throughout the process you analyze the offers and weigh them against each other in terms of which one yields the highest net proceeds. With these tips, we are confident that you'll be happy with your sale.

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