Tips to Help Negotiate a Higher Selling Price for Your Home
By John Voket
These days, with shortages in pre-owned home inventories across many communities, it's a seller's market. With that in mind, a recent post from Wisconsin's Dan Miller of madcitydreamhomes.com caught my eye.
Miller believes with the right negotiating strategy, there's no reason why a home seller and his or her Realtor® can't arrive at a final price that is markedly higher than the list price.
To that end, here is a sampling from Miller's Tips for Negotiating the Highest Possible Selling Price:
— Be helpful and easy to work with. Buyers are generally open to negotiating with someone whom they perceive as helpful and likeable.
— Proactively and openly communicate with all buyer agents who have showings to date. Your agent's job is to encourage as many people as possible to write an offer,
and should let each showing agent know about the tremendous amount of interest in your listing.
— Justify a selling price that is far above the list. It's not recent sales in the area that will establish the final selling price - in this fast-rising market sold comps are often old news. Miller says it's the momentum of the market that's setting the price on your home. With high demand and low inventory, several different buyers are competing for your listing. These real-time market dynamics ultimately determine the final selling price of your home, not the sold comps.
— Provide all parties with a status update when your first offer comes in. You agent should call and email each showing agent, letting them know a window they have to submit their offer.
— Finally, Miller suggests that you negotiate and accept a secondary offer once your primary is accepted. This is a great tactic for your agent to employ in the event a primary offer falls through. It also gives you a position of strength as you negotiate around the home inspection with primary. With a solid Plan B, the first buyer may choose not to quibble with you over minor issues that arise during the inspection.
This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.
Reprinted with permission from RISMedia. ©2013. All rights reserved.