HOW TO NEGOTIATE PRICE AS A HOME SELLER

HOW TO NEGOTIATE PRICE AS A HOME SELLER: DO'S AND DON'T FOR SELLERS

​Written by: Ronald L. Miranda   Updated January 4, 2023
TexasMLSBroker.com, Broker & CEO ​

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As a home seller, setting and negotiating the price of your property can be a challenging task. You want to get a fair price for your home, but buyers also want to get a good deal.

To successfully negotiate price, consider the following tips:

1. Set a fair list price: To show that you are willing to negotiate, consider dropping the price slightly, but not below fair market value. Alternatively, consider offering alternative concessions, such as including appliances or paying for closing costs.
2. Keep the process professional and neutral: Avoid discussing your personal life or selling situation with potential buyers, as this can damage your negotiation power.
3. Don't let the process drag on: If a buyer is nitpicking or taking a long time to make a decision, it could be a sign that they are stretching their budget or have other concerns about the home. Two rounds of revisions is usually sufficient.
4. Get expert help: If you're not a real estate expert, consider hiring an agent to represent you. Home Bay has partnered with Clever Real Estate, which can match you with pre-vetted, local agents for a 1% listing fee. This can save you thousands in fees and give you the best chance of successfully selling your home.
5. Do your research: It's important to have a good understanding of the current real estate market in your area and the value of similar homes that have recently sold. This can help you determine a fair list price and know when to hold firm or negotiate. You can also use online tools and resources, such as real estate websites and local property records, to gather more information.
6. Consider the condition of your home: The condition of your home can greatly impact its value and the offers you receive. If your home is in good condition and has been well-maintained, you may be able to ask for a higher price. On the other hand, if there are significant repairs or updates needed, you may need to be more flexible in your pricing.
7. Be prepared to compromise: While it's important to get a fair price for your home, you may need to be prepared to make some compromises in order to move the sale forward. For example, you may need to be flexible on closing dates or include certain appliances or fixtures in the sale.
8. Don't be afraid to walk away: If a buyer's offer is significantly below your asking price and you can't come to an agreement, it may be best to walk away from the deal. While it's important to be open to negotiation, it's also important to be firm on your bottom line. If a buyer's offer is not in line with the value of your home, it may not be worth your time to continue negotiations. Remember that there may be other buyers interested in your property, and it's okay to wait for a better offer rather than settling for less than you feel your home is worth.
9. Get a second opinion: If you're unsure about the value of your home or the fairness of a potential buyer's offer, consider seeking the advice of a trusted real estate professional or appraiser. They can provide you with an unbiased opinion and help you make informed decisions about the price of your home.
10. Be patient: The process of negotiating the price of your home can take time and may involve multiple offers and counteroffers. It's important to remain patient and keep an open mind throughout the process. With a little persistence and understanding, you can successfully negotiate a fair price for your home.