When you listed your home for sale, you worked with your chosen Realtor in making your home neat, clean and appealing to prospective buyers. And you both believe you have the home priced right on the money. Even though you hear and read that there is a severe shortage of housing, do not count on a buyer being willing to pay the full asking price. Be prepared to negotiate.
When you negotiate, it does not necessarily mean that you are the winner and the buyer is the loser. And it does not necessarily mean the opposite. Both of you, the seller and the buyer, can be a winner in a negotiation.
If a buyer makes a low priced offer, it is not a personal attack on you. The buyer is probably telling you that something is wrong. Between you and your Realtor, you need to find out what that is. Maybe the buyer needs the washer and dryer you were not planning on leaving. Maybe the buyer thinks you have the home priced too high for the neighborhood. Maybe there are some items that require updating to bring the home into line with the competition. You can do something about these things. If the location is bad, all you can do is adjust the price.
But either way, you need to find out what is stopping the buyer from making an acceptable offer.
We have overcome speed bumps like this in the past with a few strategies. Maybe you could offer to help the buyer with closing costs instead of reducing the price. Maybe the peace of mind from a home warranty will do the trick. It all comes down to what their objection is. With most buyers a few extra thousand on the price will make a minimal difference. A $5000 difference on a mortgage will cost the buyer, at 4%, under $24.00 per month. It won’t cost them $5000 until 17 years later. If you can get the extra $5000 and keep the deal alive do so.
Do what you need to do and keep the deal alive if you can afford to do so. Then begin to look for your next home at www.55plusinocean.com or call us, Bunny and Art Reiman – Realtors, at 732-616-6226