Real EstateSelling Your Home? Keep a Cool Head When it Comes Time to Negotiate

The decision to sell your home might be one of the hardest decisions you ever have to make. The reasons can range from needing more space for a growing family, a move to a desirable neighborhood you’ve always dreamed of living in, or a desire to downsize after the kids leave home or when it’s time to retire. But oftentimes, the decision to sell is a result of circumstances that are having a negative impact on your life – divorce, the death of someone in your family, a job relocation, etc. Regardless of the reason, getting your house ready to sell and listing it on the market can be a busy, stressful time. And when an interested buyer decides to write an offer to purchase the house that you’ve lived in and presumably made some happy memories in … well that just might be when the hardest work begins. Negotiating on price can be difficult. And, even though Charleston SC may currently be considered a “Seller’s market, ” buyers today come more educated than ever when it’s time to make an offer.  That’s why you’ll want to keep these pointers top of mind when you and your agent start to negotiate a purchase contract on your home.

Take Pricing Out of the Equation

In a related post, we highlight some of the tips that Buyers should keep in mind – and this tip follows along with the top tip for them – take pricing out of the equation when it comes time to negotiate. As a seller, you can take price negotiations off the table if you’ve priced your home right the first time.  Your experienced Realtor, along with an appraiser, will help set the asking price for your home. In doing so, you will get early offers and may even get multiple offers, which will allow you to pick the best offer without having to negotiate the price at all. 

Come Prepared Knowing Your Goals

Know ahead of time the changes you are willing to do and not willing to do with your home. In the process of setting the asking price you and your Realtor have likely already taken into account any potential fixes the buyer may have reservations about. In order to ensure you get top dollar for your home, you should consider the repairs or updates that you can comfortably afford to do before you even list your home on the market. Taking away potential objections may mean you will have less resistance to your asking price.  Keep in mind that by pricing higher with the intent of coming down in negotiations for needed repairs, you could let a lot of buyers slip away due to the higher price. The better strategy is to price correctly knowing what issues the home has in hopes of getting an offer sooner – rather than never.

Leave Your Emotions at the Front Door

Keeping your emotions out of the negotiating room ensures nothing will blindside you and take you off of your game plan. Negotiations can bring out the worst in the people involved, so expect the unexpected and don’t let that interfere with your end goal. Buyers may lowball you, they may ask you to leave a valuable family antique with the home, or you may get a random request out of left field. Luxury buyers often inquire about also including all of your furnishings, your car – or even the golf cart! Regardless of the request, knowing what your plan is will keep you on track. If your family heirloom stays with you no matter what, then it is just a matter of you stating that you will not offer it as part of the sale. In the event you happen to get a lowball offer, you should not get offended by the offer, but instead respond with a reasonable counter offer. When you are not letting your emotions get in the way of the negotiation process you are in a better position to think clearly and make a decision that will help close the deal.

Work With a Professional

The best advantage you can bring with you to the negotiating table is a professional real estate agent who is trained to negotiate on your behalf and will come into the process without any emotions clouding their judgment.   An experienced real estate agent will negotiate on your behalf with your best interests in mind. In Charleston, inventory is tight and buyer’s feel the pressure of limited inventory.  A good Realtor will be able to confidently make the case that your house is indeed priced correctly and provide comps to back it up. By keeping yourself one step removed from the negotiation process and letting your agent handle the negotiations there is less emotional involvement for you and the competitive “must win ” attitude also will be reduced. The end result is a negotiation process that help both the buyers and the sellers achieve their goals.

NOTE:  The decision to sell your home comes with a lot of “moving parts. ”  The journey from deciding to sell – to choosing an agent – preparing to list – remaining “show ready ” – and, negotiating an offer, can be a long and exhausting one. You have likely had to make a lot of difficult decisions along the way. Oftentimes, that is exactly the reason why it is easy to lose your cool at the negotiating table. And, why seeking the guidance of a qualified agent that is experienced in the Charleston real estate market might just be the best decision of all.  If you’re thinking about, or in the process of selling your house, start by having a look at our “Ultimate Guide To Selling A Home ” for ways to prepare your house and attract buyers …