How long has your home been on the market? Three months, six months, it's not surprising if it's been on the market even longer but it is time to take a very serious and hard look at what it is going to take to get your property sold. Perhaps, you've reduced the price a couple of times and you're asking yourself, "how much lower?" It is a buyer's market afterall, and therefore, they do have an advantage but that should not mean you have to accept an unreasonable and unrealistic offer. Be prepared for a buyer who might very well present a very low offer, even as much as 10% or more below the listing price.
First and very importantly, Do Not Be Offended, Do Not Take It Personally. Instead, view the offer as an opportunity to begin discussion and start negotiations. Do not slam the door - Negotiate!
Remember offers are a negotiation game and recognize that the buyer is serious by even making an offer. (That's important to keep in mind, the buyer is serious or there would be no offer.) Assess your own goals and determine how much you really need from the sale in order to meet your needs.
Have your Realtor keep a check on market conditions and try to determine if something has happened in the market to cause a buyer to make such a low offer. It is just as important for you, the seller, to keep a check on inventory in your own neighborhood. How are similar homes priced? How does your home compare to the other homes in your neighborhood. Are you too high?
Negotiate!!! Keep it going as long as possible. Trust your Realtor and clearly communicate your limitations. If you are facing financial distress, be open with your Realtor who is working on your behalf to provide professional guidance and get the best possible price. Let your Realtor know if you may need to do a short sale, talk about your payoff if you think you may be headed for foreclosure. You and your Realtor could very well work out a listing price that will get your property sold to ward off any serious financial trouble. Work together and ensure the selling agent that you do want to work with them. Stay engaged in the process as long as possible. Make your final offer but keep in mind that you do not want to lose a buyer over a couple of thousand dollars. Also, the selling agent should remind the buyer of the same thing. The difference in a mortgage payment is very small if the deal comes down to a few thousand dollars difference.
And probably the most difficult thing to do is to be patient with the process. In a market where inventory is higher than normal and foreclosures have increased the levels even more, selling takes time. Work together to reach a fair and reasonable deal. This is good advice for buyers too - work with sellers to reach a fair and reasonable deal. Understand that not everyone is desperate to sell and what is happening in one market is not at all, what might be happening in another market. Let the actual sales data tell the story and then make your decision based on tangible market information, this goes for both buyers and sellers.
Sellers should also consider other options rather than always reducing the price. If your property is priced right, consider offering a Home Warranty for the buyer or paying a certain amount toward closing costs.
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Donna Yates
Georgia Realtor
North Georgia Blue Ridge Mountains
Coldwell Banker High Country Realty
706-633-0644 cell
800-307-0777 x252 office
email: donna@ellijay.com
websites: www.move2northgeorgia.net | www.buynorthgeorgiarealestate.net
Realtors at Coldwell Banker High Country Realty consistently demonstrate strong negotiation skills. The average list to sales ratio is consistently higher among Coldwell Banker High Country Realtors when compared with other similar companies. This is a strong indicator of great negotiating skills.
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