12 Step Guide to Getting Your Home SOLD!
Welcome Back, Savvy Home Sellers!
Today, we begin Step 9 of my 12 Step Guide to Getting Your Home SOLD! Last time, in Step 8, we discussed advertising your home for sale. We discussed what types of things you should expect your listing agent to do to market your home for sale, tips for holding a successful open house, and what you as the home seller can do to market your home for sale.
Step 9: The Home Selling Negotiations Process
Today, in Step 9, you will learn about the process of negotiatons while selling your home. The negotiation process begins with the home seller listing his home for a certain price, and a potential home buyer submitting an offer for the home. The purpose of negotiations is to reach an agreement between the seller and the buyer that represents the interest of both sides. Today, you will learn some things to consider during the home selling process, as well as some tools to make your home selling process successful.
Things to Consider During the Home Selling Negotiations Process
Emotionally Detach Your Self from Your Home: When selling your home, it is important to remember to emotionally detach yourself from your home. You have many great memories in your home, but you do want to sell it, so it is important to be ready to move on. Doing so will make negotiations more successful for you as the home seller. If you receive an offer for your home that is lower than you expected, don't be offended. Keep the "big picture" in mind: You are trying to get your home SOLD.
Holding Costs: A seller should also calculated the holding costs associated with selling a home and keep that amount in mind when negotiating. For every month that your home is on the market for sale, you will have to pay another months' mortgage payment, another month's property taxes, and any other costs that go along with owning a home, such as utilities. Sometimes if you don't accept a lower offer now, you end up losing the buyer and the opportunity to move on with your life, and you may have to keep your house on the market longer; the holding cost amount that you are paying to keep your house for an extra three months or more may be equivalent to the difference between the amount you wanted to sell for and the buyer's offer that you didn't accept. Now you don't have the buyer and may have the risk of having a lower new offer or having to lower the price of your home if no new buyers' offers come up. That is why it is important to keep the holding costs of your home in mind; sellling your home quicker for maybe a lower amount than you were expecting may save you money in the long run, and you may end up making more money after all!
Negotiation Tools when Selling Your Home
Provide Allowances: In today's buyers' market, it is important for home sellers to make their homes as appealing to buyers as possible in order to get their homes SOLD. In addition to updating and staging the home to make it look its very best, a home seller may choose to use allowances as a negotiation tool to make his or her home more desirable for buyers. When a home seller gives the buyer an allowances, perhaps for new carpeting, the seller is promising to contribute to the cost of the renovation, in this case the new carpeting. Providing and allowance should help overcome some of the issues your house may have and provide an opportunity for the buyers to customize the house according to their taste, making the property more desirable to the buyer and making the buyer more likely to buy the home.
Offer to Leave Personal Property with the Home for Free: A home seller can also choose to use personal property as a negotiation tool to make the home for sale more appealing to buyers. For example, a home seller can include existing appliances like the washer and dryer with the purchase of the home. While this personal property cannot add value to the home on paper, it may add value to the home in the buyer's mind and may cause him to purchase the home.
Negotiating the sale of your home is one of the most crucial steps to getting it SOLD. There are certain things that a home seller must consider during the negotiation process, like not becoming emotionally attached, and the holding costs associated with the home. Also, in this buyers' market, there are some negotiation tools that a home seller can use to make his or her home appealing to buyers.
Next time, in Step 10, we will discuss home inspections. Home inspections are the number one reason home contracts fall through, so you'll want to be sure to catch this Step and know what to expect! Stick around!
Until Next Time,
Ana Spradling, Your Realtor with Real Results
When selling your home, you want to work with a Realtor who understands the negotiation process and how to make it successful for you. When you work with me as your listing agent, I will help you understand each step of the home selling process. I will help you understand how much your home is worth, and I will help you through negotiations to help you sell your home quickly, and at the highest rate of return for you. Learn more about my marketing plan to get your home SOLD and my services to home sellers, contact me at (913) 954-7123 or at ASpradling@ReeceAndNichols.com.