At the heart of every real estate transaction are two opposing forces: sellers, who want to the highest profit, and buyers, who want to pay the lowest price for those same homes.
Somewhere in the middle is the amount of money the home is worth — is the seller being paid enough to give up their Shangri la and does the buyer feel she’s getting a home at fair market value?
But how to find a middle ground? Read on to learn how both parties can get what they need in a real estate transaction.
1. Price your home right
You want the right buyers looking at your home. If you price your home too low in the hopes that it will get bid up, you may find a class of buyers coming through who can’t afford your desired selling point.
If you price it too high, those who take a look will be disappointed in what you have to offer. And homes that sit on the market too long from overpricing are often considered undesirable.
2. Do your homework
Review comparable sales in the neighborhood so you know the home’s value and can back it up with numbers.
3. Be flexible
If you’re willing to work with a buyer on closing date, make small concessions on updating appliances, you’re more likely to get top dollar.
4. Have your financials in order. When the seller is picking the winning bid, she’s not just looking for the highest bid. She’s also looking for a stable buyer whose offer won’t collapse later in the game.
5. Make an offer quickly
If you’re a serious homebuyer and you’ve found your dream home, act serious and make an offer. Most sellers want to sell quickly. If you can prove you’re earnest about buying, a motivated seller may be more flexible in price.