Our Real Estate Blog
A home selling negotiation may seem like a major hassle, particularly for property sellers who want to find a buyer as soon as possible. Fortunately, a prepared home seller will be able to streamline the property selling cycle as well as get the best price for his or her residence.
What does it take to complete a successful home selling negotiation? Here are three must-haves that will ensure any home seller can finalize a successful negotiation quickly and effortlessly.
1. Housing Market Data
Understanding the ins and outs of the housing market can help an ordinary home seller become an exceptional one. As such, if you allocate the necessary time and resources to collect housing market data, you may be better equipped to enter a negotiation as an informed home seller.
Housing market data is readily available – you just need to know where to look for it.
For example, home sellers can examine the prices of recently sold houses that are similar to their own. By doing so, home sellers can see how their house stacks up against the competition – and whether the price a homebuyer wants for a residence is in line with similar properties.
2. Realistic Expectations
Let's face it – as much as a home seller would like to enjoy a fast, seamless negotiation with a property buyer, many hurdles may delay a home sale. But a home seller who establishes realistic expectations before a negotiation begins may be able to minimize stress.
For home sellers, it is important to understand that a negotiation must meet the needs of both a property buyer and seller. And if you consider the homebuyer's perspective, you may be able to enter a negotiation with an open mind.
Furthermore, a home seller should be unafraid to walk away from a negotiation if necessary. Although exiting a negotiation is far from ideal, it is important to remember that it is always an option. Thus, if a negotiation reaches a point where you start to feel uncomfortable, you can always walk away and relaunch your efforts to sell your house.
3. An Expert Real Estate Agent
No one should be forced to enter a home selling negotiation without expert assistance. Luckily, real estate agents are available in cities and towns nationwide, and these housing market professionals possess the skills and know-how to assist home sellers during negotiations.
An expert real estate agent will serve as a liaison between a home seller and homebuyer. He or she will provide honest, unbiased recommendations throughout each stage of a home selling negotiation, ensuring you can make informed decisions along the way. Perhaps best of all, a real estate agent is happy to respond to any home selling concerns and queries – without exception.
Want to take the guesswork out of negotiating a home sale? Consider the aforementioned factors before you begin a home selling negotiation, and you can improve your chances of securing the best price for your residence.
If your home is on the market, you may wonder why it hasn’t moved off the market. There are many ways to make adjustments to the price of your home, but if not done correctly, you could sabotage the sale of your home. Let’s say that you have your home as an FSBO (For sale by owner.) Buyers may wonder what’s behind the price of the house. Does the seller genuinely want to move the home to the sold category quickly? Why has the home been for sale so long?
You could face the same problems if you’re working with an agency. The difference is that s a seller, the agency is by your side, helping you to make the right decisions when it comes to pricing your home.
You need to be realistic when pricing your home as a seller. Of course, you want to make a return on your home. Of course, you think your home has great value. The critical point is that you need to understand the state of the market along with the neighborhood your home is located. So much goes into the pricing of a house.
Along with your agent, you can do some investigating to see where some improvements could be made in marketing your home. Look at the following:
How has the house been received on the MLS?
Are the significant benefits of the home highlighted?
How many open house opportunities did buyers have?
Are there good pictures of the house online?
Do the signs leading to the house stand out?
Can you add anything to the marketing of the home like a virtual tour?
While real estate agents have general guidelines as to how a home at a certain price point should be marketed, you can always be your own advocate.
The Consequences Of High Pricing
If you price your home too high, there are some consequences. Your home will stay on the market for an extended period of time if it's overpriced. Buyers will wonder why the house has been listed for so long, wondering if there’s something wrong with the property. Buyers will wait even longer to bite on the home in these circumstances because they are waiting for a price drop.
The best thing you can do in this circumstance is to take your home off the market. Work with your real estate agent. He can let you know whether it’s a good time to re-list the home. Perhaps you can make some improvements to the property in the meantime. A fresh listing and a clean look at the house may help buyers to find the property more easily at a price that pleases them!
If you're selling your home mostly as is, with carpet that's a few years old, you'll need to give it a complete and thorough cleaning before you show the home. Even if you recently installed new carpet, you may have had to continue living in the house with your pets before you put your home on the market.
Don't skimp on the carpet cleaning. A basic vacuum job is not going to be enough to remove any pet hair or dander tracked around by your dogs or cats. Hiring a carpet cleaning service will save you time but will require more of a monetary investment. If you want to clean the carpet yourself be very thorough and detail oriented.
First, make sure your vacuum is emptied and cleaned to remove any hair or dander inside. Vacuum all the large areas of the carpet before moving on to the edges around your baseboard. Move slowly around the baseboard with a narrow hose attachment and look closely to make sure you're removing all debris (especially stray kitty litter!). If you have multiple pets or full-time indoor pets, you will likely need to go over your carpets 2-3 times to completely remove hair from all the fibers. Don't take a shortcut, take the time to prepare the carpet for cleaning thoroughly.
Second, rent a carpet cleaner from your local hardware store or grocery store. In most cities carpet cleaners are readily available at large grocery and hardware chains for a daily rental fee. Rental companies typically provide the cleaning chemicals for purchase along with the rental. Consider purchasing a spot-treatment compound as well. When you start moving furniture you might find some unknown stains you'll need to remove. Spend the few extra dollars to rent the machine the night before you want to clean so you can start on your carpet early the next day.
Third, starting top down (if you have a multi-story home or unit) clear out furniture as much as possible from the initial rooms you want to clean. Be aware that the carpet will need time to dry so this project will take multiple days, depending on your home size. When working in bedrooms start early in the day to allow ample drying time so you can replace beds in each room and get a good night's sleep for the second day of cleaning. Before you start in with the machine check the carpet thoroughly for stains and apply the stain treatment before you clean the entire carpet, this will allow the chemicals time to penetrate the fibers and lift the stain for the best possible results. Once you treat the stains (following the directions on the chemical you purchased), begin carefully going over the carpet one row at a time. Make sure you overlap your rows and always move the machine in the same direction.
It will be difficult to see results before the carpet dries, but you should be able to gauge stain removal when the carpets are about 50% dry. Check the stains you treated and see if you need to apply a second treatment to minimize them further. If you expect your buyer to replace the carpet, it may not seem worth it to spend additional time on one stain. Even if they plan to renovate, many buyers have a difficult time imagining changes to their space without imagining themselves in it. A clean canvas can make the difference to whether or not someone sees themselves in your home.
Lastly, check your carpets for any areas that your pet (cat) has scratched up. If needed, trim a handful of fibers from an area of carpet that is unlikely to be seen such as the back of a bedroom closet. Trim the knap carefully, so you're only taking the top of the fiber and not creating a bald spot in a new place. Then take the trimmed strands and attached them to the damaged area with a hot-melt glue until you've covered all the scratches.
With fresh flooring, beautiful carpet and a clean canvas of walls and doors your home is ready for show. One last tip! If at all possible remove your pets from the house before you have prospective buyers over. While an animal in the yard is okay, the presence of animals inside may cause your buyers to worry about damage even if you have made the necessary repairs. Ask a friend or neighbor to house your cats and indoor pets during the open house, so you have the opportunity to best show off your home.