Contact MargaretNegotiating Skills Are Essential for Crofton Home Sellers
May 12th, 2008 Categories: Crofton Real Estate
CROFTON HOME SELLERS – In a Buyer’s Market like we have today, home buyers don’t just hope you will compromise your home-selling goals – they EXPECT you to accept a lower price, offer more incentives, and meet their timing demands.
By definition, a Home Buyer’s Market is one in which economic and psychological conditions favor buyers rather than sellers.
A buyer has many options in this scenario, because there is a large inventory of homes available – and several sellers are seriously competing to attract a very small number of qualified buyers. Today’s sellers offer closing help, free condo fee for a year, buyer’s choice of new carpet, a discounted price and other incentives that say “please choose me!”. Even though buyers may love your home, they do have many attractive alternatives if you don’t accept their offer.
Negotiations actually begin when you put your home on the market, because that’s when you make YOUR offer to prospective buyers. That’s why Pricing Your Crofton Home for Sale is so important, including your offer of incentives to the buyer.
Crofton home sellers, you should take any offer seriously, even if it is not attractive to you initially. In this 2008 buyers’ market, in fact, you can probably count on a low offer. If you say “no”, the buyer can say “adios” and move on to another home without further negotiations. Unlike 2004, buyers now have many homes to choose from, and this is what gives them so much power!
My suggestion is this: Find something you like in the offer, focus on it, and make a counter-offer on any terms that are unacceptable. ‘Truth is, the buyer is probably expecting a counter-offer – it is likely they will be happy to get some of their offer accepted as written.
When I am your listing agent, I will present any offer to you, discuss it with you, help you evaluate your options, and together we will craft a counter-offer that acknowledges the acceptable terms and addresses the unacceptable ones. You will have a ratified contract only after both parties come to agreement in writing and all contingencies are satisfied.
That last phrase is the “kicker” – there are other moments of reckoning between contract and settlement that sometimes trigger renegotiation, including appraisal, home inspection, and pre-settlement walk-through. That’s why it’s more important than ever to be represented in negotiations by a tireless and effective advisor and advocate.
If you’re thinking of selling your home in the Crofton area or ANYWHERE in Anne Arundel County and nearby Prince Georges or Howard Counties, give me a call. We can talk more about negotiating strategies and other factors impacting your home sale. In the meantime, here are the earlier blog posts in this Monday series of posts for home sellers:
A SOLD Sign in Your Crofton Front Yard
Factors That Impact the Sale of Real Estate
Pricing Your Crofton Home for Sale
Five Things Crofton Home Sellers Must Do
Coming Monday, May 19: The single greatest factor affecting your home sale
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Margaret,
Thanks for stating so clearly what all buyers and agents need to recognize. My experience is that folks are enormously resistant to change in the real estate market and they want to do it just like they did it the last time - or like their best friend or cousin did it five or six years ago. If I ever need to recommend an agent in Crofton, you will be my #1 choice.
Michael
Michael, we just experienced this first-hand when my daughter tried to buy a FSBO in Texas this weekend, while I was visiting. The sellers seemed to be in complete denial, as you suggested.
Thanks for your comment.
Margaret, your links to series of posts is a great source for home buyers and sellers. I aspire to bring timely advice like this to the Massachusetts region and always enjoy hearing your insights. Negotiation skills don’t get the respect they should. I see way too many agents unintentionally giving away motivations and flexibility of their clients at the wrong times. It is a tough trait for us to sell to our prospects, but the results will speak for themselves. Great info.