Negotiating Tips for Sellers

Some people are born hagglers, but for many, negotiating can cause anxiety – which can be heightened when you’re dealing offers on your home. On one hand, you want your property to sell quickly, but you don’t want to compromise beyond your comfort zone. While negotiating the sale of your home can be stressful, there are a few things you can do to keep the process amicable. 

First, don’t take anything personally, and give buyers the benefit of the doubt. It’s unlikely someone is trying to cheat you if they’re truly interested in purchasing your home. Always consider the buyer’s motivation. A buyer who points out flaws on your home or submits a low offer may actually be giving you valuable feedback, even if you end up rejecting the offer.

Be upfront whenever possible to establish trust between yourself and your potential buyer. Be honest about damages, repairs, and any other cause for concern. Most things come out eventually, through inspections or by accident, and once your buyer doubts you, the deal may be dead. If an inspection reveals unexpected problems or your buyer points out an unknown flaw, reduce your asking price to offset the cost of repairs.

Make a counteroffer. A buyer might test the waters to see how much you’re willing to compromise, so rather than get offended, let them know what you’ll accept. Consider the buyer’s perspective and reduce your price, or explain your rationale for the price you’ve set. If you see the potential to make a deal, get creative and negotiate on other fees, like broker’s commission or closing costs.

Consider the cost of holding out. Every day your home doesn’t sell, you have to pay the mortgage, keep up the property, and expend time and energy to find a buyer. Compromising on a few thousand dollars might be better than dealing with a few more months of trying to sell your home. 

There’s bound to be emotion involved when you sell your home, but you don’t have to let it interfere with making a good deal. Take your time, consider any reasonable offer, and weigh the pros and cons of compromise. Then, get ready to negotiate!