Any Offer Is A Good Offer In The Roy Utah Real Estate Market
Posted by Lisa Udy on Monday, April 25th, 2011 at 2:56pm.
In real estate as a seller, anytime you receive an offer it's a good offer. Now, don't get me wrong, I'm not implying you should accept any offer that comes your way, I'm just stating that if you receive an offer it's the start to helping you meet your goal of selling your home.
The Roy Utah real estate market, just like other markets across the nation have declined since the recession limiting the buyers pool. If you can get an offer to start negotiations, you're sitting better than half of the other sellers on the market.
Buyers know that home sellers today are on the ropes, and many times they try for the knock out punch with a low offer. This intial offer, most of the time, is a starting point to gauge the waters. They will submit an initial low offer to see if the seller is willing to negotiate, I know because I use this tactic with many of my buyers.
I instruct them to test the waters and see how it pans out knowing full well that my buyers will become more realistic if the seller is willing to play a little ball. Here are some tactics you can use as a home seller to get those lowball offers more realistic:
Use The Buyers Emotions Against Them
With the amount of homes on the market in today's real estate markets, buyers are very picky with the offers they write. If you receive an offer, the buyer most likely has an emotional attachment.
When they saw your home, there must have been something they found to be special to them. Try to keep them reminded about that initial emotional connection when they first fell in love with your home.
If the buyer loses focus on why they wrote the offer in the first place they may not play the negotiation games. Be sure to let the agent of the buyer know that they should come back for a second look, and any recent upgrades or add-ons you've done. Let the buyer know how well you're taking care of your home and that you're only moving due to necessity, not because you don't like the home.
As a seller, don't let a buyer offend you with an offer. Keep in mind, an initial offer almost never gets accepted and buyers know that. As long as you're willing to negotiate, you should be able to get a buyer to increase their offer. How much depends on your negotiation strategies.
Be Thankful For An Offer
When I represent a seller, it's my duty to market a home for sale for the best possible price in the shortest amount of time. Not every home, no matter how much marketing is done, recieves an offer. You should be thankful for an offer no matter what the terms. Once you get an offer you are now able to negotiate. It's important to thank a buyer for considering your home and letting them know you're serious about selling.
If they feel you're unreasonable, the buyer will most likely walk away. Be sure to let them know you are pleased they liked your home. You don't have to give your home away, that's not what this is about. Thanking a buyer for an offer shows that you understand they didn't have to choose your home, but they did and you're going to be reasonable in your negotiations to the best of your ability.
Never Reject An Offer
Even if an offer is utterly ridiculous, you should always counter back. In your counter you can take two roads. You can counter back at full price to let the buyer you're not going to play his games, or you can take a step towards a reasonable negotiation and give the buyer a little off on your asking price.
If they buyer rejects your offer so be it, at least you tried. However, you never know where a buyer will end up so keep them on the line until you've axhausted all avenues. If you can't budge on your asking price, maybe throw some furniture in the deal, or some extra appliances.
Remember, today's real estate market is full of Roy UT short sales and Roy bank owned homes, you have a lot of tough competition out there. If you receive an offer, take it seriously and don't let it hurt your feelings if it's low.
Always counter and play the negotiation game until you've tried everything to make the deal work. If you can't budge on price, offer other incentives, you never know what might work
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