While sellers may be benefitting from the state of our current Real Estate market, there are some ways that buyers may still have the upper hand.
This may not come in the form of dominating the market, but rather, tactical negotiation skills.
Want to get the best deal on your home sale? Read our expert tips on how not to get caught up in pesky negotiations.
Analyzing today’s market
Everyone’s minds are still ridden with pandemic related thoughts. Some buyers may still be hesitant to tour a house in person. However, with the help of today’s technology, it is not impossible.
With that being said, low mortgage rates still have buyers’ interests peaked and demand is high.
All the facts and figures point to sellers reaping the benefits. Read more on those numbers here.
To combat this, buyers have been researching clever tips and tricks in order to get the most out of their home purchase.
Negotiating selling price
First and foremost, we highly encourage sellers to research on what their home is worth.
After your Realtor runs a personalized comparative market analysis for you, it is then time to price your home for the current market conditions.
Home values are going up in Lakeland at a rate of 4.1% year-over-year. Add desperate buyers into the mix, and you may be able to pocket a substantial amount.
However, beware of pricing your home too high. If an appraisal comes in much lower, you could lose out on a deal.
One of the tricks buyers have been using when negotiating is to make an offer above asking price, but they ask for closing costs.
This may seem like a good deal, but it is essentially equivalent to another offer at asking price but offering to pay the closing costs themselves.
The lower offer is the one with less risk involved.
Have your Realtor run the numbers and keep in mind how an appraisal can affect the deal.
Closing deadlines, inspection periods, and earnest money deposits are all items sellers do not realize they have some leeway on during these times.
Buyers are likely looking to lock in a rate quickly and get settled into their new home before disaster strikes upon us again.
A large profit may not be at the forefront of your mind if you are motivated to move out quickly. And we can bet it is for the same reasons as buyers right now. Even so, you may be more apt to negotiate these contingencies.
To attract serious buyers, ask for a larger earnest money deposit, a speedy closing, and a shorter inspection period.
Just know that if you are presented with an offer that you feel is not up to par, another one will likely come along. It is a HOT seller’s market after all!