The Boston Globe had an article on the front page with the headline of “Buyers Market.” It seems that in the past year buyers are reverting to making “low ball” offers way below the market value, since it is a buyers market, hoping that they may get a deal. Sellers need to react to these offers in a calm sensible manner.
Sellers should not feel insulted by these offers. They should be happy to receive an offer on their home because that means that the buyer really likes the home otherwise they would not be making an offer in the first place.
The seller should remain calm and try to work with the buyer to find a price that works for both sides. In today’s market the seller should not simply say “NO” to anything.
The best way to negotiate is to find out more about the buyer. Do they really want the house or are they just trying to see if they can get a deal? Can they afford to pay more or is the offer they presented the best they can do? Are there other ways to close the gap between buyer and seller? The seller should re-examine the price of their home…is it comparable to other homes on the market right now?
The seller should respond with a reasonable counter offer and try to make the deal work. A lower offer can easily turn into an agreeable sale for both the seller and the buyer.
For more information about real estate or to get a free comparative market analysis of your home, please contact Stacie Yellin.
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