Real Estate Tips From a New Homeowner

Many home negotiation tips are geared toward home buyers. However, negotiations involve more than one party, and in the case of a home purchase, negotiation involves the buyer and seller. As a property seller, you also need to up your negotiation game if you don't want to be shortchanged. Below are some specific tips you can use to negotiate with a home buyer.

Understand Your Property 

You need to understand your home and neighborhood. You should especially focus on the things that may help you upsell your home. You should know whether the quality of the neighborhood schools, the age of your property, your home size, among other things are good selling points. That way, you will also be able to answer your potential buyer's questions and assuage their concerns during the negotiations.

Negotiate Everything

Although the price is the main point in a home-sale negotiation, it is not the only point you should focus on. A good home-purchase agreement will spell out the conditions and expectations of the buyer, and you can negotiate on them too. Your respective contingencies, the closing date, and the repairs, among other things, are some of the things you may negotiate. For example, in some cases, it may be profitable for you to agree to repairs and not a price cut.

Make Necessary Concessions

A negotiation is only a negotiation if each side gives and takes. It is not a negotiation if you expect the buyer to give up their requests and stick to your demands. Even if you are not free to lower the price too much, you should be able to give some concessions in some areas. For example, some buyers will be delighted with you throwing in some appliances along with the home.

Know Your Limits

You should know the limits you will be able to go even before you begin the negations. Say you have listed your house at $325,000, how far are you willing to lower the price? This applies to other negotiable points, and not just the price. Determine what you are able to give up and nonnegotiable issues right from the start, so that you negotiate with those limits in mind.

Have an Expiration Date

Negotiations cannot go on forever; you should know when the negotiations are headed nowhere so you can try another client. That is why you should have an expiration deadline for your counteroffers. Let the buyer know this so they can make up their minds in time.

Of course, you don't have to do all the above on your own if you have a real estate agent. An experienced realtor will have all the tricks in the book as far as negotiating a home sale is concerned.