Spring market strategies you need to know
Getting lowball offers on a home that you’ve invested so much money and time in can be frustrating. I get it—the first thing you’re inclined to do may be to completely ignore those offers, and who can blame you? But even though you might not find it enjoyable, dealing with lowball offers is a necessary part of home-selling negotiations. If you don’t know how, don’t worry because today, I will explain how you can handle lowball offers in these three simple ways:
The first thing you should do when you get a lowball offer is to make sure your comps are correct. This means reassessing the price of your listing is around the same range as other properties in the area, because sometimes lowball offers may indicate that your home is overpriced. It is important to note, however, that when you’re assessing the value of your home, you also need to factor in the supply and demand, as well as the current rate of absorption in the market, in order to determine the actual value of your home.
Once you’ve re-checked and re-assessed your home’s value, the second thing you have to do is counter the offer. If the offer seems too low, I suggest that you counter it with a full-price offer. But whatever the offer may be, it is important that you counter the offer because some buyers may actually be able to afford your property even though they don’t make it obvious.
"Even though you might not find it enjoyable, dealing with lowball offers is a necessary part of home selling negotiations."
The third thing you have to do when dealing with a lowball offer is to negotiate the terms. You may find that some terms matter to you more than the price of the home itself. This includes your due diligence fee, due diligence timeframe, earnest money deposit, and your closing date. In this case, you may consider negotiating to adjust the closing costs, or there may be other things that can be addressed. But if you and the buyer aren’t able to agree during the negotiation, that is when you have to decline the offer.
So, if you’re planning to sell your home this spring, make sure you take note of my suggestions to get yourself ready to deal with lowball offers, especially if your home has been on the market for some time. If you have any questions about the spring market, please don’t hesitate to reach out via call at (828) 674-0900. Whether you’re buying or selling, I would love to walk you through everything you need to know.