Tina McManus' Blog
Receiving a low offer on a home can be frustrating for a seller. But, you’re likely to see at least one or two offers on your property that are lower than you would like.
Right now, the housing market is filled with young professionals burdened with student loans, rising costs of living, and stagnating wages. So, it’s no wonder that they’re trying to save money anywhere they can.
In today’s post, we’re going to talk about what to do when you get a low offer so you can set yourself up for a sale that you’re happy with.
Don’t refuse outright
The first thing to know about low offers is that they can sometimes turn into something that both you and the buyer are happy with. Many successful home sales started at a number that the seller considered too low, but--through negotiation--was brought to a higher price and better deal overall.
Many sellers are uncomfortable with the idea of negotiation. Most people seldom negotiate prices unless they are buying a car, and even then would prefer to avoid the hassle.
For others, negotiation is a normal part of everyday life. Flatout refusing an offer, especially if you aren’t receiving many other higher offers, could be a missed opportunity.
Compare your asking price with similar homes nearby
Odds are that you and your agent have already done your research and found an asking price that is comparable in your neighborhood. But home prices fluctuate. To reassure yourself that your asking price is fair, take another look at homes up for sale that are around the same age and size of your home.
Take time to craft a counteroffer
Once you’ve had time to talk the offer over with your family and real estate agent (and maybe vented a bit), it’s time to come up with a counteroffer.
There are a few options for making a counteroffer that don’t involve significantly lowering the amount you stand to gain from the home sale. First, you could offer to relieve the buyer of some of the closing costs, such as paying for the inspection. Or, if you planned on leaving new appliances in the home, you could lower your asking price but take the appliances when you move.
Weigh your options
If the buyer still won’t raise their offer close to your asking price, it’s probably a good time to move on and rethink your sale strategy.
Take some time to consider the sale as a whole. If you aren’t receiving many other offers, it might be time to consider lowering to price or rethinking your marketing plan. You might consider repainting and taking new photos, or changing up your listing to highlight some other features of the house.
You don't have to be an expert home seller to maximize your house sale earnings. In fact, there are many things that you can do to optimize the profits from your home sale, such as:
1. Craft an Effective Home Listing
An effective house listing enables you to make a great first impression on prospective homebuyers. Thus, if you dedicate time and resources to craft an effective house listing, you could boost the likelihood of enjoying a profitable home selling experience.
Ultimately, an effective house listing includes relevant information about your residence. It enables a buyer to perform an objective evaluation of your house and determine if your residence matches his or her expectations.
You may want to incorporate high-resolution photos of your residence into your home listing as well. These photos can help buyers envision what life may be like if they purchase your house. As a result, they could help you differentiate your home listing from all others and generate significant interest in your house.
2. Upgrade Your Home's Interior and Exterior
Clean each room of your house. By doing so, you can help buyers see your residence's full potential when they attend a home showing or open house event.
Enhance your house's exterior, too. By mowing the lawn, trimming the hedges and performing other home exterior upgrades, you can instantly bolster your residence's curb appeal.
Of course, if you need help with home interior and exterior upgrades, don't hesitate to reach out to professionals for assistance. With home interior and exterior professionals at your side, you can get the help you require to immediately upgrade your residence's appearance.
3. Employ a Real Estate Agent
A real estate agent understands the ins and out of selling a house. He or she also possesses the talent and confidence to help you achieve your desired home selling results as quickly as possible.
Typically, a real estate agent and a home seller will work together to craft a top-notch house selling strategy. A real estate agent initially will learn about a home seller and his or her residence. Then, a real estate agent will offer tips and recommendations to help a home seller seamlessly navigate the house selling journey. And if a seller has any concerns or questions, a real estate agent can respond to them.
A real estate agent goes above and beyond the call of duty to streamline the home selling process. For example, if you are unsure about how to promote your residence to the right groups of buyers, a real estate agent will make it simple to host home showings and open house events. On the other hand, if you are uncertain about whether to accept an offer to purchase your home, a real estate agent can help you make an informed decision.
Want to maximize your home sale earnings? Take advantage of the aforementioned tips, and you should have no trouble getting the best price for your residence.
Believe it or not, the costs associated with selling a house can add up quickly. If a home seller fails to budget accordingly, he or she risks costly, time-intensive home repairs following a property inspection. Perhaps worst of all, this scenario may force a home seller to miss out on an opportunity to get the best price for his or her residence.
With a home selling budget in place, you can increase the likelihood of a profitable home selling experience. If you know what it takes to set up a home selling budget, you may be better equipped than ever before to streamline the home selling process.
Now, let's take a look at three tips to help you establish a home selling budget.
1. Assess the Condition of Your House
Before you list your house, it helps to perform a comprehensive home assessment. That way, you can identify potential upgrades both inside and outside your house and evaluate the costs associated with these home improvements.
Typically, a home inspection enables you to learn about your house's strengths and weaknesses. This inspection requires a property expert to assess your house and may take several hours to complete. Then, once the inspection is finished, you'll receive an inspection report that you can use to determine which home improvement projects that you may need to complete sooner rather than later.
2. Establish Home Improvement Priorities
Although you might want to give your residence a complete overhaul, there may be only limited time and resources at your disposal. Thus, you'll want to establish home improvement priorities to ensure you can maximize your time and resources.
Think about which home improvement projects are necessary. These projects should rank at the top of your list of home improvement priorities, as failure to complete them may prevent you from optimizing the value of your house.
As you establish home improvement priorities, don't forget to assess the costs associated with various home upgrades. This will help you achieve the best-possible home improvement results without spending beyond your means.
3. Consult with a Real Estate Agent
A real estate agent understands exactly what it takes to sell a home, regardless of the current housing market's conditions. In fact, this housing market professional can make it easy to map out a successful home selling budget and ensure you can quickly and effortlessly navigate the home selling process.
With a real estate agent at your side, you'll receive expert support throughout the home selling journey. A real estate agent will learn about your home and help you identify ways to enhance your residence. Plus, a real estate agent will offer recommendations to ensure you can upgrade your house on a budget.
If you're getting ready to sell your house, it helps to collaborate with a real estate agent. Reach out to local real estate agents in your area, and you can get the support that you need to establish a home selling budget.
After you accept an offer to purchase your house, a buyer and his or her real estate agent likely will want to conduct a property inspection. Although the mere thought of a home inspection may cause a property seller to stress, it is important to understand the importance of an inspection for both sellers and buyers.
Now, let's take a look at three things that every seller needs to know about home inspections.
1. A home inspection offers valuable insights for both a seller and buyer.
During a home inspection, a buyer, his or her real estate agent and a house inspector will examine a residence both inside and out. The inspection allows a buyer to take a close look at a residence and identify any underlying issues with a house before finalizing a home purchase.
Meanwhile, a seller may learn about assorted home problems following an inspection as well. And if a home has various problems, a seller may need to correct these issues to fulfill a buyer's requests.
2. A home inspection won't necessarily slow down or stop a house sale.
Typically, a home inspection is performed after a seller accepts a buyer's offer to purchase. At this point, a buyer wants to ensure a home matches or exceeds his or her expectations. With an inspection, a buyer can learn about all aspects of a residence and proceed accordingly.
If problems are discovered during a home inspection, there is no need for a seller to worry. Oftentimes, a buyer will request a seller fix any problems with a home, or he or she may ask for a price reduction. As a seller, you may be able to negotiate with a buyer to find common ground relative to the costs of myriad home repairs too.
3. A home inspection generally does not take long to complete.
In many instances, a home inspection takes just hours to complete, and a buyer will receive a house inspection report within a few days of the evaluation. After a buyer reviews the home inspection report results, he or she can choose to move forward with a home purchase. Or, a buyer can rescind his or her offer to purchase or request home repairs or a reduced purchase price.
A seller will find out how a buyer wants to proceed within days of a home inspection. If a buyer and seller can come to terms after an inspection, both parties can proceed with a home transaction. On the other hand, if a buyer and seller cannot reach an agreement following an inspection, both parties can reenter the housing market.
Lastly, when it comes to selling a home, it often helps to hire an expert real estate agent. This housing market professional can teach a seller about home inspections, as well as what to expect at each stage of the property selling journey. That way, a seller can prepare for any potential home selling hurdles and take the necessary steps to overcome such problems before they get out of hand.
An open house may be considered a success if it leads to an offer to purchase or a home sale. For a seller to achieve the best-possible results from an open house, it is important for this individual to plan ahead. That way, a seller can ensure that his or her residence makes a great impression on buyers.
Now, let's take a look at three tips to help you get your residence ready for an open house.
1. Clean Your House
A dirty, dusty house is unlikely to do you any favors. Fortunately, if you clean your residence from top to bottom, you could make it easy for buyers to see your house's full potential.
Sweep the floors, wipe down countertops and perform other home cleaning tasks. Taking a room-by-room approach to house cleaning also may be beneficial, as this will allow you to ensure that each room is neat and tidy.
2. Remove Clutter
For those who want to show off the full size of a residence, removing clutter is a must. Because if your home is messy and cluttered, buyers may be turned off by your residence as soon as they walk through the front door.
If you want to cut down on clutter, there are lots of options at your disposal. Oftentimes, it helps to host a yard sale or sell excess items online. You may want to consider donating any excess items to a local charity or giving them to family members or friends, too.
3. Boost Your Home's Curb Appeal
Your home only gets one chance to make a positive first impression on buyers. If you boost your house's curb appeal, you can make the most of this opportunity.
To improve your home's curb appeal, mow the lawn, trim the hedges and perform other lawn care tasks. Furthermore, if there is any cracked or damaged home siding, fix it as soon as possible.
Preparing for an open house may seem stressful, particularly for sellers who want to achieve the optimal results. But if you consult with a real estate agent, you can receive expert guidance in the weeks and days leading up to an open house.
A real estate agent is unafraid to be honest, and he or she will offer unbiased recommendations and suggestions so you can quickly improve your residence. In addition, a real estate agent can respond to any of your open house concerns and questions. He or she will even share buyers' feedback after an open house to help you find ways to speed up the home selling journey.
If you allocate time and resources to prep for an open house, you can improve your chances of enjoying a seamless house selling experience. Thanks to the aforementioned tips, you can get ready for any open house, at any time. And as a result, you can use an open house to stir up interest in your residence.