Are you thinking about selling your Fort Thomas, KY house? Before you list or sell it on your own, you should have your negotiation strategy in place. Research to be ahead of your buyers, and you’ll come out on top in the selling process.
If you do research on the front end that justifies your asking price, then you’ll have an air tight argument for when a buyer tries to get you to lower the price. Read the rest of our post to learn more negotiation tips for selling your home in Fort Thomas, KY.
Negotiation Tips for Selling Your Home in Fort Thomas KY
Inspect First, List Later
Get the jump on your buyers. Having an inspection done before potential buyers see your home can be extremely helpful to get your asking price without any back and forth. An inspection will usually cost less than $400 and can tell you anything in your house that should be repaired or fixed. If you address these issues beforehand, your buyer’s inspection should come up clean and the potential buyer won’t be able to negotiate you down after you are under contract!
Consider Throwing in Extras
Let’s say someone had toured your home, commenting on how nicely everything is set-up. You are pretty certain this person is interested, however, they might be hesitating. You could offer to throw in furniture, (or certain pieces) in with the house! The options with this are endless. You could offer a golf-cart, riding mower, flat screen TV or signed Coach Calipari photograph… you get the idea! Some buyers are looking for something fun for their new house, while others would prefer a $1000 gift card. Consider incentives, sometimes even a small token can help get an offer on the table. Just be sure you work all of this out with your real estate agent, and that it is all crystal clear in the contract.
Don’t Be Emotional
Selling houses brings a certain amount of emotions with it. Before you start getting offers in the door, you will want to set your limits. Set the absolute lowest price you will accept for the house. Don’t budge on that price no matter what. If you do not get any offers, you might have priced the home incorrectly or maybe it simply isn’t the right time. Have a backup plan in place. In sales terms, they call it “BATNA.” This stands for “best alternative to a negotiated agreement.” Let’s say you don’t get the offer you want, have a plan in place to rent the home out for 1 year and try again. If you are prepared with an alternative, you won’t end up selling your house for less than it’s worth. Plus, it will keep you in control. You never want to appear desperate to sell.
If you know the Fort Thomas market well, you’ll know exactly when to budge and where not to. Fort Thomas, like much of the Cincinnati area, has seen a lot of growth in the past two years. If you need help, contact a Fort Thomas KY real estate agent to give you the latest market update.
Facilitate a Bidding War
If you are fairly confident your house will receive many offers, you might choose to let buyers know you will be “reviewing all bids at 5 pm on Friday.” This will create a bit of a buzz. People will want to outbid each other knowing there will be competition, so you will likely receive higher offers. If your house isn’t primed to receive many offers, this strategy isn’t for you. You are better off checking out each offer as it comes in.
Learn About The Buyer
To help you better negotiate with a buyer, take some time to learn about them. What situation are they in? Do they need to move right away? Are they financially able to pay full price? What is their motivation for wanting to move? If they need a bigger house for their family, you can play up how large the finished basement is. Do they like sports? Talk about their favorite team. Creating friendly conversation will help your negotiations go more smoothly.
When it comes to selling your Fort Thomas house, you can always expect for there to be some haggling. If you are prepared and keep yourself one step ahead, you will be more likely to get your listing price! And, if you need to sell your house fast in Fort Thomas, we can also help with a speedy closing.
If you want to work with a local real estate agent and cash home buyer who knows and lives in Fort Thomas, KY, give Eric Sztanyo a call today!