When you’re selling your Sarasota home, you want to walk away with as much money as you can. In a market like the one we’re experiencing right now, you have a lot of power when it comes to negotiating the deal. The demand for Sarasota homes is far outpacing the supply, so you can probably ask a little more and turn away offers that don’t come with the terms you want.
Markets change quickly, however, and you have to be prepared to sell your home under any circumstances. How can you get the best deal? We have some tips and strategies that are sure to help.
Set the Right Sales Price
You can list your home for whatever price you want. However, it’s a good idea to explore the local market and to see what other homes are selling for. Don’t be vague. A listing that says something like “high $400s” is not helpful. You want to attach a direct and specific price that’s based on market research.
You’ll ultimately have offers come in, and those offers may be lower than the asking price or higher than the asking price, depending on the market and the competition. Think about how you’ll respond and plan a counter offer.
Considering Contingencies with an Offer
With your offers, you can also expect a contingency clause, or several of them. This provides you and your buyer with an out if one party decides not to move forward with the deal. You’re permitted to negotiate these contingencies, and you should.
Buyers will want contingencies that rest on the sale of their current home, for example, or the ability to get financing.
As a seller, you can negotiate contingencies such as timing and closing costs. You can also negotiate home inspections and what you’re willing to do or not do before closing the sale. For example, perhaps you’ll accept a lower offer if you don’t want to make any repairs or replacements that the buyers are requesting. Or, you can ask for a higher sales price if you’re willing to contribute to some of the closing costs. Maybe you won’t be ready to move out of the house until you’ve found a new one to buy. You can negotiate occupancy and closing dates as well.
When you’re negotiating contingencies, decide which ones are reasonable. Don’t agree to anything that negates the value of the offer you’re receiving.
Manage Emotions and Make Business Decisions
One of the most critical tips we offer to sellers is that you must control your emotions and treat this negotiation as a business deal. You don’t have to respond right away when you get an offer. Think it over, talk to professionals and agents, and provide an answer when you’re not feeling stressed or pressured.
Real estate is stressful and emotional. It’s easy to make quick decisions that aren’t always the best. This is why it’s so important to work with a professional real estate agent when you’re selling a home in Sarasota. You want to rely on their wisdom, experience, and objectivity.
Just about everything is negotiable when you’re selling a home. The price, of course, is important, but there are plenty of other ways to get as much value out of the property as possible.
We can help you navigate this process. Please contact us at Anchor Down Property Management for more information.