6 Ways To Negotiate Your Home's Selling Price

There's no doubt selling your home is a process that can come with its share of challenges, so it's crucial to prepare. Choosing the right asking price from the start will make life easier as you find the right buyer and negotiate your final selling price.

But the asking sale price is only one part of the equation because buyers have negotiating tactics of their own. Let's take a look at six tips to help you negotiate the right sale price when selling your home.

1. Work with Your Real Estate Agent to Read the Market
   Understanding your local real estate market is significant in choosing the right price. Your real estate agent should be your most valuable resource when reading the market. By analyzing your local real estate market, looking at what similar homes have sold for recently, and pricing your home based on those trends, you can set an asking price that encourages buyers to open with the right offer.
2. Present Your Home in the Best Possible Light
   Buyers will look for any reason to lower their offer on the home, so maximizing your return requires a house that has been well-prepared for sale. Take care of maintenance issues big and small, have the home inspected, and make sure that the property (including outdoors!) is looking its absolute best when buyers come to see it.
3. Remove Emotion from the Equation
   Emotion can creep into the sales process; however, negotiating a sale price is all about remaining as level-headed as possible. If the buyer counters with an offer you don't like, don't get mad. Provide your counter-offer, and let the facts do the talking.
4. Be Prepared for Buyer Negotiating Tactics
   Buyers will try a wide range of strategies to drive down the price, from "good cop/bad cop" negotiating to flat-out low-ball offers or "nickel and diming" over the smallest negotiating points. You never know how a particular buyer will react beforehand, so prepare yourself for the most common buyer negotiating tactics.
5. Create Competition to Maximize Your Return
   Sticking close to your ideal asking price is easier when you have multiple buyers who are interested in the home, so creating competition is a must. One option is to stage an open house but refuse to accept any offers until after the open house is complete to show buyers that they have competition. A fair opening price, based on current market trends, is also key to encouraging competition.
6. Be Willing to Walk Away
   No matter how much research you use to set the price or how much competition you create, some buyers won't be ready to budge from their low initial offer. Being willing to walk away can force the hand of stubborn buyers so that they up their offer, and will ultimately save you time if the buyer proves unwilling to negotiate.

While the negotiating process will usually have its ups and downs, understanding how to negotiate the right selling price gives you a significant advantage throughout the process. Work with your real estate agent, encourage competition, and be prepared for the tactics that buyers will use to drive the price down. Selling your house may not be easy, but with the necessary preparation, you can find the right deal.

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