When selling Methow Valley real estate, negotiating the best terms will help you close the sale without delays in the process. Here are some tried and tested negotiating tactics to consider.
Offer to Pay the Closing Costs
In Washington State, closing costs typically fall between 1% and 3% of the total purchase price. Negotiations typically determine who shoulders closing costs upon the finalization of the transaction.
From the down payment to relocation costs, many buyers are often strapped for cash by the time they get to the negotiating table. If you can offer some financial assistance in this regard, you might be able to close the sale faster.
You can also express your willingness to pay for their closing costs at an increased purchase price. This will help you close the transaction without lowering your sales price.
Include Furniture and Other Items in the Sale
If the buyers shows interest in a piece of furniture, equipment, or artwork during the open house, consider including it in the sale. This might entice them to make an offer while decreasing the number of objects that need to be moved to your new home. This is a great negotiating tactic when selling to a fellow hobbyist or collector.
Counter Their Offer at your List Price
Don’t accept an initial bid that’s lower than your asking price. Most buyers expect to go back-and-forth on the sales price, so their initial offer will be lower than your asking price.
Sellers often respond by countering the offer with a sales price that is higher than the initial bid but below their asking price. If they’re afraid of losing the buyers interest, they’ll compromise on the price to appear flexible.
This isn’t usually the best way to get top dollar for your home. Instead of dropping your asking price, try this instead – counter a low initial offer by sticking to your asking price. A serious buyer will engage with you and come back with a more reasonable offer.
Make your Counteroffer Time-sensitive
If you’ve gotten into a deadlock during negotiations, consider putting a time limit on your counteroffer. This strategy will force the buyer to act quickly so that you can either finalize the sale or move onto another buyer.
But tread lightly – buyers might get put off by an overtly short deadline. For example, if the default expiration date in your real estate contract is three days, tell the buyer that your counteroffer is only good for one to two days.
If you’re in multiple negotiations with several buyers, you can disclose the information to make them aware that there are other offers on the table. This can potentially result in higher offers.
But be mindful of your language. Some buyers might increase their offers while others might get so intimated that they might decide to walk away from the deal altogether.
Ready to sell your home in Methow Valley? Coldwell Banker Winthrop has been serving buyers and sellers in Central Washington since 1996. We’ll help you secure the best price for your home. You can reach the team at 509.996.2121 and info(at)cbwinthrop(dotted)com for professional guidance.