It’s nearly inevitable that, when selling your home, you’ll be presented with an offer that isn’t what you hoped it would be. Many buyers will submit a lower offer on a home in hopes of negotiating with the seller toward a lower selling price. However, to get the upper hand during negotiations, try out the following tips.

Sell in a Competitive Market

If you’re selling your home during a time when the real estate market is especially competitive, you have a much greater chance of getting a higher offer. The real estate market is always shifting and changing, so when it becomes a seller’s market, you need to sell your home before things flip again. In markets like these, houses go so quickly that many potential buyers are willing to pay more to secure a home quickly. This gives you the upper hand because there is more of a sense of urgency when homes like yours are going quickly. Use this opportunity to get everything you need from the sale while you can.

Renovate Your Home

As a general rule, buyers are willing to pay more for a high-quality home. Renovating your home can give you the advantage when it comes to your asking price. However, there’s no need to make expensive renovations. There are many small and inexpensive renovations you can do that will greatly improve the appeal of your home. For example, repaint your outdated bathroom vanity and replace the hardware to achieve a new sleek, modern-looking bathroom. Small projects like these can greatly improve the market value of your home and help give you the upper hand when the time comes for negotiations. Buyers are less likely to negotiate if your home is in good shape.

Know How to Counter an Offer

If you do end up needing to negotiate with buyers, it’s important to know the best way to do so. Knowing how to properly counter offers can help you better navigate these situations and come out on top. To counter an offer, there are several routes you can take. You can either stick with your original asking price or agree to go slightly lower to reach a compromise. If you stick with your original asking price, it can be helpful to throw in a bonus that makes buyers more tempted to agree. For example, you could agree to cover closing costs in their entirety or leave behind a piece of furniture or appliance that the buyer expressed interest in. 

It’s common for homeowners to have to negotiate when selling their homes. This can be a frustrating part of the process, and lead to compromises you aren’t willing to make. To help yourself keep the upper hand during negotiations, utilize these tips.

Check out this article on 7 costly mistakes home sellers make and how to avoid them!