As a homeowner who is selling your property, the process can get pretty hard if you are selling a home you have lived in for years. Not only have you invested a great deal on your house, you also have countless memories associated with it. So when you finally decide to put it on the market, you expect potential buyers to appreciate it the way you do. This, however, is not always the case. You may receive offers that are so far below your expectations that it feels like a punch to the gut.
Before you decide to turn your back on these offers, it does make sense to stop and think about it. Here are three honest questions you need to ask yourself before you make a decision.
1. Is my asking price too high?
The first thing to think about when you receive a low-ball offer is if your asking price is too high. Sometimes, receiving low offers means that the price you are asking for is out of step with the market.
Before setting your asking price, you have to conduct a market study. A market study is comparing the prices of similar properties in your area. This will give you a better idea of what a reasonable price is – a price that potential buyers will go for.
2. Is it a low offer, or just lower that I wanted?
Living in a home for years usually doesn’t help when you are objectively
pricing it. You may see things as valuable that your potential buyers don’t, so
you end up cringing at the low offers you get.
What you need to do is figure out if the offer really is a low-ball, because
maybe it’s just your sentimentality getting in the way. Steve McLinden of
Bankrate.com says that a low-ball offer say is “25 percent or more below list”,
so if you are offered anything less than 25%, that should be your sign to
negotiate for a higher price.
3. What are the other things I need?
When it comes selling a home, the price may not be the most important thing to you. Maybe you are looking for an all-cash buyer because you need a huge sum of money. Maybe you want a later move-in date. Maybe you need a large down payment. All of these factors come into play when deciding who your buyer should be. So before you say no to the low offers, think about what you need and make a decision from there.
Selling your home can be a life-changing experience, so you should remember to make choices carefully to get the best deal!
If selling your home quickly is your priority, check out Blue Hen Homebuyers! We offer premier real estate solutions for homeowners living in Jacksonville, NC. All you need is to fill out our web form or contact us at 910-802-2222 and we will get back to you with a cash offer.