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There are some common sense steps to a negotiation that I don’t always see happening.
As I drive up and down the streets in Austin, it’s not uncommon that I see a house sell for $10,000, $20,000, or even $50,000 less than what the house is actually worth. I know that sometimes sellers are willing to take a lot less for their house, but it still hurts my heart a bit when I see those sellers getting less money than they should.
You need to have a good plan in place for your negotiations. You have to be careful and think things through.
For example, we know that Thursday is the best day to put your home on the market. Most buyers start to plan their weekend and look at homes online on Thursday and Friday. Then, they set up their showings with the Realtor. Your home needs to be on the market Thursday so that your listing shows up during the buyer’s research period. After all, you want to make sure that the most buyers possible see your house, and listing your home Thursday is the best way to do that.
Contrary to what you might believe, you don’t actually want to sell your house in one day, even if you get a great, full-priced offer. Why? Your house has not been fully exposed to the market in one day.
” Do not accept an offer the very first day that your home is on the market.”
So, list your home on Thursday and don’t accept any offers on Friday. The same goes for Saturday and Sunday. The lender won’t be there to take your calls, so you have no way to research those offers. Plus, you are just not in the right frame of mind to accept an offer on the weekend.
Stretch those offers through the weekend. As we mentioned, list your home on Thursday, have showings on Friday, Saturday, and Sunday, and then review any offers you have received by noon on Monday. At that point, ask the buyers to submit their highest and best offers. That way, all of your buyers get a fair shot. By end of business Tuesday, you are ready to accept an offer, and off you go.
In other words, using this strategy sets you up for successful negotiations in just seven days. That is truly the best way to accept an offer.
If you have any other questions about this strategy or would like to learn more about the home selling process, just give me a call or send me an email. I would be happy to help you!