Learning Center

Holding the Line on Your Asking Price

In a challenging market you can still remain firm without lowering your asking price. What are some strategies that will help me to remain firm on my asking price? Getting an appraisal, home inspection and knowing the recent selling prices of homes in your vicinity is a great way to establish the fair market value and asking price. Recent major home improvements can add to the value but generally not at the full cost of the improvement.

It is most important that the seller do substantial research to arrive at the asking price. Sellers have to remember that buyers have the option to view other homes for comparison while they only have one home to show.

When you are firm on the price, offer other terms to entice the buyer. Consider offering items that originally were not included in the selling price, such as kitchen appliances, custom window treatments, washer/dryer, lawn equipment, pool furniture. The buyer may have expressed interest in a piece of furniture that you would be willing to leave. The buyer could end up with a considerable amount of savings and they may be items you won't need in your new location. Another enticement is try to accommodate a quick transfer of ownership on the property. Be creative to think of things that would be valuable to the buyer.

If you can show evidence of how you reached the asking price but don't feel confident in negotiating, hire a real estate attorney. In a sticky situation consult with the attorney who will be able to assist you with the negotiating process. A seller tends to take comments personally. An experienced attorney will be objective.

Remember, a buyer is always looking for the best deal they can get. Offering a bonus other than a price reduction can close a deal. Be sure any concessions you offer are in writing and part of the sales contract.

Copyright© 2008 FSBO Publishing Group, Inc., All rights reserved. This material may not be republished without written permission.