Getting a lowball offer on your NH home or condo for sale
On Being Prepared for Lowball Offers…
You’ve decided you’re ready to list your home for sale. You find a REALTOR® you trust, and together you set what you both feel is a fair and realistic list price. After a few showings you get an offer on your home. When your REALTOR® presents the offer to you, you’re stunned and disappointed to see that it’s 20% below your list price.
In this real estate market, low ball offers are not uncommon. For many sellers the first instinct is to feel insulted and unenthusiastic to negotiate. However, getting beyond your hurt feelings and not taking it personally can be the best thing you can do to sell your home. Here are some things to keep in mind:
The buyer is probably not trying to insult you or insinuate that your home doesn’t have value. Most buyers looking at properties today are petrified that any property they buy will lose value if the market continues to go down. To many buyers, testing the waters to see if a seller will bite at a low price is worth the risk of offending a seller.
In markets like the North Conway area market where many buyers are either purchasing a second home or are retiring to the area, buyers may be negotiating based on the market conditions of where they came from, not where they are. If a second home buyer follows real estate in the town where they live in southern NH and all homes there are selling for 25% below list price, they may feel that what they are offering is fair and reasonable. It is up to their REALTOR® to help them understand what properties are selling for in this market.
Buyers may test the waters with low ball offers but may actually be willing to come to a price you’d sell for. In our experience at Pinkham Real Estate, we’ve had countless negotiations where buyers and sellers started out worlds apart on price but through slow and steady negotiating found a price that worked for both parties.
At Pinkham Real Estate we have been representing both buyers and sellers for over 50 years. No matter whether the market is in favor of the buyer or the seller, we are here to help our clients get the best price for the home or condo they want to buy or sell.