If you get a lowball offer, don’t be insulted and walk away. Here’s what you should do instead.
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When preparing your home for the market, one important thing your agent will talk to you about is accurate pricing. The only reason homes don’t sell in an active market is a lack of exposure, and one of the primary drivers of exposure is accurate pricing.
If you’re getting lowball offers on your home, the first thing you should discuss with your agent is whether your home is priced correctly or not. Do your home’s amenities beat those of other homes in your price range? How’s your location? Do you still have Formica countertops while everyone else has transitioned to granite?
No matter what, counter back—even if it’s a full-priced counter.
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If you do an analysis on your home and the price is still correct, counter the next lowball offer. There are still buyers out there who assume they can just throw a low price on the wall and see if it sticks, but you can always counter their offer with what you think their offer should be.
If your home’s listed at $500,000 and you and your agent think that’s the correct price, and you get an offer between $400,000 and $450,000, don’t just walk away from that offer. Even though it feels personal, it’s not, so don’t let it bruise your ego. No matter what, counter back—even if it’s a full-price counter. If they counter back, you know you’ve got them on the hook, and that’s what you ultimately want.
If you’d like to know more about correctly pricing your house or would like more tips from an experienced negotiator, give me a call. I’d be happy to help.