Cheryl Phelan's Blog
Homeowners put a lot of time, money, and effort into maintaining, updating, and decorating their homes. So, when it’s time to sell it can be frustrating to receive a lowball offer on your home.
Many sellers aren’t sure how to react to a low offer. However, with so much at stake it’s important to go into selling your home with a plan.
In this article, we’re going to talk about how to handle a low offer on your home so that you can capitalize on even the less-than-ideal prospects when selling your house.
Every offer deserves a polite response
So, you’ve gotten an offer on your home that you consider to be way too low. The first thing you need to do is to detach your emotions from the situation so that you can formulate a polite, but appropriate response.
It is the custom of many people around the world to negotiate. And one common practice in negotiation is to start with a low offer. Therefore, don’t be offended if you receive an offer that is low as it likely isn’t meant as an insult to you or your home.
We understand that selling can be frustrating, so if you need to vent, talk it over with your family or agent. Together you’ll be able to get past the initial frustration and come up with a quick, practical response to the offer.
Counter the offer anyway
Even if you think there’s a small chance that the prospective buyer will raise their offer to fit your requirements, it’s still worth providing a counter offer. This will make it clear to the buyer that you have received their offer and considered it.
Failing to provide a counter offer could mean you miss out on a serious offer in some cases, so it’s worth the small amount of time it takes to provide.
Don’t waste too much time negotiating
So, you’ve sent a counter offer and have received a response that still isn’t getting anywhere close to what you’re looking for. Now what?
In this situation, it’s best to send a concise and cordial message to the buyer that you won’t be able to adjust your offering price any further and then thank them for their time. After this point, it likely isn’t worth your time to continue negotiating.
Low offers can be helpful
If you’re getting a lot of low offers and none in the range you hope for, it could be time to reconsider a few things. You might want to try a new approach, such as staging the home or highlighting certain details that you may have missed. If your listing photos aren’t up to par you can upload new ones that are higher quality with better lighting.
Next, see if the comparable listings in your area have gone down in price. A substantial change in the local market since the time you listed your property is, in some cases, enough to influence the offers you receive.
Let's face it – selling your home has been a long, complex and stressful journey. Now, you're only 24 hours from finalizing the sale of your house and moving on to the next chapter of your life.
Although most of the home selling process is complete, a homebuyer still needs to finalize the home purchase agreement. As such, there are several things that you may want to do before a homebuyer completes his or her final walk-through of your residence, including:
1. Clean Your Home's Interior
A messy interior is unlikely to ruin your home sale. At the same time, it is always better to err on the side of caution and provide a homebuyer with a fresh, clean residence that he or she will be able to enjoy instantly.
Spend some time mopping the floors, wiping down the walls and ceilings and ensuring your house's interior looks pristine. By doing so, you can minimize the risk that a homebuyer will find last-minute problems that could delay his or her home purchase.
2. Remove Your Belongings
If you have any belongings still at your residence, you'll need to remove them quickly.
When it comes to last-minute moving, you may need to rent a moving truck. With a moving truck at your disposal, you can remove items from your property and put them in storage or move them to your new address.
Also, don't hesitate to ask family members and friends for assistance. These loved ones may be able to provide a helping hand as you prepare to relocate from your current residence. Plus, they may be able to help you alleviate stress as you wrap up the home selling cycle.
3. Cancel Any Home Services
Contact your home cable, internet and telephone service providers to inform them about your upcoming move. You may be able to move various services to your new address, or you may need to cancel some of these services entirely.
Don't forget to contact any utilities providers as well. That way, you can avoid the risk of utility bills after you leave your current address.
4. Consult with Your Real Estate Agent
Your real estate agent has been a game-changer throughout the home selling cycle. As the home selling process draws to a conclusion, your real estate will continue to do what he or she can to ensure you can get the best results possible.
If you're uncertain about what to do to get ready for a home closing, be sure to give your real estate agent a call. This housing market professional will provide details about how the home closing process will work so that you can plan accordingly.
Moreover, your real estate agent is happy to respond to any home selling concerns, at any time. He or she will go the extra mile to provide you with the home selling support you need.
Get ready to finalize a home sale – use the aforementioned tips, and you'll be able to prepare for a home closing.
A bathroom renovation represents a major decision, especially for those who plan to sell their homes in the near future.
Ultimately, there are many questions to consider before you embark on a bathroom renovation, including:
1. When do I plan to list my home?
Consider your home selling timeline – you'll be glad you did. If you understand when you'd like to list your residence, you can plan home improvement projects accordingly.
If you intend to list your home in the next few months, there is plenty of time to overhaul your bathroom if necessary. Or, if you want to sell your home as soon as possible, a bathroom renovation may slow you down.
2. Is a bathroom renovation necessary?
Although your bathroom may seem small and messy at times, only minor bathroom upgrades may be needed to transform your ordinary bathroom into an exceptional one.
Performing an extensive bathroom cleaning will enable you to eliminate shower scum, wipe down a bathroom countertop and enhance the bathroom floor. Plus, cleaning a bathroom often represents a fast, easy and cost-effective alternative to a major bathroom overhaul.
Furthermore, a home appraisal may help you better understand your house's strengths and weaknesses. After this appraisal is finished, you can identify problem areas in your home and determine whether a bathroom renovation is a priority.
3. How much will a bathroom renovation cost?
The cost of a bathroom renovation may range from hundreds to thousands of dollars based on the size of your bathroom, the renovations that are needed and other factors. As such, you'll want to evaluate the cost of a bathroom renovation to determine how the project may impact your property's value.
Meet with several bathroom renovation experts. That way, you can receive multiple bathroom renovation estimates to see what it will cost to enhance your bathroom's appearance.
Also, you may want to consider do-it-yourself (DIY) bathroom improvements. A DIY bathroom renovation can be rewarding because it will enable you to learn new skills and revamp your bathroom's appearance on your own. At the same time, you'll want to ensure that any bathroom upgrades you complete are done safely and effectively.
Still unsure about whether you should perform a bathroom renovation? Discuss your concerns and questions with a real estate agent, and you may be able to gain unparalleled insights into whether a bathroom renovation is worth your time.
A real estate agent understands the ins and outs of the housing market. He or she can help you assess the pros and cons of a bathroom renovation. As a result, you can make informed decisions about a bathroom renovation and other home improvement projects.
In addition, a real estate agent can serve as an expert guide along the home selling journey. This housing market professional can help you get your home ready and ensure it will generate plenty of interest from property buyers as soon as it becomes available.
Take the guesswork out of a bathroom renovation – consider the aforementioned questions, and you can decide whether a bathroom renovation is right for you.
You love your home, but you want to make a change. In many cases, you’ll work with a real estate agent who can help you to market your home professionally to your ideal home buyer. Yet, for some properties, having a very specific target buyer in mind can work well.
If you live in an area that’s ideal for retirement, for example, why not target the second home buyer’s market? These are individuals with a sizable amount of money to make purchases on their second home. They may be looking for a winter home, perhaps in someplace warm. Others are seeking a home that’s smaller but perhaps located close to the amenities they like. How can you market to these buyers if your home fits their needs?
Define What’s Fantastic About Your Home
A good place to start is by working with your real estate agent to carefully detail the features of your home that help it to really stand out to the second home buyer. Here are some ideas to get started.
- Are you close to desirable areas? Many don’t want to buy a home in a tourism-driven area directly but being nearby can be attractive.
- What’s within walking distance of your home? Are there parks, shops, coffee shops, or restaurants? Is there a Main Street area that’s perfect for an evening stroll?
- What features does the home offer to help people relax, unwind, and love being at home? A backyard that’s expansive with features, like a pond or a garden, may be an attractive option for some people. For others, easy-maintenance and upkeep are better.
Outline what makes your home special specifically to those who are buying a second home by focusing on the benefit to the buyer. Always be clear and accurate. There is no place for any misconceptions here.
Show the Value of the Property Clearly
Many people buying a second home plan to use it in various ways. For example, some want a weekend getaway, a place they can go to every weekend to relax. In this case, they likely want an area that’s enjoyable in some way. They will pay more for homes near the lake or in a walkable community.
Others want a second income from their property. In this case, homes located in the heart of a tourism district are attractive. It’s also a good idea to point out any property management services nearby that may help them to easily manage these properties. These home buyers are also looking for on-site features that attract travelers, such as pools, numerous bedrooms, a full kitchen and a spacious backyard.
Those retiring want smaller homes in beautiful areas. They want to be around others who share the same interests but also want a home that’s far easier to manage.
As you work with your agent, determine what features and specs about your home can make the property desirable to those who are retiring or buying a getaway home. Marketing like this attracts the buyer you know can fit right into your home.
Selling a home can be challenging, even for an individual who is laser-focused on getting the best price for his or her house. Fortunately, we're here to help you achieve the best-possible results during the home selling journey.
Now, let's take a look at three tips to help you obtain the best price for your residence.
1. Study the Prices of Comparable Residences in Your Area
Your home may seem like it is one of a kind, but there likely are comparable houses in your city or town. If you take a look at the prices of comparable houses in your area, you may be better equipped than ever before to establish a competitive initial asking price for your residence.
Also, studying the prices of comparable residences in your area enables you to see how your house stacks up against the competition. And if you find your home pales in comparison to its rivals, you may want to dedicate time and resources to upgrade your house. That way, you can help your house stand out to potential buyers.
2. Conduct a Home Appraisal
A home appraisal commonly is requested by a buyer after a seller accepts his or her offer to purchase a residence and a property appraisal has been completed. However, it may be beneficial for a seller to conduct a home appraisal, especially if this individual wants to get the optimal price for his or her residence.
By conducting a home appraisal, you can receive expert insights into how much your house is currently worth. Then, you can use your home appraisal results to set an aggressive initial asking price for your residence.
3. Collaborate with a Real Estate Agent
If you are unsure about how to price your residence, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can quickly and effortlessly accomplish your property selling goals.
First, a real estate agent will meet with you and learn about your residence. This housing market professional next will help you establish a competitive initial asking price for your home that accounts for the current state of the real estate market. A real estate agent then will list your home, promote it to potential buyers and set up home showings and open house events. And if you receive an offer to purchase your residence, a real estate agent can help you review this proposal and decide how to proceed.
Of course, a real estate agent will do everything possible to help you maximize your house sale earnings too. He or she will negotiate with a buyer's agent on your behalf and ensure you can get the best price for your residence – regardless of the current housing market's conditions.
Don't wait to list your home and maximize your home sale profits. Instead, take advantage of the aforementioned home selling tips, and you can boost the likelihood of a fast, profitable property selling experience.