Negotiation Tips for Selling Your Home in Connecticut

Are you thinking about selling your Connecticut house? Before you list or sell it on your own, you should have your negotiation strategy in place. Always try to be one step ahead of your buyers.

Use concrete facts to validate your asking price and consider anything about the house that could be used as ammunition to lower the sale price. In our latest post, we will provide negotiation tips for selling your home.

Negotiation Tips for Selling Your Home in Connecticut

Inspect First, List Later

Having an inspection done before potential buyers see your home can be extremely beneficial to get your asking price without any haggle. An inspection will usually cost less than $400 and can tell you everything in your house that should be fixed. If you tend to these issues beforehand, your buyer’s inspection should come up clean and the potential buyer won’t be able to hit you up for repair costs!  Even if you don’t decide to fix everything that comes up on your inspection, at least it gives you an idea of some of the issues and you can decide what will be cost effective for you and/or what buyers will more than likely want done! You’ll just be ahead of the game either way!

Consider Throwing in Extras

Let’s say someone had toured your home, commenting on how nicely everything is set-up. You are pretty certain this person is interested, however, they seem to be on the fence. You could offer to throw in furniture, (or certain pieces) in with the house! The options with this are endless. You could offer a golf-cart, riding mower, kayak… you get the idea! Some buyers are looking for something fun for their new house, while others would prefer a $1000 gift card.  Maybe you have a nice man cave set with TVs and recliners etc, that would offered as well.   Consider incentives, sometimes even a small token can help get an offer on the table.

Don’t Be Emotional

Before you start getting offers in the door, you will want to set your limits. Set the absolute lowest price you will accept for the house. Do not go under that price no matter what the situation. If you do not get any offers, you might have priced the home incorrectly or maybe it simply isn’t the right time. Have a backup plan in place. In sales terms, they call it “BATNA.” This stands for “best alternative to a negotiated agreement.” Let’s say you don’t get the offer you want, have a plan in place to rent the home out for 1 year and try again. If you are prepared with an alternative, you won’t end up selling your house for less than it’s worth. Plus, it will keep you in control. You never want to appear desperate to sell.

Facilitate a Bidding War

If you are fairly confident your house will receive many offers, you might choose to let buyers know you will be “reviewing all bids at 5 pm on Friday.” This will create a bit of a buzz. People will want to outbid each other knowing there will be competition, so you will likely receive higher offers.  You don’t have to disclose how many offers there are either.  Even if you only have one or two offers in, that doesn’t stop you from being able to ask for everyone’s highest and best.  The buyers don’t know how many people they are bidding against, so if they want the house, they will put their best offer forward.  Therefore, if your house isn’t primed to receive many offers, this strategy might still work for you.  Wait until you get a few and go from there.

Learn About The Buyer

To help you better negotiate with a buyer, take some time to learn about them. What situation are they in? Do they need to move right away? Are they financially able to pay full price? What is their motivation for wanting to move? If they need a bigger house for their family, you can play up how large the finished basement is. Do they like sports? Talk about their favorite team.  Do they like the house but they know they don’t have enough money to replace the old furnace once they buy? Maybe offer them a credit to help with that problem.  Having more information will always help because you can brainstorm and figure out how to make the sale a win win for you and the buyers as opposed to them simply walking away.   Creating friendly conversation will help your negotiations go more smoothly.

When it comes to selling your Connecticut house, you can always expect for there to be some haggling. If you are prepared and keep yourself one step ahead, you will be more likely to get your listing price!

Are you thinking about selling your Connecticut house? We will help you negotiate a fair sale! Send us a message or give us a call today! 860-805-9996 

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