If you are planning on selling your home, it’s important to understand the market you live in. This way, when a potential buyer approaches you with lower than asking price offers, it will be easier for you to understand why they feel the need to negotiate!
The real estate market is constantly changing, so you have to understand the current trends and market values to set the perfect price for your house. Negotiating your house price requires knowledge and patience.
A good example is that if there have been several deals within the past month, it might be a good idea to start with your original asking price and see if they can meet you in between. The process of listing your house is not always as easy as it seems; it comes with lots of proof points for you to get to the right potential buyer.
As a homeowner, you’ll like to offer the best you can and ease your clients’ due diligence or inspection process; this will also give more value to your asset. Keep reading to learn more!
Key Things To Have In Mind When Negotiating Your Home’s Pricing
When negotiating the price of your home, several other factors will come into play, such as location, condition of the house, and inspections. A buyer will want their offer to beat out any competition offers available.
Understanding The Market
Real estate trends, interest rates, and house pricing in Oklahoma are constantly changing. Before listing your house for sale and setting a price, you should always analyze the current market you are listing in. Comparables charts are a good option; it helps you have contrast on similar properties nearby and give you an idea of what price you should set when negotiating your home.
To be more accurate, you want to look for the same type of homes (a, b, c), same room amount, similar median household income, and area. Understanding the real estate market and its trends, mortgage rates, and the overall economy is also important.
Location is an important factor when determining your home’s pricing and negotiating it. It is the literal space where you expect your potential buyers will live. If you think about it, location is the only non-changeable thing on the list! You might work on your house condition or change the price, but your home location will always be the same. The Oklahoma City real estate market has been growing. Statistics show home prices have increased 13.2% in the last past year! This is a great start for when your negotiation time arrives.
Here’s the thing. The better conditions your house has, the more valuable it will get. Easy as that! If you work on your house, call it repairs, maintenance, removals, landscaping, renewals, etc., it is more than sure it’ll help you on your negotiation terms. Your house will have added value to it.
This goes in hand with house conditions. You have to get an inspection to make sure everything is running smoothly. Inspect your HVAC system, heating system, walls or ceiling cracks, missing shingles, everything. If any of these is missing, your home value is going down. So you better have it all fixed before negotiating your house’s price.
Ensure you have covered all of your closing costs before negotiating your house pricing in Oklahoma. In case you didn’t know, closing costs are kind of expensive, but it will help to update all of your fees. An example of these costs are appraisal fees or inspection costs; these usually go between 3% and 6% of your total loan value.
Want To Sell Your Home? Work With Us!
We at Home Buyers Oklahoma want to help any homeowner who’s going through a difficult real estate situation by buying your house in as-is condition. If you’re looking to sell your home, feel free to contact us, we’ll be happy to assist you and suggest what’s best for you!
By working with us, you’ll save time and money! We are a local OKC family that looks forward to helping yours!