Houses on the market are scarce, and demand for homes in New Jersey is high. It’s a seller’s market, and you are anticipating an offer on your property soon. But when an offer comes, what can you expect and what should you do? Do you simply accept the first offer? Should you negotiate for a higher price?
1. Decide Exactly What You Want
Do you want to sell fast and turn over the property quickly? Or do you want a high selling price? You can have one, but never both. Decide whether a quick profit is more important to you than a higher selling price or vice-versa. If you want a better offer, hold off on the present offer and wait for a better one.
2. Determine Your Bottom-Line Price
When selling in a seller’s market in New Jersey or elsewhere, you may get a higher offer than your bottom-line price. It’s also not unusual for property sellers to unintentionally overestimate the price for their property. That’s why you should determine your absolute bottom-line rate or the price you’re willing to compromise and go no lower. Often, you’ll end up with a final offer that hovers somewhere above your bottom-line price and your preferred price. Decide on a bottom-line price based on price trends in the area for the size and type of property you have.
3. Pick the Possession Date
As the seller, you get to choose when the buyer can move in and take possession of your property, especially if you happen to live in it. You may want to move right away, but note that when you don’t have a firm possession date, you may find out what other buyers are willing to put on your property.
4. Keep in Mind That You’re Still the Seller
Despite it being a seller’s market and market conditions are more favorable to you, remember that the buyer can pull out and buy a different house. Decide which terms and conditions are the most important to you, and decide where you can be a bit flexible. If you have a buyer who’s willing to meet your price and doesn’t have or want any other options, you can work to finally close the deal.
Though it’s true that the seller has an advantage over the buyerin a seller’s market, you may lose the opportunity to make a nice profit if you wait too long. That being the case, don’t bite on the first offer that comes along either. Take a more balanced strategy. Decide first if you want to sell quickly at a profit, or wait for the highest bid. Remember to be realistic, identify your bottom-line price, and get the best compromise between that and the highest offer you get.
Though it’s true that the seller has an advantage over the buyerin a seller’s market, you may lose the opportunity to make a nice profit if you wait too long. That being the case, don’t bite on the first offer that comes along either. Take a more balanced strategy. Decide first if you want to sell quickly at a profit, or wait for the highest bid. Remember to be realistic, identify your bottom-line price, and get the best compromise between that and the highest offer you get.
When it’s a seller’s market and you’d like to turn a good profit on your property, Savannah Properties can help you get the best deal. We can give you a handsome cash offer on your New Jersey home.
Contact us to know more, or call our team at (609) 622-4051.