The real estate market in New York and other parts of the country currently appears to be a seller's market. However, when selling a home, becoming too confident in this seller's market may be one's downfall. A few negotiation tactics may end up backfiring for sellers involved in real estate transactions this fall season.
One common tactic that may prove unhelpful is to start a bidding war. Fueling some competition among home buyers can certainly be helpful for attaining the best deal possible for the seller. However, the best offers might end up walking away if sellers fail to clearly explain upfront how they will address multiple offers, or if they insist that every possible buyer comes back with his or her highest bid. Proceeding with caution is paramount when seeking bids from potential buyers.
Another common home selling error is fighting over repairs. A possible buyer might complete a home inspection and return to the seller with a lengthy list of necessary repairs. If the seller is too tough on the buyer by refusing to make repairs, the buyer may simply move on. Instead, sellers may benefit from offering to make legitimate repairs, especially if the offers they receive from the buyers are high. Otherwise, the buyers might feel as though they are being taken advantage of.
Selling a home, just like buying a house, can be complicated. Not knowing where to start or how to proceed, particularly when confronted with legal challenges during real estate transactions, can understandably be stressful. However, an attorney can offer the guidance need to successfully navigate a deal and ultimately achieve one's real estate goals in New York.
Source: realtor.com, "6 Home-Selling Negotiation Tactics That Can Backfire", Cathie Ericson, Nov. 1, 2017