When selling your home, a real estate investor from Manhattan, New York, Alexander Meskouris, believes it’s important to put your best foot forward and ensure that your offers are as competitive as possible. Unfortunately, sometimes you might find that your offers are coming in lower than you expected. So, what could be causing this? Read on for a real estate agent’s perspective on why this might happen and how you can remedy the situation.
It’s Not Only Happening To You
When selling your home, it can be easy to feel like you’re the only one struggling to get a good offer. But in reality, this is often not the case. In today’s market, many sellers find their offers coming in lower than they would like. So if this is happening to you, don’t worry – you’re not alone.
There are several reasons why this might be happening, says Alexander Meskouris. One possibility is that there are simply more homes on the market than there are buyers. This means buyers have more options and can be pickier about which home they ultimately purchase. Another possibility is that interest rates have risen, making it more expensive for buyers to buy a home. This can also lead to lower offers.
More Homes Than Buyers On The Market
One reason your offers might be coming in lower than anticipated is the current real estate market. If there are more homes on the market than buyers, buyers will have more negotiating power and can afford to low-ball their offers. Additionally, if interest rates are rising, that can also give buyers more bargaining power since they’ll be able to get a better deal on loan.
Overpricing Your Home
Another reason why your offers might be coming in lower than you’d like is because of your home’s listing price. If you’ve priced your home too high, buyers will be less likely to make a competitive offer because they know that there are other homes out there that better deal. To get the most for your home, it’s important to consult a real estate agent to find out what comparable homes are selling for and price your home accordingly.
Your Home Needs Work
If your home needs repairs or updates, that can also be a turn-off for potential buyers who don’t want to deal with the hassle or expense of fixing a property. If your home needs repairs, it might be best to sell it as-is or invest in some cosmetic updates to make it more appealing to buyers.
You’re Not Motivated To Sell
Another possibility is that you’re simply not motivated to sell your home. If you’re not in a hurry to sell or you’re hoping to get an offer that’s well above the asking price, buyers will be able to sense that and might lower-ball their offers accordingly. To get the best possible price for your home, it’s important to be realistic about your expectations and be willing to negotiate.
Steps to Getting Better Offers
No matter what the reason is for why your offers are coming in lower than you’d like, there are always steps that you can take to remedy the situation. Alexander Meskourissays that by working with an experienced real estate agent, you can develop a game plan for how to move forward and get the best possible price for your home.
Work With A Real Estate Agent
If you’re not already working with a real estate agent, now is the time to do so. An excellent real estate agent will be able to help you price your home correctly, market it effectively, and negotiate with buyers to get you the best possible price.
Get Your Home In Tip-Top Shape
Before you show your home or list it online, ensure it’s in the best possible condition. This might mean making some repairs, doing a deep clean, or decluttering to make your home more appealing to buyers.
Price Your Home Competitively
When buyers see that your home is priced competitively, they’ll be more likely to make a higher offer because they know they’re getting a good deal. Make sure to do your research and price your home accordingly.
Don’t Get Attached To A Number
It’s important to remember that the listing price is just a starting point and that you should be prepared to negotiate. If you get attached to a certain number, you might miss out on a sale because you weren’t willing to budge.
Negotiate With Buyers
If you’re not happy with the offers that you’re getting, don’t be afraid to negotiate. Working with a real estate agent can develop a counteroffer that aligns more with your expectations.
Alexander Meskouris knows that it can be frustrating if you’re selling your home and you’ve been getting lowball offers. However, it’s important to remember that there are usually reasons behind why buyers are making low offers, and there are steps that you can take to get better offers. Working with a real estate agent increases your chances of getting your home’s best price.