If you are on the fence about whether to accept or reject a homebuying proposal, it is important to remember that a third option is available: countering the offer.
By countering a home offer, you can set the stage for a negotiation with an interested buyer. If a buyer accepts your counter-proposal, you and the buyer can move forward with a purchase agreement. Or, if a buyer rejects your counter-offer, you can always continue to seek out proposals from other potential buyers.
Before you counter a home offer, it is important to know what to expect after you make this decision. That way, you can feel confident about your decision to counter a homebuyer's proposal, even in a high-pressure situation.
Now, let's take a look at three tips to help you analyze a home offer and determine whether to counter it.
1. Assess the Housing Market
The housing market ultimately may play a key role in how a home seller approaches an offer. Because if a seller examines the real estate sector closely, he or she may gain actionable insights that can be used to differentiate a "fair" proposal from a "lowball" offer.
Look at the prices of comparable houses in your city or town, as well as the prices of recently sold residences in your area that are similar to your own. Then, you can use this information to take a data-driven approach to analyze an offer. And if you decide to counter an offer, you can rest assured that your decision is backed by relevant real estate insights.
2. Review Your Home's Pros and Cons
Oftentimes, it is beneficial to consider your house's age and condition as you review an offer. This will enable you to account for any potential home repairs and the costs associated with them – something a buyer also may do before he or she submits an offer on your home.
Don't forget to consider the strengths of your home as well. If you recently performed a series of home upgrades, you probably accounted for these house improvements when you set the initial asking price for your home. Thus, you should have no regrets about countering a home offer if it fails to match your expectations.
3. Consult with a Real Estate Agent
Hiring a real estate agent is crucial, particularly for a home seller who is uncertain about how to proceed with a home offer. A real estate agent can help you evaluate all aspects of a home offer and make it easy to submit a counter-proposal as needed.
Typically, a real estate agent will offer expert home selling recommendations. He or she also will respond to your home selling concerns and questions and ensure you can make an informed decision about any offer, at any time.
Ready to review an offer on your house? Use the aforementioned tips, and you should have no trouble deciding whether to counter a homebuying proposal.