Condo Selling Tips: How to Handle a Difficult Negotiation

Let’s face it – no condo seller wants to deal with a high-pressure negotiation. Lucky for you, we’re here to help you streamline the process of selling your condo so you can avoid stressful negotiations with property buyers.

What does it take to remain calm, cool and collected during a negotiation with a condo buyer? Here are three tips that every condo seller needs to know.

1. Consider the Condo Buyer’s Perspective

As an informed condo seller, it is important to consider both sides of a negotiation. By doing so, you can evaluate a condo buyer’s perspective and plan your next move accordingly.

For condo sellers, the goal is to get the best price for a property. As such, a condo seller who performs extensive housing market research probably understands the true value of his or her residence.

On the other hand, a condo buyer is likely to conduct real estate market research on his or her own. This property buyer also will assess the current condition of a condo in relation to his or her budget and submit an offer that accounts for these factors.

Ultimately, a condo seller and buyer should try to find common ground. That way, both parties can work together to get the best results out of a negotiation.

2. Review All of Your Options

After a condo seller accepts a buyer’s proposal, the next step likely involves a property inspection. At this point, a condo acquisition may move forward, or a condo seller might need to rethink his or her plan.

If a condo inspector discovers myriad problems with a property, a condo buyer may ask the seller to complete repairs or lower the price of the property. Meanwhile, a condo seller will need to review all of his or her options quickly.

Following a condo inspection, it is important to consider the results of the evaluation.

If a condo seller discovers major repairs are required, he or she should consider completing the repairs or lowering the price on a property.

Or, if a condo buyer asks for a major price reduction even though only minimal repairs are needed, a seller should be unafraid to say “No” to the buyer’s requests.

It is important for a condo seller to feel comfortable with any decision that is made throughout the property selling cycle. Thus, if a condo seller is uncomfortable with completing property repairs or reducing the price of a residence after a property inspection, he or she should be ready to decline a buyer’s demands.

3. Consult with a Real Estate Agent

A real estate agent will handle negotiations between a condo seller and buyer. Therefore, this housing market professional can play a pivotal role in a seller’s ability to get the best price for a condo.

Consulting with a real estate agent who possesses condo experience is key. This real estate agent can keep you up to date during negotiations with condo buyers and ensure you are fully satisfied with the final results.

Take advantage of the aforementioned tips, and you can move one step closer to maximizing the value of your condo.

Buying and Selling a Home at the Same Time

There are countless reasons a homeowner might want to sell their home and buy another. Some want to move for a change of scenery or to relocate for work. Others are parents with a recently empty nest who want to downsize to something more affordable that meets their needs.

The good news for second time homebuyers is that you already have an idea of what to expect when buying a home. The research, paperwork, disappointments, and delays that come with buying a home can all be prepared for. However, if you have the burden of selling your old home, finding a temporary place to live, and then moving into a new one, your responsibilities can be doubled or tripled.

In this guide, we’ll go over how to prepare for selling your old home and moving into the new one. We’ll cover some common mistakes and offer some advice to keep you sane throughout this daunting (but exciting!) process.

Buying or selling first

For most homeowners, selling first makes the most sense financially. Holding onto a second house often means having to make two mortgage payments at once. Similarly, selling first will give you a much clearer idea of your budget for your new home.

Depending on market conditions, your home may or may not sell for as much as you were hoping. It’s important to keep this in mind before signing onto a new mortgage.

Moving logistics

Once you sell your home, you’ll have to work out living and storage arrangements until you are ready to move into your new home. It may seem easy at first–just rent for a couple months until your move-in date, right? It isn’t always that simple, however, as deals can sometimes fall through and you can find yourself with a move-out date from your own home without having finalized a deal on your new home. Because of this, many homeowners elect to may their current mortgage for an extra month or two until they can move in to their new home. 

Research your options for short-term living and storage in your area. See if you can work with moving companies who will give you a discount for helping you move twice; once to the storage facility and again to your new home.

One way around this is to time your move out and move-in dates so that you don’t have to worry about storage. Some homebuyers will even move into the new home before officially closing on the home (i.e., take possession before closing). While this may be convenient, it can also be dangerous for the buyer and the seller.

Plan meticulously

One of the best piece of advice we can give is to stick to your schedule and keep good records during your buying and selling processes. Make sure whoever buys your home is aware of your plans for moving out and that anything that could delay those plans (inspection issues, moving logistics) are taken care of.  

Keeping track of all this information can be difficult, so don’t be afraid to keep a daily list or planner of the things you need to take care of, and never be afraid to reach out to your real estate agent who will often be able to advise you on the best way to make your move as smooth a process as possible.

Sound Reasons for Hiring a Real Estate Agent

Putting your home up for sale can elicit a myriad of emotions from you and your spouse — everything from excitement and anticipation to fear and sadness. It’s only natural to feel a mixture of emotions, especially if your home represents years of memories, countless milestones, and stages of family growth.

A cautionary note to keep in mind is that it’s easy to get caught up in emotion-based decisions that could derail your chances for making a fast sale.

A primary example would be pricing your home higher than it might actually be worth. Despite the fact that you’ve experienced great family memories there and spent tens of thousands of dollars to maintain, upgrade, and beautify your home, those factors usually do not translate into a sale price that exceeds the property’s appraised value. Your perspective, which may be based on subjective criteria, such as all the “blood, sweat, and tears” you put into your house — not to mention the “TLC” that went into it — does not hold water in the minds of would-be buyers.

What Does Determine a Home’s Value?

The unvarnished truth is that the value of your home is mostly based on prevailing market conditions, the price at which comparable homes in your neighborhood recently sold, and what the market will bear. Effectively setting a price that will bring in the most money without driving away qualified and otherwise-interested buyers is a delicate balance. The homeowner rarely has the objectivity or the specialized knowledge to accurately set the right price. That’s where real estate agents comes in, and why it’s advisable to sell your home through a licensed agent, rather than attempting a “For Sale By Owner” approach.

Minimizing Bumps in the Road

A good real estate agent will work on your behalf to effectively market your home, collaborate with other agents in the area to schedule showings and spread the word about your listing, and advise you on ways to improve both the curb appeal of your home and its interior appearance. Your agent can also provide indispensable negotiating help, as well as guidance about seller disclosure requirements and other government regulations.

The bottom line is that real estate agents are well-versed in the intricate process of listing, marketing, and selling residential property. Since there are a lot of forms to sign, deadlines to meet, agreements to reach, and formalities to handle, those are among the many sound reasons to enlist the help of a professional.

Although the process of selling a residential property often involves delays, setbacks, and obstacles, most real estate agents are quite adept at solving problems and getting past difficulties. In addition to the marketing, networking, and strategizing they’re doing on your behalf, a good agent can also be counted on to provide you with regular progress reports and boost your spirits when you’re feeling discouraged.

Common Home Selling Fears

Selling your home can be scary, particularly for those who are listing a residence for the first time. Fortunately, we’re here to help you face your home selling fears so you can overcome them before you add your property to the real estate market.

Now, let’s take a look at three common home selling fears, along with some of the ways that you can put these concerns to rest.

1. I won’t be able to get the best price for my home.

Getting the best price for a house is the number one concern for most home sellers, and for good reason. Lucky for you, there are several quick, easy ways to ensure you can maximize the value of your residence.

First, check out the housing market and see how your house stacks up against similar residences that are available. This will enable you to collect valuable housing market data that can help you price your house accordingly.

Don’t forget to complete a home appraisal too. A property appraiser will allocate the necessary time and resources to analyze your house’s interior and exterior. Then, he or she will provide a report that outlines your home’s strengths and weaknesses so you can better understand the true value of your residence.

2. My home will stay on the real estate market for years to come.

Let’s face it – a home seller likely wants his or her residence to sell as soon as it hits the real estate market. Sometimes, a house can linger on the real estate market for an extended period of time. And when this happens, it is easy to question whether a homebuyer will ever submit an offer on a residence.

As a home seller, it is important to ensure your house makes a positive first impression on homebuyers.

Spend some time mowing the front lawn, clearing dirt and debris from walkways and performing assorted home exterior improvements. This will enable you to boost your house’s curb appeal instantly.

Also, declutter your home’s interior as much as possible. By doing so, you can make it simple for homebuyers to envision what life would be like if they decide to purchase your residence.

3. When the time comes, I won’t be able to relocate to a new home.

After you sell your residence, you’ll need to move to a new address. The relocation process often can be difficult, especially if you have lived in a particular house for many years.

A real estate agent can help you prepare for the relocation process. This housing market professional understands all aspects of the home selling cycle, and as such, will be happy to offer expert assistance at all times.

Although selling a home may seem challenging, an informed home seller will understand what it takes to get the best results possible. And if you address your home selling fears now, you should have no trouble optimizing the value of your house and accelerating the home selling process.