You must walk a fine line when setting an initial asking price for your home. On the one hand, you do not want the price to be too low and quickly sell it for less than it is worth. On the other hand, you do not want to inflate the price so much that it sits on the market for several months, only to get initial offers that are significantly less than what you were hoping for. So, without further ado, please continue reading to learn how to negotiate a price for your home sale and how an experienced New York City purchase & sale attorney at Zimmet Law Group, P.C. can help you reach a fair outcome.
What should I know before setting an asking price for my home?
Before officially putting your home on the market with a set asking price, you must do your due diligence research-wise. That is, you should look into comparable homes in your surrounding neighborhood that have been recently sold, and review their initial asking price and the final offer that was accepted. To get a more precise estimate, though, you may want to hire a market value appraiser. This may give you more confidence when entering negotiations with knowing the true value of your home, especially if it has unique features or significant renovations that are too complex to compare to neighboring properties. However, since an appraiser is not entirely necessary, and their services can get quite pricey, it is best to consult your attorney first.
How do I negotiate a fair and competitive price for my home sale?
First of all, you may gain more leverage when negotiating a price for your home sale if you do small things that will make a big difference. For one, you may clean and tidy your home before showings to maximize its appeal. Also, you may initially put it on the market at peak real estate season, which is generally in the nicer-weather months of late spring to early summer.
Then, say that you get multiple offers at the same time. While you may be tempted to accept the highest bid, you must weigh the contingencies with each one. For example, the highest bidder may, in reality, offer a small downpayment and have high demands for repairs before they are willing to close. Contrastingly, another bidder may offer less but is willing to pay it all in cash upfront. Again, you should work closely with your attorney so that they may ensure your interests are protected and your profit is maximized in the end.
All of this to say, the time to act is now. Please pick up the phone or message us at Zimmet Law Group, S.C. Surely, a skilled New York City real estate attorney on our team will be the perfect fit for your upcoming legal case.
