It’s finally time to sell up and move up the ladder. You want a quick sale, but you also don’t want to miss out on some of the higher prices you’re seeing in your area. Negotiating is a balancing act that’s easy to get wrong.
So, how do you negotiate house price and come out on top? Let’s find out.
Talk With Your Estate Agent
First things first: settle on a price that’s a good starting point to negotiate from. Don’t be afraid to ask for more, because if you don’t ask, you don’t get.
The quickest way to do this is to talk to an estate agent. Ask around among estate agents and they can tell you the price houses normally go for in a particular area. They may have recently had a seller in the same area, for example; if you pick a local agent then they’ll know the area anyway. You can talk with them and establish a sensible price.
Bear in mind that the estate agent may have their own agenda. Yours may want a quick sale, and price your house accordingly. You often find this with estate agents that charge a flat fee.
Knowledge is Power: Research Local House Prices
Another part of your calculation should be local house prices. This will give you an idea of how much similar houses to yours have sold for in the recent past, and a good starting point for negotiating house price.
The best way to do this is by using online portals like Zoopla or RightMove. These let you include properties ‘under offer’ or sold STC in your searches. You can also look at recent prices houses have sold for nearby.
If there are houses going for significantly more or less than the price your estate agent suggests, talk with them about changing it. This will put you in the best possible position for when a buyer comes along.
How Long Has Your House Been on The Market?
The length of time you’ve been trying to sell your house affects your negotiating position. You have to bear in mind that buyers will take advantage of a house that isn’t selling. Reasons for a slow sale include:
- The market in the area may be slow. Although the housing market is generally healthy, it’s quicker in some areas than others. There may be few people looking to buy in your area, which gives the buyer the upper hand.
- Is there a problem with your house? Buyers realise that if a house has been on the market for a long time, there’s probably a reason. They can use this to negotiate a lower price.
If these issues apply, you should consider lowering your opening price, or at least prepare for buyers offering less.
What to Do About Demanding Buyers
Last but not least, all buyers are different. Some negotiate hard, whereas others just want to close the deal.
You also have to be aware of ‘gazundering’. That’s where a buyer offers less than they initially said they would, right at the end of the purchase process. The point is that they use the leverage of the long deal process to try and save some money.
How you respond to negotiations depends on the market. If you’re inundated with offers, you don’t need to give ‘gazunderers’ the time of day. But if you’ve only had one offer on the table for the months your house has been on the market, you may need to compromise.
Skip the Sales Process with British Homebuyers!
If all of that sounds like a nightmare, you’re certainly not alone in thinking that. Selling property in the UK is a tough process. But what if we told you that there’s a way to cut the hassle, cut the stress, and still get a fair price?
That’s where British Homebuyers come in. Our job is to help you sell your house fast. Our easy three-step process starts with a free, no-obligation free valuation; we then make a formal offer and can complete the sale before the end of the week. We don’t charge valuation fees, survey fees, legal fees or estate agent fees, and we work to your timescale—whatever it might be. So, give us a call at 0800 566 8164, text ‘Homebuyers’ to 88802, or get an offer on your property today!