Lancaster & Morecambe 01524 843322
Posted on Wednesday, September 13, 2023
How do you know when to accept an offer and when to hold out for more? And what should your strategy be if you have more than one offer on the table?
With such large sums of money at stake, making decisions in the heat of the moment can be stressful, so it’s helpful to work with an experienced estate agent. A top agent will have negotiated countless deals throughout their career and be able to advise you on the best steps to take.
Here’s an explainer of what it takes to negotiate a good deal to help you choose the right agent to manage your sale.
If your property is overvalued, you’ll be starting negotiations on the back foot. Savvy buyers won’t be fooled, meaning you’ll either have to backtrack on price or leave the property stuck on the market. An overvalued property is also less likely to attract multiple offers (that generate a bidding war).
It’s crucial to know what similar properties in your area are currently selling for so you can gauge the competition.
Understanding a buyer’s motivation for moving and the timescale they’re working to is important. That way, you can judge the seriousness of their offer and if they have room to move on price.
Don’t let your emotions rule your decision-making. Stay cool-headed and don’t take the negotiation process personally.
Yes, you want to secure a good price, but if you have multiple offers, going with the buyer who can move according to your timeframe could save you in the long run. If you’ve already paid for a survey and legal fees for your next property, having your chain collapse could leave you out of pocket.
You may experience ups and downs on your property journey but keep the faith. You’ll get there.
For a free property valuation, please call us. At JDG we are here to help. Call us on 01524 843322 or email me at michelle@jdg.co.uk
