Selling your home can be fraught with many anxious moments – especially when you get a call from your agent saying that you have an offer. But in some cases, the excitement of receiving an offer can soon be followed with disappointment when you learn that the potential buyer has submitted a lowball offer.
If this happens, should you respond, or is it better to just turn the buyer down without a counter offer?
In many cases, any type of offer – even if it is well below your asking price – can spark a negotiation that ultimately turns out to be successful for both parties. With that in mind, don’t be afraid to come back with a counter offer that is still close to what you want to get.
While this may turn some potential buyers away, in other instances, you may find that the initial low offer was just a way for the potential buyer to determine whether or not you are desperate to sell the home. And, once they find out that you aren’t, they could come back with a counter offer of their own that is much more in line with your asking price.
So, what exactly constitutes a lowball offer? Many real estate professionals state that it is a figure that’s 20 to 25% or more below your list price. This, however, can vary from market to market. It can also make more or less of an impact, depending on the price range of your home.
For example, an offer that is 25% below the asking price on a home that’s listed for $100,000 may be more impactful than an offer that is 25% below the asking price on a home that is listed for $1 million.
Regardless of any offer that you receive, it is important to keep your key goal in mind – which is ultimately selling the property. Given that, it is usually the best course of action to be open to any offer and not let emotion get in the way.
If you’re considering selling your home, it can help to know approximately what it is worth. Contact Us and we’ll provide you with a free, no obligation home value analysis, which can be an ideal starting point.
