30 Sep Negotiating the RIGHT price for your Place
Your negotiating power as the seller will be affected by a number of factors. Firstly the amount of interest in your property, if offers are flooding in, you can pick and choose as you wish. However, if your property has been on the market for some time with no real interest, the weaker your negotiating position is as a seller. You also need to consider the current market conditions – if demand exceeds supply, then you can expect to receive a favourable price for your home. However, if the market is slow, you will not have the same pulling power.
Of course, we must remember the condition of the property is one of the most important factors! You will almost certainly find it harder to negotiate if repair work is needed on your property. Also if you are under pressure to sell your house within a period of time, your negotiating position will certainly weaken. Remember, selling your home can be a very emotional time but you are selling it, so try to keep your emotions out of negotiations.
It’s not just the seller who has factors affecting their negotiating power. Buyers are affected by a number of very important factors when looking for their new home. Whether or not there’s an ongoing chain. Buyers who are not involved in a chain are in a better negotiating position than those who are. If you are looking for the best deal on your property keep your eye out for first time buyers, those people who are in-between homes who may be currently renting, cash buyers and investors. Potential buyers who have been pre-approved their mortgage will be in a better position, than those who have to wait for the paper-work to be processed. Again if you are negotiating with buyers who are under pressure to complete before a specific date you will have a stronger negotiating position.
So what is the role of the estate agent in all this? The estate agent works for the seller and will try and get the highest possible price for their property. They will know the condition of the market in their local area and the features of properties that make them more attractive to buyers. Knowing their local market well, they will also be able to identify key factors in the local area that potential buyers may be looking for, such as local schools and transport links.