Q - I need to help my widowed mother sell her house in this buyer’s market. How can I negotiate the best deal?
A - Start this negotiation as you would any other, by doing your homework. Ask your listing agent for the comps (comparisons) of all the houses similar to your mother’s that sold in the past 12 months. See what features they had that yours doesn’t and what improvements yours has that theirs didn’t. This will help you set your asking price.
Unfortunately, in this market you need to give yourself lots of negotiating room. On the flip side, homes that are priced right are selling much faster. It’s not unusual for a home to take a year to sell at this time. Ask yourself how important your timing is right now.
I was told about a movie where a couple was shown an 8 million dollar mansion which was selling for $350,000.00. The couple loved the home but walked away saying they would wait for the price to drop further.
Like all negotiations, let the potential buyers speak about price first. And knowing what number is a deal breaker for you, be prepared to wait for another offer.