If you’re planning to sell your house as you near retirement, this may be the ideal time. According to BankRate.com, as of September 26, 2024, the current average interest rate for a 30-year fixed mortgage is 6.20. Lower interest rates make buying a home more affordable because monthly loan payments are lower. This tends to drive up buyer demand.
Strategies For Negotiating The Best Sale Price
Negotiation is the key to a successful sale. Prices should comply with the current Fair Market Value. Sellers can get pricing guidance for their homes by asking their real estate agent for a C.M.A. (Comparable Market Analysis) that provides sale prices of similar homes recently sold. For sellers, establishing a fair asking price is vital. If your home is priced much higher than others in your neighborhood, it may remain on the market longer.
Once The Offer Is Made In Writing, Things Get Real
When the buyer makes an offer in writing, negotiation kicks into high gear. If they have been preapproved for a home loan, you may want to take their offer more seriously. Of course, a seller may submit a counter-offer, with their own contingencies, to meet the buyer halfway on price. Don’t forget – the best negotiators never let emotions get in the way. Common sense is crucial for both sides of the deal. With this in mind, always remember – virtually everything is negotiable.
“If these repairs are not taken care of, buyers will lowball their offer.”
Upgrades & Curb Appeal
When negotiating, the home’s condition is important. Buyers tend to make offers contingent on the results of a professional home inspection. Keep in mind that there’s nothing stopping sellers from getting their own home inspection to assess repairs and upgrades that need to be made. Work with a reputable home inspector who can point out the repairs you must get done before negotiating. For example, a new roof and gutters, broken windows, and pavers and walkways. If these repairs are not taken care of, buyers will lowball their offer.
You also may want to consider making a few upgrades. Remodeling a kitchen to look larger is a great way to up your home’s fabulous quotient. When touring a home for sale, buyers usually start with the kitchen. Make it work with new cabinets and kitchen flooring. Also, upgrade or remodel your bathroom. It’s the second most important room for buyers. At the very least, work on your curb appeal because first impressions count.
Keep in mind that financial experts predict mortgage rates may plunge even more. It may be wise to take a wait-and-see position while you spruce up your home.
