Donna Coakley McGowan's Blog
Homeowners put a lot of time, money, and effort into maintaining, updating, and decorating their homes. So, when it’s time to sell it can be frustrating to receive a lowball offer on your home.
Many sellers aren’t sure how to react to a low offer. However, with so much at stake it’s important to go into selling your home with a plan.
In this article, we’re going to talk about how to handle a low offer on your home so that you can capitalize on even the less-than-ideal prospects when selling your house.
Every offer deserves a polite response
So, you’ve gotten an offer on your home that you consider to be way too low. The first thing you need to do is to detach your emotions from the situation so that you can formulate a polite, but appropriate response.
It is the custom of many people around the world to negotiate. And one common practice in negotiation is to start with a low offer. Therefore, don’t be offended if you receive an offer that is low as it likely isn’t meant as an insult to you or your home.
We understand that selling can be frustrating, so if you need to vent, talk it over with your family or agent. Together you’ll be able to get past the initial frustration and come up with a quick, practical response to the offer.
Counter the offer anyway
Even if you think there’s a small chance that the prospective buyer will raise their offer to fit your requirements, it’s still worth providing a counter offer. This will make it clear to the buyer that you have received their offer and considered it.
Failing to provide a counter offer could mean you miss out on a serious offer in some cases, so it’s worth the small amount of time it takes to provide.
Don’t waste too much time negotiating
So, you’ve sent a counter offer and have received a response that still isn’t getting anywhere close to what you’re looking for. Now what?
In this situation, it’s best to send a concise and cordial message to the buyer that you won’t be able to adjust your offering price any further and then thank them for their time. After this point, it likely isn’t worth your time to continue negotiating.
Low offers can be helpful
If you’re getting a lot of low offers and none in the range you hope for, it could be time to reconsider a few things. You might want to try a new approach, such as staging the home or highlighting certain details that you may have missed. If your listing photos aren’t up to par you can upload new ones that are higher quality with better lighting.
Next, see if the comparable listings in your area have gone down in price. A substantial change in the local market since the time you listed your property is, in some cases, enough to influence the offers you receive.
Giving your space a much-needed makeover doesn't have to take a lot of time or money. Whether you want to recreate the space for a party, prepare for a sale, or simply make an old room look new, here's a solution for you. Use these tips to completely transform your room in just a day.
Update the Paint
Real estate agents often say that nothing makes potential buyers drunk quicker than a fresh coat of paint. It's intoxicating the way new paint provides an instant makeover to any space. Not only does it scream newness, it also keeps your walls protected from moisture and can improve the air quality of your home. So, if you want to redo a room or an entire house, grab the paint brush and get busy.
Focus on Decorative Storage Spaces
There's no rule that storage shelves must be used for storage. Instead, use them as a decorative centerpiece by establishing a theme or motif and carrying that through with well-chosen colors, textures, and accent pieces. Have a lot of clutter that needs a home? Consider decorative woven baskets to keep magazines, accessories, toys, and more tucked away while looking naturally beautiful.
In the time it takes to place a rug, you can have a completely new atmosphere in any indoor or outdoor space. Rugs allow you to bring texture, color, or patterns into a room without overwhelming it. They can also serve as a focal point when placed correctly, or as a backdrop when something more subtle is preferred.
Switch Out the Pillows
Similar to rugs, pillows can really make a room pop at a fairly inexpensive price point. Mix textures and patterns to create a depth and layering effect on beds, benches, and couches. To create a palette that stuns, consider adding splashes of texture with feathered pillows, tassels, or ribbing. You also may want to choose bold colors combined with neutrals to add dimension to an otherwise flat area.
Power Wash Outdoors
A complete update of a deck or driveway can be accomplished easily with a thorough power wash. Doing so can make a home feel brand new. If time allows, consider restaining any wood panels and adding furniture to a deck, or replacing worn down rockery along a driveway.
Replace the Lighting
How you physically feel in a space often comes down to the lighting. Update your space with a dramatic lighting fixture or simplify and unify a room by choosing a neutral fixture. Effective design is about pairing lighting levels with the tasks being completed in that space. Think of a brightly lit kitchen island instead of a lamp in your reading space.
If you'd like more home decorating tips or want help with an upcoming move, feel free to reach out!
Buying a home is a very detail-oriented process, and there's a lot of important things you can overlook if you're not organized.
Home buyers generally have the opportunity to do a last-minute inspection of the premises to make sure everything's up to standards prior to closing on the property.
A real estate buyer's agent can accompany you on the final inspection or provide you with advice on what to look for.
If you've already visited the home a couple times and had the house professionally inspected, you're probably well-acquainted with any major malfunctions, flaws, or repair issues. In many cases, home buyers may reach an agreement with the seller to fix, replace, or make allowances for mechanical or cosmetic problems. While real estate negotiations and sales agreements are as varied as the people and properties involved, there are typically dozens of things buyers need to check on before they sign the final documents and accept ownership of the property.
Final Walkthrough Tips
As you're doing the final walk-through of the house, it's necessary to remember or have notes on the condition of the home when you last looked at it. You'll also want to have a clear idea of what appliances, fixtures, and window treatments are supposed to be remain in the house after it's been vacated by the seller. Depending on how close your final walk-through is to the actual closing, that has probably already happened.
If there's anything missing that the seller agreed to include in the sale, then that's an issue you'll want to discuss with your real estate agent or attorney. Any property damage that may have resulted from moving furniture and other belongings should also be discussed before final papers are signed. The same thing would apply to landscaping changes that appear to be inconsistent with the sales agreement. Your buyer's agent and/or lawyer can serve as intermediary in getting these issues clarified and ironed out.
To make sure your final inspection is thorough, it's a good idea to have a "final walk-through checklist" to help keep you organized and focused. You'll want to take a last-minute inventory of items that are supposed to be included with the property sale, such as appliances, lighting fixtures, furnishings, window treatments, children's play structures, hot tubs, and anything else that was agreed to in the sales contract.
Other items you'll need access to may include garage door openers, manuals for appliances and mechanical systems, warranties, invoices for repairs made, and remote control devices for things like ceiling fans, alarms, and other systems.
Your checklist and final walkthrough should focus on a variety of items, including the working condition of appliances, the electrical system, plumbing fixtures, and the condition of walls, floors, ceilings, doors, windows, and landscaping features. For a complete checklist, look online or consult your real estate agent.
If your parents owned their home, you probably remember watching them work through weekend honey-do lists fixing things around the house. Now, you’re ready to buy your own home and take on that responsibility. You’ve read all the articles, found the best buyers agent, went through hundreds of properties until you found the perfect one, and now it's yours! Along with that furnace you’ve never checked, faucets that will leak eventually, gutters you’ve never cleaned and trees you’ve never cared for. Taking on the job of maintenance provider at your home can be a big job, but just like the purchase, you can be prepared for this too.
Ventilation and HVAC
Check your windows and ensure they are sealed around the edges or add weather stripping as needed to prevent air coming in and messing with your perfect temperature. Its also essential to ensure your insulation is correct for your area, including the depth of your loose attic insulation. If your winter weather gets below freezing, remember to remove or winterize your window air conditioners as well.
Your HVAC system needs its own love and care as well. Regularly check and change out your filters, clean dust buildup from ducts and vents and get your furnace periodically inspected by a technician, so you know if there are any more significant issues and whether or not you are due for a professional cleaning.
Water can be the most dangerous element in your home. Small leaks can hide within your walls causing mold, mildew, rot and more serious physical damage. Make sure you know what kinds of pipes run through your house and where you are in danger of springing leaks. Check those areas regularly. If you live in a winter area that gets down to or below freezing, you may need to leave your indoor faucets dripping in winter to protect your pipes from freezing.
Outdoors, keep your gutters clean year-round so that water doesn’t build up around your roof. Make sure all the spouts in your system point away from the home and the foundation. Lastly, ensure that your roof is in good repair to prevent leaks and further damage.
It's important to know what maintenance the home needs, so if it's you're first, start with a candid conversation with the current owners. If they lived there for a time, they might be willing to share traits of the home with you to help direct your maintenance plan. Talk to your real estate agent about getting the right inspections and professionals to learn about your home.
If you decide you're ready to purchase your dream house, you should submit a competitive homebuying proposal from the get-go. Otherwise, you could risk missing out on the opportunity to acquire your ideal residence.
Submitting an offer to purchase your ideal house that meets the expectations of a property seller can be simple. Now, let's take a look at three tips to help you craft a competitive offer to purchase your dream house.
1. Examine the Local Housing Market
The price of a home in a big city may prove to be much higher than the price of a comparable house in a small town. Much in the same vein, a housing market that features an abundance of sellers is likely to be far different from a market that includes many buyers. However, if you assess the local housing sector closely, you can identify real estate market patterns and trends and craft your homebuying proposal accordingly.
Oftentimes, it helps to look at the prices of recently sold houses in the city or town where you want to live. You also may want to find out how long these homes were available before they sold. That way, you can differentiate a buyer's market from a seller's one and put together a competitive offer to purchase based on the present's real estate sector's conditions.
2. Analyze a Home's Age and Condition
A brand-new home may prove to be more expensive than an older house that is in need of major repairs. Comparatively, a recently renovated house is likely to be a great choice for buyers who want to avoid property repairs, while a "fixer-upper" home may be a top option for those who are ready to tackle property repairs on their own.
As you analyze a home's age and condition, you should consider how much you are willing to pay for this residence. It sometimes helps to consider potential home upgrades and repairs that may need to be completed. And if you evaluate possible home improvement costs, you can account for these expenses in your offer to purchase.
3. Consult with a Real Estate Agent
A real estate agent is a homebuying expert, and his or her goal is to ensure you can acquire a great house at an affordable price. Thus, if you collaborate with a real estate agent, you can put together a competitive offer to purchase in no time at all.
Typically, a real estate agent will offer housing market insights that you may struggle to find elsewhere. And when you're ready to submit an offer to purchase your dream home, a real estate agent will help you craft a homebuying proposal that is sure to get a seller's attention. Plus, a real estate agent will negotiate with a seller's agent to help you get the best price on your ideal house.
Ready to submit an offer to purchase your dream home? Use the aforementioned tips, and you can put together a competitive homebuying proposal and quickly accomplish your homebuying aspirations.