As a seller getting ready to place your home on the market you have probably spent countless hours just getting prepared to go to market. From cleaning to renovations you’ve done it all. And now you are finally ready to put your home on the market. While as a seller you may deal with low ball offers from buyers or those who do not appreciate all the house has to offer. Instead of letting this cause friction in your negotiations why not consider things from the buyer’s perspective?
After the recession 10 years ago home values have regained their value and then some. In fact, supply now outweighs demand forcing home prices even higher. While this is great news for you, the seller, have you considered what that means for the buyer? Home values are now rising faster than inflation meaning it is becoming harder and harder for buyers, especially new buyers, to keep up.
Building a Down Payment
Going along with the increasing home prices the down payment generally needs to increase as well. At minimum 3% is required for most loans, some going up to 15%! That is a lot of money for many buyers especially first-time homeowners. While nobody is going to suggest you place your home well below market value just so somebody will be able to afford the downpayment it is important to remember that this is a huge investment for any potential buyer and amassing enough for a downpayment has potentially taken them years.
You were there once, the excitement of wanting to grow your family and needing more room. Whether it be by two legs or four any addition to a family means more space and first homes are a great starting point for that. In fact, Zillow just had a study finding that parents face greater struggles when trying to buy a home. They are the most likely to end up with longer commutes than what they wanted and have the smallest downpayment. Of course, to anybody who has had children you know, they are expensive and as sellers, it is important to remember that. Maybe their downpayment isn’t the biggest but they also have 3 kids and a dog. Not having as much for a downpayment does not necessarily mean they will be unable to pay for the loan are unworthy of buying your house.
Why My House?
While not necessary considering why a buyer wants your specific house may give you new insight. Is it a newly single parent wanting to keep their kids in the same school district? Is it a child moving closer to home to take care of their elderly parent? Asking these questions may give you an idea exactly what the potential buyer is facing thereby making you more receptive to any and all negotiations.
As a seller, it is not your job to cater to buyers and lose out on money. However, the struggles buyers face are just as important as the ones you face trying to sell your home. Progress isn’t made when two sides are screaming “I’m right and you’re wrong” it’s made when people come together to listen to each other and try to understand the other.
I am passionate about Real Estate and eager to answer all of your real estate questions! Text or Call me at 360-880-2356 or email me directly to ask about Buying, Selling or Investing in today's Real Estate Market - serving Lewis County & Thurston County, WA.
Certified Residential Specialist | Real
Mountain Valley Real Estate