making too many concessions on terms and price. However, by learning how real estate negotiations work and how to apply appropriate techniques, you can get the price you want from buyers. This chapter focuses on how you can avoid the mistakes sellers frequently make when preparing for and engaging in negotiations with buyers. NOT KNOWING AS MUCH AS YOUR BUYERS One of the most commonmistakes sellers make is inadequately preparing for negotiating with a buyer. Do your homework and strongly consider engaging an experienced real estate professional who understands the intricacies of the laws related to the home-selling process. It’s important to understand your local market. What is the current situation of supply-and- demand in your area? Is it a buyer’s market, with a glut of homes fromwhich buyers can choose? Or is it a seller’s market, in which homes in the buyer’s price range are in short supply? Be aware that the real estate market can change quickly, so educate yourself about current market conditions in your area. Is amajor development opening soon that will increase availability of local housing? Are there plans for a school or retail area or highway or green belt that will change the complexion of your neighborhood? Does a major employer plan to shut their doors and transfer hundreds of workers out of state? Did your city government approve a new master plan for your area? If you’re unaware of developments that could have a deep impact on your sales prospects, you’re conceding a significant advantage to a better-informed buyer. Stay abreast of local news, especially the news in the business and real estate sections of your local newspaper or online news source. Here again, a
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