3 Secrets to Selling Real Estate in a Sluggish Market

Considering that real estate market conditions are favoring buyers than sellers, it is not unexpected that many sellers find it challenging to negotiate a deal. If you are one of these sellers, you will find that following these three trade secrets can help you negotiate prices and close deals.

1. Know the Market: many sellers fail to consider how things are done in the market place. For example, there are two homes that have the same asking prices and basically the same amenities. But one of the properties was sold first because the seller offered a percentage in seller credit that effectively reduced the asking price. This is why it is important that you know how to negotiate prices smartly and knowing your competition.
2. Know Your Terms: it is always better for a seller to come up with a set of incentives that will help sell the property. For instance, you can offer to shoulder closing costs by offering a so called “seller contribution”. In a sluggish market, this is very effective since you will be reducing the asking price by just a small percentage, unlike a direct discount.
3. Reduce Deposit Requirements: many sellers make the mistake of giving little consideration to buyers in terms of deposit requirements. You will find that buyers would prefer paying a smaller deposit because for them it is such a huge commitment. In a slow market, sellers may have to accommodate such changes in their terms. On the other hand, sellers may be less considerate with pre-approved buyers especially those who have shown strong buying interest.

Even sellers of foreclosure homes will find these tips quite useful considering the tough competition experienced in the market today. There are literally hundreds of thousands of foreclosed homes for sale and buyers have the advantage of being choosy.

Sellers should learn to negotiate skillfully in order to close a deal successfully. Being flexible is very important as well as open-mindedness and honesty.

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• Negotiating in a Tough Market
• How to Price Homes in a Sluggish Market
• When Scents Become Sensible
• Foreclosure Homes: Why are they Cheap?
• Common Mistakes That Could Cost You