When you put your home up for sale, one of the things you will have to do is come up with an asking price for it. When you do this, you will probably hope to find a buyer that is willing to pay you an amount that is close to this price, but this is not always the case. There are many times when buyers come in with low offers for homes, and the sellers of these homes must decide how to handle this. There are times when accepting a lower price is a smart move, and there are times when it is not. Here are some of the reasons you might want to agree to accept a lower price on your home.
Home prices have plummeted
There are times in the economy when home prices drop significantly, and there are also times when home prices rise a lot. If you receive a low offer for your home during a time when home prices are decreasing, then this might be a good reason to accept the offer you received. You can learn more about the state of the real estate market and economy by talking to your agent.
Your home needs work
When you set your asking price, did you take into consideration all the defects and problems your house has? If not, your price might be too high for your home considering these things. If this is the case, accepting a lower price for your home might be the only way you can sell your home. Most people will not pay more than a house is worth, so it might be wise to just accept the lower offer you received instead of trying to find someone who will pay more for your house than the value it is worth.
You are desperate to sell
The other good reason to accept a lower price than what you wanted is if you are truly desperate to sell. Are you about to lose the house to foreclosure? Are you going through a divorce and need to liquidate? If you have any reason that causes you to be desperate to sell, accepting almost any offer might be a good idea.
These are three good reasons to accept an offer that is much lower than you hoped for. Before you accept any offer, you should discuss the situation with your real estate broker for insight into your decision.
Share16 January 2020
When you decide you want to sell your home or buy a new one, you will need to hire a real estate agent to represent you. A good agent will do most of the legwork as far pricing the home, creating a listing, and advertising the home goes. However, you will need to work beside them and make decisions along the way. We've created this website to give the average home seller or buyer a little more insight into the world of real estate. Learn how to find a good agent, help them do a better job for you, and navigate the sale process in the articles presented on our pages.