Buyers and Sellers want different things out of a home sale. It helps to understand both points of view when negotiating…if you can understand the other point of view, you can offer something they want in order to get something you need.
A Buyer Wants:
– The very lowest price possible
– My new home to have all the features I’ve dreamed about
– A home in move-in condition, with no extra work required
– Everything to be updated and in perfect working order
– To earn incredible equity
– This house to be the best investment I can make
A Seller Wants or Thinks:
– The highest price I can get
– Our house is the best in the neighborhood, it’s worth more
– I don’t want to invest in costly fixes for someone else, let the buyer take care of it
– My home is wonderful just the way it is, no home is perfect
– If the buyer wants new items (carpet, appliances, countertops, windows), let them do it
– I put thousands into updating and maintaining this home, so I should recoup every penny
– To earn incredible equity; I want this house to be the best investment I’ve made
No party to a negotiation gets everything they want in the transaction. The key is to understand both points of view so you can be a successful negotiator. A Buyer should use comparable houses that have recently sold in the neighborhood on which to base their offer, not wishful thinking that is so far under the asking price that it insults the Seller. Sellers should be willing to consider making repairs or improvements that are meaningful to the Buyer…or offer to lower the price to accommodate the Buyer making the changes himself. Buying and Selling a home should be a win/win, it can be with good negotiation!
