Negotiating the best price for your house / property when selling
Your house is almost certainly your most valuable asset, and when it comes to selling you want to get the best possible price.
Your negotiating strength will obviously depend on the state of the market, the desirability of your property, and how desperate your are for a sale.
As the vendor in the house sale negotiations you will generally be in a much weaker negotiating position in a weak housing market and if you are desperate for a sale. You may then be tempted to accept any offer which comes along, even if it is below market price. The more desperate you show yourself to be in concluding the deal, the more likely you are going to be taken advantage of in the negotiation process.
Have facts and figures on other house price sales. Use the Nationwide House Price Calculator to justify the price to your prospective purchaser.
There may be something you can add to the deal, without lowering the price, such as curtains or carpets if you have not already included these in the particulars.
As a seller, if you want to close the deal quickly you may negotiate on the price with the condition that the deal is completed immediately.
The more you can find out about the buyers situation the stronger will be your negotiating position as you can better guess what price the prospective purchaser would be willing to pay. So be open, friendly and above all inquisitive.
If an unacceptable offer is made take your time before making a response. This will create uncertainty in the mind of the buyer and is likely to make any further offer much closer to the price you are looking for.
Try and assess the strength of feelings the purchaser has towards your property. This can sometimes be quite transparent. It the purchaser has fallen in love with your property you stand a much better chance of negotiating a higher price. Buyers are often scared of losing a property, particularly inexperienced first-timers.