5 Tips to a Successful Home Sale

Sellers who are ready and willing to negotiate can get more from the sale of their home

By Marcie Geffner

Today’s housing markets are good and bad news for home sellers: Sales have picked up, but buyers still have the upper hand.

That means sellers who are determined to get more — or at least give up less — need to be well-prepared for the negotiation that can result in a deal. Here are six tips:

1. Stand out. Homes that are decluttered, depersonalized and in the best possible condition compared with other homes on the market in the same price bracket should sell more quickly and for more money. That means sellers need to differentiate their home on those criteria, says Greg Herb, broker of Herb Real Estate in Pottstown, Penn. Remember, if the house isn’t well-positioned, there might not be any offers to negotiate.

2. Monitor the competition. Once an offer is received, the seller’s Realtor should double check the market to find out whether any more homes have been put up for sale or sold. It’s important to monitor the market because its direction will drive the negotiation, Herb explains.

3. Price to sell. The bottom line for buyers is always the sales price, says Matt Phipps, a Realtor at Phipps Realty in Warwick, R.I. That buyer fixation on price may be painful for sellers, but Realtors insist homes that are priced “right” or “realistically” sell faster than homes that are priced too high. Sellers “aren’t in a position to demand a value that isn’t there,” Phipps warns.

4. Be flexible. Sellers should remember that compromise is the purpose of negotiation and that that purpose can’t be served if the seller just says no. Instead, sellers should consider the buyer’s demands and try to figure out what’s reasonable, says Elizabeth Blakeslee, an associate broker at Coldwell Banker Residential Brokerage in Washington, D.C. Sellers also should try to counter every offer, Phipps suggests, even if it’s lower than the price they’re willing to accept.

5. Be FHA-friendly. Many home buyers need a loan that’s insured by the Federal Housing Administration. That means sellers whose home is FHA-friendly may have an advantage, according to Glenn Kelman, president of online realty brokerage Redfin in Seattle. The FHA rules, which include loan amount limits and property condition requirements, are complicated and best discussed with a Realtor or mortgage specialist.