Who will have the power in your next real estate transaction? It will depend on several factors. Here are a few to consider.
Market Time
If the house has been on the market for a long time, the power is typically in the hands of the buyer. If you are the seller, it is to your advantage to price your home right at the outset so that it does not become “market weary.” If you are a buyer, you may find that the owner of a property that has been for sale for a considerable time may be more motivated to sell.
Location
If the house is located in a strong area with quality homes on all four sides, the seller typically has the power. If, however, local home values are not rising or if surrounding homes detract from the value of the home for sale, the buyer has a strong negotiating tool.
Condition
A home that is well decorated and maintained with everything in good working condition provides the seller with a strong negotiating position. If it is in need of repair, the buyer certainly has a good argument for offering a lower price. For this reason, a few dollars to fix up the house prior to going to market can make a huge difference in the eventual selling price.
Features
If the house is lacking in the features that are commonly found in its price range, the seller will have to negotiate from a weakened position. Again, a few dollars updating the kitchen and bathrooms with updated features can certainly pay for themselves at the time of sale.
Advice: If you want a strong negotiating stance, hire a professional Realtor® to represent your best interest.