Negotiating In A Seller’s Market – For Sellers

Negotiating In A Seller’s Market – For Sellers

Since the start of 2021 we’ve experienced more of a seller’s market, particularly with properties priced between $300,000 and $500,000. If you’re a seller, the demand for a home like yours is likely stronger than we’ve seen in nearly fifteen years. Today we want to share with you how you can negotiate an offer (or multiple offers) with wisdom and integrity.

First, allow all scheduled property viewings to finish for the day before starting negotiations. When a new property hits a seller’s market, that home could receive many showings and even an offer within the first 24-28 hours. When an offer is written, your Realtor can let other showings know that an offer has been received. This communication enables them to act quickly if they too want to write an offer. If more than one offer is received, all parties need to know that you’re in a multiple offer situation so that they can put their best food forward.

Second, when an offer comes, you want to consider more than just the price. Though pricing is typically most important, other details such as buyer conditions (subject to financing, home inspection, sale of buyer’s home etc.), possession date, deposit, buyer flexibility etc. also bring added value to the offer. A higher deposit secures higher security as a seller, especially if you’re planning to buy another home. Does the possession date fit within your means so that you can avoid a potential double move? Has the buyer been pre-approved for financing? Knowing this detail increases your confidence when accepting a conditional offer. Once you’ve decided to counter or accept an offer, communicate that with the buyer(s) as soon as reasonably possible. If you were to wait 24 hours to allow more showings “just in case” another offer comes, you greatly risk ticking off your first buyer(s) and losing your offer all together.

Third, if a second buyer really wants your home but you’ve already accepted another offer, you could establish the second party in a backup position. Doing so increases your security as a seller in case the first offer doesn’t finalize due to an unmet condition. The most critical aspect of accepting a backup is to have a seller’s condition that states something like, “This offer will only come into effect should offer A (input contract number) become null and void on or before X date”. This condition ensures you do not sell your home twice and find yourself in an unfortunate circumstance later.

The best thing you can do is find an honest, experienced, local Realtor who can help to best position the price, presentation of presentation of your home for this market. Whether you’re a first time buyer, thinking about selling, or just want to talk about what options might be available for you, contact us today! We’d be happy to see how we can help you achieve your real estate goals!

Jason Rustand with RE/MAX Real Estate serves with the highest level of integrity and excellence every time. To talk to Jason about your real estate needs, contact him at 780-919-0004, email or visit