While we are currently experiencing a buyers market, finding the right Lake Michigan Shoreline Real Estate agent can make a huge difference in getting buyers interested in your property. Whether your home is in Chicago, Evanston, the Indiana shoreline or Harbor Country; you want an agent who’s willing to walk with you through each step and drive traffic to your home.
Another frustration some sellers are facing is that, since buyers know the market is leaning in their favor, they tend to make low offers that aren’t anywhere near the asking price. So, what’s the best way to deal with these low-ball offers? These six guidelines should help you navigate through this oftentimes tricky situation.
1. Consider the terms- Price is paramount for most Lake Michigan Shoreline buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.
2. Counter the purchase offer- Unless you’ve received multiple purchase offers on your home along Lake Michigan’s Shoreline, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid they’ll overpay, or they want to test your limits.
A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.
3. Get the agents together- If the purchase offer is too low to counter, but you don’t have a better option, ask your Lake Michigan Shoreline Real Estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case, you might feel freer to reject the offer.
4. Review your comps- Ask your Lake Michigan Shoreline Real Estate agent whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.
5. Consider the buyer’s comps- Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comparables. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that your Lake Michigan Shoreline Real Estate agent provided for you when you first decided your asking price. If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.
6. Don’t signal desperation-Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer. If you can remedy the situation, maybe by renting furniture or asking your Lake Michigan Shoreline Real Estate agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.
We hope these tips help you prepare for how to deal with this issue when it arises, because chances are; it will! As the Shoreline Property Advisors Team, we enjoy advising clients in every aspect of real estate. We know it can get confusing at times, and want to be sure you know exactly what’s going on throughout the entire home buying or selling process.
If you’re hoping to sell your Lake Michigan Shoreline home and aren’t quite sure what the next step is to take, feel free to contact us! We can answer your questions and the Prudential Rubloff Real Estate agents on our team can ensure your home gets sold!
Shoreline Property Advisors
@ Prudential Rubloff
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