10 Real Estate Secrets Buyers Don’t Want Sellers to Know
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Emotions are high when it comes to selling a home. Sellers are tied to the memories and personal touches of their property and buyers are laser packed at the bargain. In this dance of negotiation, there are a few things buyers often keep close to their chest. These little secrets can favor the buyer and leave the seller asking themselves what happened.
Knowing these hidden strategies can put sellers at an advantage in the process. You can close the deal or leave money on the table depending on how well you know what buyers are up to. Let’s peel back the curtain and see the truths buyers may not want you to know.
Buyers Often Shop With Their Heads, Not Their Hearts
You can easily picture buyers falling in love with your home, but in reality, they’re doing math and not gazing at the décor. They’re calculating repair costs, comparing your asking price with recent sales in the neighborhood, and more. According to the National Association of Realtors, a study found that many buyers put price above all else. Sellers who worry only about staging and aesthetics are missing the chance to address practical issues that make buyers say ‘yes.’
Not All Lowball Offers Mean That Someone Is Uninterested
It can be a slap in the face to receive an offer way below your asking price, but it’s usually just the beginning. Sometimes buyers will throw out low offers just to see how flexible they can be with their seller. A low offer isn’t an insult, it’s an invitation to negotiate. Keep calm and don’t be afraid, and be assertive. When sellers become emotional, they end up not taking a deal that could eventually work for all.
Timing Is Their Hidden Weapon
An offer’s timing can expose a buyer’s strategy. During slow market times, many buyers make their move, hoping to catch a seller who wants to dispose of their property as quickly as possible. And if you try to list your home during the holidays or late summer, expect offers to reflect the perceived lull. By staying patient and talking to your agent about what’s going on in the market, you won’t feel rushed into a deal you don’t want.
They’re Looking at Every Blemish
Buyers want reasons to negotiate down the price, even if your home appears picture perfect to you. While a leaky faucet or scuffed baseboard might seem like no big deal, it’s leverage for buyers to ask for repairs or price reductions. Pre-listing inspections can flip the script by giving buyers the impression that you’re ahead of the game, having already minimized surprises that could otherwise sidetrack your negotiations.
Strings Are Attached to Cash Offers
“Cash is king” doesn’t sound so good in real estate, particularly because cash buyers are usually looking for a discount because of the simplicity and speed of the transaction. When sellers take a look, they have to weigh what benefits a faster sale versus maybe having left money on the table. A Zillow survey found that cash offers typically come in 12 percent lower than financed offers. If time is of the essence, getting a well qualified financed buyer might be the smart play.
They’re Trying to Pick Up Desperation Cues
Buyers pay attention to signs that the seller is eager—or desperate—to sell. Some signs of a seller’s desperation are a price drop after being on the market for just a week, or if the home just looks empty—a situation that inspires buyers to ask for better terms. To avoid this, work with your agent to create a pricing and marketing strategy that exudes confidence.
Their Secret Ally Is Emotions
Sellers that allow emotions to rule or guide their actions lower their chances. Personal stories and friendly conversation give people looking to buy your home the knowledge that they can tug at a your heartstrings to get a lower price or extra concessions. Make the transaction professional and remember, it’s a business deal, not a therapy session.
Buyers Rely on Market Knowledge to Outmaneuver You
Particularly savvy buyers come to the table with research. They’ve ran comps, looked at trends, and possibly spent weeks looking at the area before they make an offer. If you don’t educate yourself about what’s going on in your local market, you can be outsmarted. Keep up to date and match your real estate agent’s preparation by working closely together.
Their Safety Net Is Contingencies
Even the most enthusiastic buyer usually inserts contingencies—clauses that permit them to walk away from the deal if such and such does not occur. Financing approval, inspections, or appraisal results are included. Contingencies protect buyers, but they also can be stressful for sellers. Key to protecting your interests is understanding what contingencies are standard and what contingencies are negotiable.
They’re Not Afraid to Walk Away
The biggest secret of all might be that lots of buyers are perfectly happy to walk away if they aren’t getting what they want. Using this as a tactic to see just how badly a seller wants to close the deal can be frustrating. When you know when to hold your firm to your terms, it keeps you from having to give in to pressure that just isn’t necessary.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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