3 Things You Can Do to Avoid Lowball Offers

Chicago Real Estate Podcast with Dave Auffarth

There are three things you can do as a seller in order to avoid getting lowball offers
on your home.

How can sellers avoid a lowball offer?

The first thing you can do is improve the condition of your home. Think about when you walk into a brand-new home. What does it have that your home doesn’t? Well, it has new carpet, paint, lighting fixtures, doorknobs, hinges, faucets, etc. These are all things you can do to your home that can both improve its condition and take 10 to 15 years off its age.

The second thing you can do is price the home appropriately. Get it as close to market value as possible. I’ve not seen any type of market, whether it’s a buyer’s market or seller’s market, where overpricing the home has ever netted the seller more money.

Price your home appropriately and understand where the market level is.

The third thing you can do is understand where the market inventory is once you list your home. Are there a lot of homes on the market? If this is the case, then the inventory is high. Are there very few homes on the market like yours? If this is the case, then the inventory is low. This isn’t something you as a seller can really control, but you can negotiate it by making sure you understand where the market level is. If it’s low, buyers will likely come in with stronger offers because they’re afraid someone else is going to swoop in and take your home for a few thousand dollars more. If it’s high, buyers will likely come in with lower offers.

If you have any other questions about lowball offers or real estate in general, don’t hesitate to reach out to us. Just give us a call or send us an email and we’d be happy to help you.