It may surprise you to learn that typical homes in the US cost around $349,000 as of 2023. For buyers, this can sometimes be an obstacle that makes it difficult to find the right home. For sellers, however, rising home prices can serve as great financial opportunities.
When selling your home, you might not understand how to interact with a potential buyer. Wondering, "What should I do if buyers make me an offer on my house?" Let's explore the answer below.
Counter Their Offer
More often than not, the first offer you receive from a buyer won't be ideal. The good news is that most buyers are willing to negotiate, and they often expect the seller to provide a counteroffer. If you're interested in working with that buyer, respond to their offer with one of your own.
Bear in mind that you should keep your counteroffers realistic. Asking too much for your home will only cause unnecessary delays.
Reject Their Offer
Sometimes, buyers make offers that aren't even close to the home's actual value. For example, you might have your home listed for $500,000 and receive an offer for $300,000. In cases like these, it could take weeks to negotiate with the buyer until they make a decent offer.
Instead, you can outright reject the offer without countering. If they aren't willing to negotiate, they'll walk away from the sale and search elsewhere. Once you show you're not interested in wasting time, serious buyers will come back with much more appealing offers.
Agree to Pay Closing Costs
Depending on the local real estate market conditions, it can be difficult to find a qualified buyer who's capable of purchasing your home. It's not uncommon for many sales to fall through before you finally sell your house.
A great way to expedite the process is by agreeing to pay closing costs. Although this will essentially detract from the amount of money you get from your home, it can help lock in the sale. Keep this in mind when moving forward.
Create a Bidding War
If you receive an offer for your home, you don't always have to accept or reject it. Instead, you can host an open house to generate additional interest in your property.
Sellers often do this to give themselves a variety of offers to choose from. This pressures the initial buyer to make a more competitive offer. In some cases, you could sell your home for much more than you anticipated.
What If Buyers Make Me an Offer on My House?
You have a few potential options when working with buyers. The above answers to "What if buyers make me an offer on my house?" can help ensure that you start on the right track.
Get in touch with a representative at AZ Home Buyer. We work with homeowners of all types in Arizona to help them get the best results.