Home buyers often try to get the most while spending the least when making offers on Disney villas for sale in Orlando and the surrounding areas. Lowball offers are one of the biggest hurdles home owners face when attempting to sell their properties. Knowing how to counter a lowball offer will help you get the most out of the sale of your vacation home.
Why are Buyers Making Lowball Offers on Your Vacation Home?
Realtors consider lowball offers to be any price that’s 20 to 25 percent lower than your listed selling price. Although, what constitutes lowball depends largely on the price of your home. For instance, a home owner would be more likely to dismiss an offer of $80,000 on a $100,000 home than a $1.6 million offer to buy a $2 million home.
Common reasons for lowball offers include limited financing options, lack of knowledge about your local real estate market, wishful thinking, or incorrect market data. In some cases, buyers are simply looking to buy a home that they can “flip” and turn a quick profit.
As the seller, receiving a lowball offer for your holiday home may bruise your ego especially if you’ve spent time and money on making repairs, applying fresh paint and sprucing up the landscape. But it’s wise to put your emotions aside, and thoughtfully consider why you’re receiving that type of offer before countering or rejecting it outright.
Before You Make a Counteroffer
Homeowners can invest so much into their vacation homes that they become emotionally biased toward a higher selling price. But buyers don’t have that emotional attachment, which can give them a more objective view on your property’s market value.
An experienced realtor who knows your local real estate market can recommend a range of prices that will help you sell your home quickly while getting the return you want. They can also educate buyers about the potential for short-term rental income.
Multiple lowball offers might tell you that you need to reconsider your listed price. You may also consider accepting a lower offer in exchange for a faster closing, forgoing inspections, or cash payments.
Keep an open mind and consider all aspects of the sale before making a counteroffer to make sure you get the most out of your home investment.
How to Counter a Lowball Buyer
Every vacation homeowner can choose to accept, reject, or counter a buyer’s offer. Making a counteroffer shows that you’re open to negotiating. If a buyer rejects your counteroffer, move on to more serious buyers. If they really want to buy your vacation home, they’ll make adjustments to close the deal.
Make small price changes when countering a buyer so you don’t lose out on potential profits. This also “weeds out” buyers who aren’t serious about your home. You might receive a counteroffer even after rejecting a buyer. Consulting with a realtor helps home investors negotiate a fair price when listing their Disney villas for sale.
Team Donovan works with home investors from all over the world. We help buy and sell vacation homes in Orlando, one of the world’s most popular tourist and living destinations. Contact us at (407) 705-2616 to learn how we can help you price your home according to your local market while overcoming lowball offers so that you can achieve your investment goals.