3 Best Practices for Submitting a Successful Counter Offer

If you buy or sell a home, it is normal to expect negotiations after an initial offer is submitted. However, differentiating between a "fair" counter proposal and an exorbitant offer sometimes can be difficult.

Lucky for you, we're here to help homebuyers and home sellers submit a successful counter offer at any time.

Now, let's take a look at three best practices to help you create a successful counter proposal.

1. Consider Your Counterpart's Perspective

If you are buying a home, consider the seller's perspective. Or, if you're selling a house, evaluate the buyer's perspective. In both scenarios, you can gain insights into what your counterpart might be thinking and tailor your counter offer accordingly.

For example, if a house has been available for several weeks or months, a homebuyer should consider this information as he or she preps a counter proposal. By doing so, a homebuyer can weigh the pros and cons of waiting out a buyer's market and craft an effective counter offer.

On the other hand, if a home seller has several offers in hand, this seller may want to consider submitting a counter offer that matches or exceeds a house's initial asking price. With a seller's market in place, a home seller should have no trouble stirring up plenty of interest in a home, even if a buyer rejects a counter proposal.

2. Evaluate the Housing Market

Take a look at the prices of available houses in your city or town. This housing market data can help you differentiate between a buyer's and seller's market – something that may prove to be exceedingly valuable as you put together a counter offer.

Also, examine the prices of recently sold houses that are similar to the home that you want to buy or sell. By leveraging this housing market data, you can evaluate the prices of similar properties and boost your chances of submitting a competitive counter proposal.

3. Consult with a Real Estate Agent

If you're struggling to create a fair counter offer, it certainly helps to consult with a real estate agent.

Ultimately, a real estate agent is committed to helping homebuyers and home sellers achieve their respective goals. This housing market professional can provide a wealth of housing market data to help a homebuyer or home seller craft a viable offer. Furthermore, a real estate agent is happy to provide honest, unbiased home offer recommendations, ensuring both buyers and sellers can make informed decisions.

Let's not forget about the support that a real estate agent provides throughout the homebuying and home selling journey, either. A real estate agent will be ready to respond to a buyer's or seller's questions without delay. Plus, this housing market professional will go above and beyond the call of duty to ensure all parties involved in a home sale enjoy a seamless experience.

Ready to negotiate a counter offer? Use the aforementioned best practices, and you can quickly and effortlessly create a successful counter proposal.