What I mean is this is just a starting point and you the seller have the right to counter that offer but just make sure your ready to make the next play. Often times a buyer like to feel that they’re getting a deal, and a seller feels that they’re not going to be taken advantage of. (Now I can appreciate that). But if you have an agent that is a master negotiator there are no reasons why you can’t come to some type of an agreement with the other party. I know it's hard but try to keep from becoming emotional about it. Remember it is not where you begin but rather the ending result.
I have had many experiences working with buyers where most would have thought there was no chance in reaching a mutual agreement because the spread was too far but I remained PATIENT, Respectful and just focused on the goal. In the end what seemed impossible was not. Are you the seller willing to take the emotions out of it and go the distance?
My advice to all my Western New York sellers is to engage with every qualified buyer, remembering that it is not where you begin, but where you end that matters. The buyer is likely testing your floor - my suggestion is to respond with a counter and begin a process of advancing to a place that is acceptable to both parties. As any good negotiator will point out a good compromise is one in which both parties are equally disappointed. I find that those are the deals that have the best chance of making it to the closing table. For the seller do your best with any bona fide offer you receive - there is no guarantee that there will be another?
Another thing to keep in mind is how long have your home been on the market? Have your Realtor check what has sold within the last three months comparable to your property in your area. Your Realtor would know to also counter in the upgrades you have in your home. Based on that information, then you can consider a suitable counter or not. Also remember Some buyers look for a message with the seller's counter....your message should convey the fact that you are serious about selling and value their offer as a serious one, "without giving away the farm." Remember this is not a boxing match where just playing tennis they hit the ball and you hit it back. But no blows has to be thrown. Better Yet Lets Make This A Charity Tennis Match. Where there are no losers.
Let your agent take the lead on this but make sure the numbers are something you can live with.
One thing that you might ask your Realtor to do, assuming that you have listed your home with a Realtor, is to ask the agent presenting the offer some questions. It would be helpful to you and your Realtor to see your home through the buyers’ eyes. What is it about your home that appeals to them?
And what is it about your home that they feel needs to be changed. This might help you determine the real value of your home. The buyer has been shopping and knows what alternatives are available and they may be your new best friend right now. If they are just looking for a bargain, you may not be the right fit; however, if they have constructive reasons why they are offering you less than asking price, it may be your best offer.
In Conclusion
Be sure to check with your WNY Realtor, run some comparable s, and see what the homes in your area and in similar condition are going for then make an informed decision. Remember Tennis Can Be Fun.
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