When you’re selling your home, most potential buyers you come across will eventually ask you why you’re selling it. As innocent as this question seems at first glance,
Dated: May 30 2023
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When you’re selling your home, most potential buyers you come across will eventually ask you why you’re selling it. As innocent as this question seems at first glance, answering it can reveal some information about the property that may compromise your negotiating power. The more revealing info you provide, the easier it will be for the buyer to use it against you.
Want to ensure you won’t end up getting a lowball offer? If so, here are seven things you should never say in response to “Why are you selling your home?”
“I Got Transferred For My Job”
According to a study done by Allied Van Lines, 17% of people give this answer when asked why they’re selling the house, making it the most common answer in the survey. Unfortunately, admitting this still isn’t a good idea, as it makes you seem more likely to sell fast. Even if you’re rushing to sell the home, buyers don’t need to know about the relocation.
“The Mortgage Payment Is Too High”
Selling before you fault on your loan may be a solid plan, but you shouldn’t relay this information to buyers. If they’re aware that your financial situation is poor, you’re more likely to get a lowball offer. Plus, you don’t want to make the house itself seem overpriced.
“We Need a Bigger House”
There are two reasons why this answer is a bad idea. First, if the house you’re selling is too small for you, there’s a decent chance it will be too small for the buyer as well. Second, you don’t want the buyer to think you don’t need the extra money.
“We’re Looking to Downsize”
Downsizing makes a lot of sense for retirees and empty nesters, but there’s no reason that the buyer should know you’re doing it. If you tell the buyer you’re downsizing, they may think that the house is too large and expensive to maintain.
“Our Utility Bills Are Too High”
The average homeowner spends about $2,000 a year on energy bills, which is the main reason why energy-efficient homes are getting more and more popular. That said, some inexperienced buyers still neglect utility costs when they’re house hunting. If this is the case, the last thing you want to do is draw attention to your expensive gas and electric bills.
“We’ve Already Bought Our Next House”
Telling a potential buyer that you’ve already purchased your next home is another reason for them to believe you want to sell your current one quickly. Considering most people can’t afford carrying two mortgages at once, this is a valid assumption.
“I’m Having Trouble Climbing the Stairs”
If you have a multi-story house, you may want to sell it for medical reasons. If that’s the case, don’t draw attention to your medical history. If the buyer finds out you’re struggling to navigate the house, they may start thinking about their own use of the property as they age.
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When you’re selling your home, most potential buyers you come across will eventually ask you why you’re selling it. As innocent as this question seems at first glance,