When selling a home, everyone obviously wants to get top dollar. It’s always a pleasant surprise to get offers that are over the asking price, but that isn’t always so simple. Getting high offers takes work and a strategy. Here are 5 simple methods to sell your home over the asking price.
1: Start Low
This strategy holds true in all types of housing markets, and it’s first because it is hands down the most important tip.
Lower the price 5-10% below market value depending on your current market condition. That may seem contradictory, but a lower price can spark a bidding war that will drive the price above what it would have gotten otherwise. This is what’s known as the auction effect. By pricing the home a little below market value, home buyers are eager to jump on the property. Buyers know that you are serious about selling the home, and they will bring their highest and best offers to the table.
On the flip side, pricing a home above market value can and often does backfire. Most home buyers are represented by a real estate agent who will advise them that the home is overpriced. This makes the buyer think that the seller is not that serious about selling the home. Buyers will overlook the listing, opting to consider properly priced homes instead. Then, the home listing goes stale, which brings in price reductions and low-ball offers. Now, buyers wonder, “what’s wrong with it?”
Save yourself the time, money, resources, and headaches of over-pricing your home. Set your listing price a little bit below market value and watch the offers roll in.
2: Be Prepared
Before you even list your home, make sure it is “show ready.” Give your home a good deep clean, declutter, touch up paint, and make necessary repairs. This may sound like a lot of work, but it is extremely important if you want to sell over asking. Buyers primarily want a home that is move-in ready, so the more you can make a home feel like it’s turnkey the better.
3: Don’t Take Your First Offer
Number three is nuanced and works best in a seller’s market. You might be tempted to leap at the first offer you get, but if you’re in a strong seller’s market, and you’ve properly prepped and priced your home, be a little patient. Your first offer may not be the best. One offer will get other hopeful buyers nervous and encourage them to make higher and higher offers, sparking an all-out bidding war. If you followed steps one and two, more offers should quickly follow the first. Give buyers a set amount of time to put in offers. However, don’t wait too long and frustrate the buyers that have put in offers, especially if you’re in a buyer’s market.
4: Make Your Home Stand Out
You can easily define your home by adding a few small and inexpensive pieces of decor. A plant (real or fake), candles, fresh flowers, or a bowl of fruit are great touches for your overall decor. Give your front door extra attention for fantastic first impressions and curb appeal. Lighting can also go a long way towards drawing attention to home features.
5: Highlight Your Home’s Best
Always remember to put your best foot forward. Does your home have an amazing pool? Is it in the best neighborhood in the area? Does it have a stellar basement or a large garage? Draw attention to those features. Be sure to hire a real estate agent that only uses a great professional photographer. They will know how to make your home look its best online (where most buyers are searching).
Want Even More Help?
These tips can only get you so far without a REALTOR®. The Rita Boswell group is by far the Columbus area’s best. Don’t believe us? Just read our reviews! Contact us today at (614) 547-3229.