When you’re selling your home, there are a few things you absolutely need to have. I’m going over them both today.
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Every homeowner wants to maximize their home’s sale price. What steps can you take to get there? Here are two key pieces of information to remember that will help ensure you get the best price possible.
1. Price a little low. This may seem a bit counterintuitive, but let’s look at the concept for a moment. Many homeowners think that pricing over market value will leave them with more room to negotiate with a buyer. In reality, all that does is decrease demand for your home. Instead of trying to win a negotiation with a single buyer who really wants the home, you should price low so that the demand for the home is maximized. Buyers will be fighting with each other instead, and that competition will lead to multiple offers as the price is driven up.
2. Use a real estate professional. This may also seem counterintuitive because you might think you would make more money without having to pay a real estate agent’s commission. However, studies have shown that homes typically sell for quite a bit more when the sale is handled by a professional. A recent study by Collateral Analytics showed that FSBO (for sale by owner) homes sold for an average of 5.5% less than homes listed by real estate professionals. The typical real estate commission is around 3%. You do the math.
The bottom line is this: hire a real estate professional and make sure that you price at or slightly below market value. This strategy will guarantee that you maximize the price for your house.
If you need advice on selling your home or if you have any other questions about selling your home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.