When it comes to selling your home, you might have one thing on your mind: the final selling price. Although you might be tempted to do a few massive renovations in order to drive up the price of your home, the fact of the matter is that you might be able to sell your home for more by using a few smart techniques. Here are two clever tips for selling your home for top dollar.
1. Price It Perfectly
Pricing your house can seem intimidating, especially since you might need a certain amount of money to pay off your old mortgage and move forward with your new home purchase. Although you might be tempted to list your home for the $300,000 that you need to get on with your life, there are some very compelling reasons to list your place for $299,000 or even $240,000—that is, if you care about surpassing that $300,000 goal. Here are some tips for pricing your home perfectly.
- The 99 Rule: Many times, buyers go to their real estate agents with a ballpark figure of what they feel they can afford. For example, a couple might tell their agent that they don't feel comfortable going over $300,000. Because real estate agents typically have to wade through hundreds of listings, many set their search criteria to only find homes under a certain price. If your home is listed at $300,000 instead of $299,000, you might miss all of the buyers who want to stay under $300,000—just because you wouldn't compromise on $1,000. Also, the more buyers you appeal to, the higher the likelihood a bidding war will ensue.
- Subtract 10-20%: To generate instant interest in your home, some experts recommend figuring out what your home is worth through a real estate appraisal and then pricing your home for 15-20% less than what it is actually worth. For example, if you know that your home is worth $300,000, pricing it between $240,000 and $255,000 will likely generate more offers. Also, the more buyers are interested in the home, the more likely they are to offer and counter-offer, which means you might meet or exceed your goal price.
- Skip The Creativity: You might love threes, but pricing your home for $293,333 might leave potential buyers wondering what you are thinking. Also, because some people are superstitious or wary of certain numbers, pricing your home creatively is never a good move. Instead, opt for nice, round numbers that mostly consist of zeros.
Before you finalize the price, talk with your real estate agent about comparable properties in the area to see if your pricing is on track with the rest of the listings on the market. Keep in mind that the more that price stands out as a great deal, the more offers you will have the chance to explore.
2. Set the Scene
After finding the home of your dreams, you might be ready to clear out your house, get it on the market, and move on with your life. However, buyers can't always imagine themselves in a completely vacant space, which is why staging is vital to getting a better price for your home.
Staging does more than show buyers that you care about selling your home. It also helps buyers to understand how you use different areas of the home and allows your real estate agent to take better pictures of your place to post online. The best part is that staging is incredibly effective. Research has shown that staged homes spend 73% less time on the market and tend to sell for over the asking price.
By paying attention to detail and working hard to get your home ready for the market, you might be able to enjoy an easy sale, enthusiastic buyers, and more money than you expected. Contact a real estate agent in your area and ask "how can I sell my home" for additional advice on selling your home.