Five Strategies for a Successful Home Sale
The real estate market is red hot right now. If you have been thinking about selling - this is the time! In order to get the best offer possible, you should be aware of a few helpful suggestions. Below are some strategies to consider prior to putting your house on the market.
Use a Real Estate Professional
Homes are in high demand in today's market. You should get your home in front of as many buyers as possible. Selling your home "by owner" or to a friend will not accomplish this result. Using a REALTOR® will allow your home to be in the MLS database. This listing is then syndicated out to thousands of internet portals like Zillow and REALTOR.com. This exposure drives up demand, which could bring multiple offers. An increase in offers, means more competition and money for you.
Update your Home - But Not Too much
Home preparations and staging are still important when selling a home. However, buyers today are more apt to overlook minor cosmetic issues like worn carpets or aging paint colors. Consult your real estate agent for the crucial items that need to be addressed prior to listing your home.
Price Your Home Correctly
Don't be lured by stories of homes selling over asking price. This is true, but you must consider the appraisal value of your property when pricing it for sale. If you list your home above the appraised value, it might not close due to the buyer not having the money to cover the overage. Listing the home within the appraisal value could still bring in multiple offers and drive up the selling price. When buyers offer more than the list price for a home, they include an appraisal addendum that states, up-front, that they intend to cover the difference in appraised value versus closed sales price.
Compare All Offers
Look at all offers you are presented with. Often times the best offer for a seller is not the highest price. You need to consider if the buyer is offering incentives - a free leaseback, payment of title, or other fees that could benefit you. A real estate agent can provide you with a spreadsheet that compares all offers. This will allow you to make an informed decision regarding the best terms with least amount of risk.
Set Realistic Expectations
Not all houses and neighborhoods are alike. The homes that are being sold above market price could have some amenities that other homes do not have. Pools, large yards, and community features drive up the offer. Sellers should be aware of the realistic selling price of their home. Your REALTOR® will study the latest sales in your neighborhood and get a better idea of what to expect.