Tuesday, July 27, 2021 / by Deuce Kirk
Getting a desirable price could be tricky. Sellers do not have much ground to negotiate with buyers apart from getting a significant share of closing costs off their shoulders. However, what sellers can effectively do is to boost their home value and then sell it for a higher price than anticipated.
In this post, we will discuss 8 proven ways that allow sellers to set the right expectation, get ahead of the competition, and position their properties to attract an attractive price tag for their properties.
If you are a seller looking to make the most out of selling your home, this post will give you all the insights you would ever need. So without further ado, let’s get started.
Listing Price Research
A listing price is the most important decision you can make when selling your home. You need to understand the first time home buyer in order to come up with a competitive listing price for your property.
The price you list your property will be based on many factors, including but not limited to:
- A comparable sales in the area
- The other properties currently on the market
- How much you owe on the house
- How much the bank will allow in a short sale or foreclosure
Overall, sellers must get a hang of all the cost they will be paying by referring to the seller’s net sheet.
Costs of Selling a Home
There are multiple costs associated with selling your home. However, the most significant ones that you need to consider are the broker’s commission and the closing costs.
Broker’s commission is a fee that is paid to real estate agents when they sell your property for you. These commissions usually range from 3% to 6% of the sales price, depending on the size of the property and where it is located. They can also vary depending on what type of listing arrangement you have with your agent. Closing costs are all the fees that come up when you buy or sell a property. They include things like notary fees, escrow fees, recording fees, transfer taxes, etc.
Figure out the Best Time to Sell
The best time to sell your property is usually when the market is going up. However, there are a few other factors to consider such as the location of the house, if there are any renovations needed etc.
One thing to remember is that for every seller in this market, there are multiple buyers waiting in line to purchase a property. For this reason, you should make sure that you have your property in top shape and ready for sale before attempting to sell it.
Real Estate can Help
Real estate agents are highly skilled professionals that help home sellers to sell their property as quickly and at the best possible price. They are good negotiators and know how to market your property. In 2017, the median sales price for a single family home was $398,900, which means that you should get the best real estate agent you can find if you want to sell your house fast and profit.
In recent years, many people have used real estate agents to sell their houses because they offer a variety of services. These agents are experts in marketing homes and know how much they should be worth in order for them to be sold quickly. This year, on average, it costed around $871 dollars in commission fees for these agents.
Consider Minor Repairs
When selling a home, the first thing that any potential buyers notice is the condition of the property. In many cases, people are willing to pay more for a home in need of minor repairs than they are for a comparable house in good condition.
When renovating your property before selling it, you should make sure that you are adding value to it and not just fixing problems that may have been there for years. The right renovations can increase the appeal of your property and make it more attractive for potential buyers.
You should invest in small upgrades such as new appliances or fixtures to get rid of major flaws on your property before listing it on the market. These improvements will help sell your house faster and allow you to get a higher price than if left unfixed.
Consider Saving on Closing Costs
Sellers can save closing costs by following a few simple steps.
Sellers can ask for a concession to waive the right of redemption premium from the buyers in exchange for waiving the seller's commission or other charges.
Sellers can negotiate with the buyers to give back some of their closing costs in exchange for an increase in sales price or another concession.
Sellers can ask for a concession to waive the buyer's commission as an incentive to make a quick offer, and then negotiate with their buyers on issues such as price and financing terms before accepting an offer from another buyer.
If you happen to be living in NY you can negotiate further with your buyer by offering them a CEMA loan as well. CEMA saves a lot of closing costs for buyers and lures them to go for properties where sellers allow them a CEMA loan.
Invest in an Open Home Event
Homeowners should place a lot of effort into the design of their house’s interior to make it look more appealing and boost its property value.
Among the interior design tips are:
- A well-thought out color scheme,
- Interior plants and flowers,
- Open kitchen to living room,
- Spacious rooms with natural light, and others.
Know the Buyer Contingencies
There are many contingencies that a buyer can put in place before agreeing to the purchase of a product. Sellers need to know these contingencies and take them into account when they are selling their products.
The most common contingencies that buyers may ask for are:
- An inspection of the property before they agree on a price.
- A waiting period after agreeing to buy something, usually 30 days or so, before they have to pay for it.
- The ability to back out of the deal if something changed in their life which made this purchase not work for them.
- To remove one or more items from the purchase that were included at no extra cost, but which they would rather not have in the deal.
Hope you found the inputs insightful. Wish you a happy selling experience.