No matter why you are selling your home, the one thing you need to understand from the very beginning is that most offers will come in lower than your asking price. It’s common practice in real estate for the buyer’s broker to submit an offer several thousand dollars lower than the amount you have listed on the MLS. Knowing this, don’t be surprised at some of the offers that come in. However, if you stand firm and follow a few well-placed bits of advice from seasoned brokers, you really can get what you are asking. Here’s what you need to know.
Be Prepared to Wait
If you list a sale price as ‘Firm,’ be prepared to wait. As mentioned above, most buyers are looking for a deal and that means they will want to negotiate the price. If you are not in a hurry, stand firm on your asking price. That’s a must. The minute you start negotiating you can get set for a battle of the wills. Unfortunately, if you are in a hurry to sell your property so that you can move on, you may need to leave a little wiggle room in your listing price.
Pay Special Attention to the Comparables
Here’s a tip that could help you get what you are asking quite quickly. When assessing the value of your home, a realtor and appraiser will look closely at the comparables in your area. They will average the value and price of comparable homes that recently sold. This can work to your advantage if you are willing to list your home slightly lower than the market value they’ve assessed. A savvy broker or sales agent will play heavily on the fact that you are asking less than market value to impress upon prospective buyers that they will not find a better deal anywhere. However, it’s time to spice up the deal a little with the following tip.
Improve But Don’t Over Improve
Too many homeowners put more money than necessary into improving their homes for a quick sale. One of the worst mistakes you can make is to over-improve your structure or property beyond what other homes are valued at in your neighbourhood. In other words, if your roof isn’t leaking and is in good repair, there is no reason to reroof your home with stylish shingles. What you can do is add those little extras that make for an attractive bonus.
For example, if you are listing your home with kitchen appliances, make sure they are clean and updated as necessary. With so much focus on the poor quality of drinking water, why not replace the water filter on your refrigerator with a high-quality filtration system? You can get premium filters at a reasonable price and that’s something that will add value without costing you an arm and a leg.
Remember, if you list your house reasonably lower than the comps in your area and are willing to wait a little, you can get what you are asking. Just don’t put too much money into improving your home or you are defeating the purpose. Decide what profit margin you are willing to realize and hold firm. With these tips, you really can get what you are asking.