Getting the best deal when selling a house is a delicate balance. There are many factors to consider that might not be obvious, including timing and the price you set. However, in an ever-changing market, understanding how to sell a home can give you a competitive edge—and get you top dollar for your house.
The things buyers are looking for change from year to year, season to season, and even month to month. Using the right selling strategies can ensure that your home gets the best exposure, and you get the most money possible. Here are some ideas:
Compare similar homes in your neighborhood or other areas where you might want to move to determine how much it would cost to build a house like yours. This is perhaps one of the best ways to set an asking price. As mentioned by the team behind Highest Cash Offer, if you don’t want the work of finding comparable properties, look for a real estate buyer who will buy houses for the highest price, and can pull comps for you. While these opinions vary about what prices houses should be compared with comparable homes, using this procedure will give you as accurate as a possible guide as well as a rough guide to what you can expect.
Before listing your home, doing this research will give you time to fine-tune and set your price accordingly. Setting the right asking price from the beginning is very important as it affects how fast your home will sell and, perhaps more importantly, how much money you’ll walk away with. Knowing what other homes in the area have sold for recently might also give you some insight into whether or not now is a good time to sell or if there’s lots of competition. If there are many homes on the market simultaneously as yours, buyers might demand lower prices, so getting top dollar could be more difficult.
Although many do-it-yourself real estate websites might offer to sell your home, it’s best to work with a local expert who can help you get the most out of your sale. A professional will know which strategies will likely bring in more buyers and get you top dollar for your house. They’ll also have access to an extensive list of potential homebuyers, so they can target who should be looking at your place.
There are other benefits to using a realtor, including protection from scams or shady deals, as well as negotiating power, so you’re not wasting time with buyers who won’t come close to meeting your asking price. Agents can also provide insight into how many homes in similar areas sold recently, so you can price your home competitively.
One often-overlooked strategy that can make all the difference in selling your home for top dollar is timing. Please don’t assume that buyers will be out in droves when you first list your house, regardless of how great it is or what price you set. A slow market might last from six to nine months, so don’t rush into selling if there’s no immediate demand.
That said, waiting too long can also hurt you. For example, if the number of homes on the market shrinks while yours remains available, buyers who previously would have taken better offers with less competition could start looking elsewhere.
If possible, wait until early summer to sell, as this is prime time for real estate buying and selling. Generally, selling during the summer not only gives you more competition—which means higher prices for your home—but it can also bring in buyers who are looking for a change of seasons. The opposite is true if you want to sell during the winter. Although there may be fewer buyers, they’ll probably pay more than they would have over the summer to escape the cold weather.
Selling your home can be both exciting and nerve-wracking, but try not to get caught up in the emotionality of it all. Buying real estate can often come down to who’s willing to give in on what issues, so after making an offer that makes sense for you, control your emotions and stick by your guns—you’ll avoid leaving yourself open for exploitation at the hands of pushy buyers this way.
When your home is on the market, don’t fall victim to the sunk-cost fallacy. A buyer will use the going rate of similar properties as a benchmark for how much yours should be worth—they won’t pay more if they think it’s priced too high. If you’re desperate to sell because you need a quick sale or money from a property sale, that can also affect negotiations with buyers who sense desperation from sellers will try harder. Finally, realize that there might not be any perfect time to sell your home since finding new places take time, and timing varies from individual to individual.
Some buyers might accept your initial asking price, but more often than not, they’ll expect it to be lower—and if you’re unprepared for their counteroffer, it could wind up being a waste of time. The key here is figuring out how much room there is between lists so that both parties can walk away feeling like they’ve won something. Once you know where the negotiation stands, you should be able to figure out if such an offer would even be worth considering by consulting with experts such as real estate professionals.
It’s also important to consider what kind of buyer is making the offer. For example, if someone doesn’t know the area or likely won’t be around for very long, they might not feel like they need to pay top dollar.
With these tips, you can achieve the best possible outcome when selling your home. Remember that selling your home is often a lengthy process, so don’t get discouraged if you have to put up with it for several months. The more time you spend understanding the market, keeping an eye on what others are doing, and being prepared, the better chance you’ll have of getting top dollar for your property.