Let’s face it! Every home owner wants the best deal when they finally decide to sell their home. It’s every homeowner’s dream to see a bidding war ensue. Unfortunately, most homeowners end up settling for average or even below-average offers according to most real estate experts. What most home sellers fail to recognize is; getting a great deal isn’t a matter of luck, timing or even location. It has more to do with being equipped with the right knowledge concerning the psychology of a home buyer and showcasing the value to your home. Let’s get right into it and discuss the secrets to selling your home for more than the asking price.
1. Ask for less to get more
This is by far one of the best-kept secrets of selling a home for more than the asking price. Although this strategy appears to be counterproductive at first glance, it works wonders by creating the necessary attention required to create a fierce bidding war. It’s worth noting that bidding wars are created when there are multiple willing buyers and to get multiple willing buyers, the price has to be very attractive i.e. lower than the going market rate. When you price your home lower than the market rate (ideally, 5-10% lower), you are bound to attract more buyers who will be willing to offer better offers to outbid other interested buyers. You are also bound to get great offers since potential buyers will realize the true value of your home when they view it.
2. Have a cutoff date for all offers
This is another best kept secret for selling a home for more than the asking price. Usually, you’d have to wait and see what offers come your way, and this can make decision-making difficult. Should you take the first offer? Ultimately you want to be able to cultivate fierce competition between interested buyers, which will ultimately increase your home’s final price. An interested buyer is always willing to offer more in the presence of competition.
3. Approach investors
Investors may not be the first people you think off when you want to sell your home, however, they are great because they are always ready to take on good deals and they also provide the much-needed incentive to force regular home buyers to part with some more cash. This strategy is great especially if you have a home with a great investment potential i.e. a home that can be easily remodeled to offer more rental space/fetch a higher price. Look for offers from investors just to motivate regular home buyers to offer more than the asking price.
4. Make your home stand out
You also need to make your home stand out for you to get more than the asking price. You have to carry out all the necessary renovations to make your home perfect. It is, however, important to invest in renovations that add value to your home as opposed to eating away your profit. Examples of renovations that will increase your home’s value include; repainting, landscaping, roof, attic and basement renovations. Such renovations boost the value of homes by approximately 10% or more as well as make homes stand out. To cut cost without compromising the outcome, you can consider doing some renovations yourself i.e. repainting and landscaping.
5. Highlight what makes your home divine/stand out from similar homes
Every home has a key selling point that may not necessarily be related to the features. It could be anything really from some extra garden space to a rare tree species in the backyard or a famous tenant who once lived in the house. You need to find out the most unique aspects of your home and highlight them to potential buyers to make them comfortable about offering more than the asking price. You shouldn’t settle for the average asking price for homes like yours. Find the most unique features of you home and highlight them.
The above information highlights the top secrets to selling a home for more than the asking price. You don’t get the best deal for your home because of sheer luck, the location or selling your home at the perfect time. It’s more about understanding what makes a potential home buyer consider paying more. Creating bidding wars is a great way of getting more than the asking price. You should also focus on making your home outstanding as well as highlighting your home’s uniqueness.
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