Sell Your Home for What It’s Really Worth!
This home above sold for tens of millions of dollars in small city where the average selling price is $1.2 million. What gave the owners the firm belief that it was worth that much?
It’s very likely they had no self-imposed limits on selling price and probably a good Realtor who believed in maximizing the price for the client. That’s the kind of results focused Realtor you need.
Hoping to sell your house in 2019? In this post, you’ll discover some creative new ideas on how to sell your house or condo, and to change your attitude about getting true full market value. True market value doesn’t come from selling fast at comps or lower. That’s desperation and a quick buck which is unprofessional.
Auctions honor the concept that the selling price is what the market believe the item is worth
Sometimes homeowners deny the free market principle because they secretly feel their property isn’t worth much. If that’s you, you need to get over your inferiority complex. Consider your sale an auction and focus on getting maximum value.
Selling your House or Condo for $40,000 or $100,000 less Doesn’t Make Sense
At a Sotheby’s auction, buyers quietly but fervently bid on a Picasso, Renoir, or a Garfunkle. No one complains when an item sells over asking. Buyers feel lucky they won.
The Sothebys brand is built on the value proposition of accessing a fine group of buyers and capturing the best price. The image of an auction is what drives the brand’s amazing success in real estate.
Your home is a great asset, and isn’t it wonderful that other people value it enough to offer you a big price? For them, this is the best time to buy a house, which makes it the best time for you sell. It won’t hurt for you to know a little more about auction psychology. A Realtor I know uses it to dominate his market.
And even a Realtor’s timed, high pressure blitz tactic to sell your house quick, don’t always get results. Home sellers are churning through Realtors more now. Not only do you have to pay their commission, they’re likely missing the asking price by the same amount. That’s a big loss. Why would a seller feel they deserve this?
If you’re reading this, you’re likely ready to fire your Realtor. With demand so high in most markets, they should be able to sell your house at a phenomenal price.
In down markets such Toronto, listings are up 40%, prices are down 12%, and sales are down 32%. And they’re still claiming it’s a seller’s market. Not quite. However, in California or Florida, prices hold strong markets with record low availability.
When Does it Make Sense to Sell Way Above Asking Price?
- It’s a sellers market
- There’s plenty of cash buyers
- Your professional Realtor can whip up a blitz of visibility and buyers
- Your neighborhood is up and coming (forecast
- There are lots of foreign buyers with lots of cash
- Your property is underpriced
Penny Wise Pound Foolish
Sellers Leave a Lot of Value on the Table
Buyers pray the seller doesn’t know what they’re doing and is naive enough to sell their precious property “comps.” That’s a scam. Buyers attack with a low ball offer which makes sellers lose confidence in their property’s value. Realtors can be aggressive and have even nastier strategies to wear the seller down.
To sell at a good price in 2018, you’ll need home marketing strategy and tactical sales excellence. High prices come from effective marketing to the right buyers and lots of them. Cheap renos, staging, top notch listing descriptions, and then selling on the rarity of the house and neighborhood is key. Buyers are buying lifestyle and value, not a wooden box covered in drywall.
Demand and Prices Are a Little Flat – But Buyers are Always Lurking Like Sharks
There won’t be a housing crash in New York, Los Angeles, Boston, Miami, Houston, San Diego, Seattle, and even the Bay Area forecast is excellent. All of these thoughts will be on buyers minds as they visualize a price for your property. If you keep the faith, then it comes down to what you can do to raise the perception of value to them.
Ask yourself why some lame properties are the focus of bidding wars? Strategy.
As you’ll read in the home selling tips below, you can have your cake and eat it too. Let go of all the “compromise” talk and know that you can get the maximum prices your home, cottage, condo or land is worth. Everyone knows real estate is precious and governments are committed to constraining supply. Forget talks of housing crashes and stock market crashes. That rising crash talk should motivate you to sell your house soon.
When is the Best Time to Sell My House?
Timing your home sale is important, and asking “when is the best time to sell my house” is a wise question. Make sure you know all the time related issues to seasons and the economic trends happening now. Learn more about the housing market and what’s on buyers minds.
How to Start a Bidding War?
At some point, you’ve quietly thought about how to start a bidding war. Selling at over asking price is common, but with top notch real estate marketing strategy and a knowledeable Realtor, you can ratchet up your selling price.
14 Ways to Get a Better Price for Your House
1. Find a Realtor with a great online marketing presence and then ask to be featured on that site. Make sure they advertise your home on Google and Facebook. Build preference right away. Exposing your home directly online is excellent because your selling proposition or offer is right in front of them. No vague promises but a real home for them to obsess over!
2. Promote your home for a while before putting it up for sale — set the foundation for getting a lot of bids. It takes time to get the message out to all potential buyers who may include foreign buyers. Yes, Los Angeles, San Francisco, Vancouver, Toronto, New York, Seattle, San Diego, and Miami are hot markets for buyers from Asia, Germany, China, and the Middle East. These are wealthy buyers and investors who look at your home as a gold mine.
3. Ensure your agent spends a lot of time contacting other real estate agents in your citysince you want to access as many networks as possible. Ensure your agent is as accessible as possible to show the home and answer questions. Your agent should use SMS as much as possible because it enables fast communication.
4. Ensure you have a top notch video of your home highlighting its best features and about your great neighborhood and feature the prices of nearby homes too. Give the prospects the best context possible to see your home as the most desirable.
5. Hold a selling party and invite all your neighbors, family and friends. This is a very important event and you want the very best results. Any prospects showing up can meet the neighbors and that can be a good selling point. Don’t invite your crazy neighbors and ensure your family are nice and sociable.
6. Research local comparative homes for sale and previous solds and determine what was wrong with them and what features buyers liked.
7. Leave behind something really cool that they would like. If it’s a 55 inch screen TV, or buy a tasteful, new chandelier or expensive barbecue — something they’re bound to like. People are impressed with generosity. An instant heating water heater might be another feature that’s not expensive but highly desirable and influential.
8. Fix everything including broken faucets, door handles, floor squeaks, and make sure nothing annoying or embarrassing is visible which can ruin the mood of your showing.
9. Get your home professionally cleaned. Professional cleaners have super effective steam cleaning machines and solutions that get carpets, tiles and grout very clean.
10. Paint the interior rooms a neutral color. Given what you’re going to get for your home, don’t skimp on covering up the old, gloomy, or weird colors.
11. Clean up the yard and exterior surfaces of the home. Curb appeal is no joke. The buyers mood is set upon seeing your home from the street. Do a little landscaping, green up the grass, fix broken side walk pieces. Buyers are affected by how relaxing the yard, patio, or deck looks.
12. Have the home professionally staged. Home stagers know how to make homes look really inviting. They’ll increase the apparent value and make visitors want to linger in the home. The longer the buyers stick around the more they build their intent to buy.
13. Fix the roof and clean it. Getting the dull look out of the roof can make it look newer and reduce worries about it.
14. Promote and Sell your Home soon because for many people selling theirs and moving is easier in the May to August period.
Which Renovations Increase your Selling Price the Most?
When you’re planning the sale, you know buyers are hungry, but maybe during negotiations they cite how your house is not in good condition. Worse, maybe a good number of prospects online are turned off by its appearance? Instead of letting that happen, and just dumping your home on the market, you might discover which house renovations increase selling price. Make the most of your reno budget.
Should you Sell Your Home Fast or for a Higher Price?
Do you know how Realtors selling strategy? You have a choice when you’re working with a Realtor, whether to sell it quick or take your time with marketing and build interest to a larger pool of buyers. Most Realtors use a blitz type of selling strategy where they maximize the impulse or desperation of buyers.
They might push it all into one intense weekend showing where it’s organized like an auction. Buyers see each other want your home and they might get emotional and start ramping up their bids, well over asking price. It works and clients get the picture that the Realtor has done a fantastic job of creating buyers and whipping up frenzy.
However, if the property has all sorts of flaws, is in a weak neighborhood, and it’s not high season for selling, the home might not sell. If the quick blitz backfires, you could see your selling price rocket downward. Anyone can sell during high season, but the Realtor who can sell you house now, is a good one.
Online Selling Strategy
Should you hire an old school Realtor or the new digital savvy Realtors who use real estate videos and social media marketing? If your Realtor is a power online marketer, they may be able to build substantial visibility to targeted buyer audiences.
Consider getting that kind of Realtor, create a plan, and do a blitz over 3 weeks. The best buyer prospects will hang on if they know you’re doing a 3 week blitz. You won’t lose them and instead you could enjoy 3 times the buyers and bids (over that 23 day period). In fact, the collective effect on the final winning price could be staggering.
We’ve all seen homes sell for exorbitant prices, even more than double the home’s value. You might want to tap into that craziness and get some extra money for your kids/grandkids education expense.
The above posts offer extensive home selling strategy and selling tips to help you reach a bigger, targeted audience, give them what they’re dreaming about, encourage more and higher bids, and help close the deal with a record high price. Hopefully, the media will report your selling success like you were a star Mega Millions winner!
Catch up on the latest housing market reports for California and Florida, what’s driving the 2024 real estate housing market ahead.