How to sell for the top dollars that the market will support

This crucial question is on most home sellers’ minds these days. Whether in a seller’s or buyer’s market, it is challenging for home sellers to know how to optimize the sale of their homes. The recent slowdown in the housing market has made it even more challenging. 

Crucial questions for home sellers

Most home sellers struggle with the following questions:

• I want to sell my home; where do I start? 
• What must I fix or upgrade? 
• How much will it cost? 
• How do I keep my overall costs to a minimum?
• How do I price the home just right?

These are all vital questions, and you must address each one. Numerous resources can help you get the answers. A competent and resourceful real estate broker can often be your one-stop resource center.

Pricing it just right is paramount

Pricing your home just right is paramount. There are several other factors as well. Such as location, exterior and interior condition, age of the property, curb appeal, school district, and crime rate, to name a few. Each of these must be factored in when pricing your home. 

Before you settle on a final asking price, ask yourself would I pay this dollar amount for this house in this condition if I was the buyer? Keep adjusting the number till you can answer yes to that question. An ideal source to help you with this process is the real estate broker you hire to sell your home. They must provide you with extensive research and relevant data so you can determine the ‘rightʼ number that makes sense to you and is also consistent with the market. They should also be able to share strategies with you to aptly evaluate each offer and make the needed adjustment at the proper time.

There is a short window of opportunity during the first couple days when a new home comes on the market. Potential buyers and brokers look at it eagerly to see if it fits their needs. The asking price is crucial. Pricing your home too high or too low can be damaging. 

It is no wonder that more than 97% of home sellers hire a listing broker. An insignificant number tries to go it alone, but more than 70% of that number ends up hiring a listing broker. There is a downside to that because the property’s initial exposure to the market could have been more optimal.

From mutual acceptance to close

Pricing the home right often provides a key benefit in addition to attracting serious buyers. It helps you get over the essential hurdle after accepting an offer–––getting your home appraised for the purchase price. When a home’s appraised value falls short of the agreed-upon price, it not only creates challenges for the buyer but also puts the sale at risk. Not being able to complete the sale can also damage the seller.

Once the offer has been accepted, the buyer’s due diligence period starts. Negotiations to deal with buyers’ concerns after the home inspection, appraisal issues, and other escrow-related matters follow this phase. There are many pitfalls in each of these phases – each can be costly. It often gets pretty stressful. This phase is when a seasoned, prudent real estate broker who is well-versed in the nuances of this sale phase can be of tremendous benefit. 

To summarize, do extensive research, hire a seasoned pro, price the home right, be rational and reasonable when negotiating, and use the resources available to you.