Today’s market still favors sellers, but you can no longer count on a great deal falling into your lap. If you want to maximize your profits, you’ll need to invest time and effort into encouraging buyers to pay your asking price. These four simple strategies will get you started.
1. Set a Competitive Price
Is the price per square foot of your home over 10% higher than the homes for sale in your neighborhood? If so, you’ll have a hard time attracting buyers who are window-shopping homes in your price range. Consider hiring a real estate agent to help find that sweet spot of selling a home for a decent profit without overpricing it.
Another common strategy you can use is to price the home slightly under its market value. That way, active buyers who are familiar with your market may feel pressured to make a bid, which increases the likelihood of starting a bidding war.
2. Get a Pre-Listing Inspection
Before putting your property on the market, you’ll want to get it inspected first. Otherwise, you may run into surprises that potential buyers will find out on their own. If this does happen, it gives them negotiating power or even a reason to back out of the deal. A pre-listing inspection costs a few hundred dollars, which is well worth the peace of mind it provides.
3. Research Your Ideal Buyer
Different properties will attract different types of buyers. The more you know about your ideal buyer, the easier it will be to sell your home. For example, a single-family home in fine condition would be a good fit for a buyer looking for a move-in ready home. These buyers don’t want to do repairs, so fixing your home yourself makes the home more interesting to them.
On the other hand, if your property is in poor condition, it’s unlikely to qualify for a traditional bank mortgage. In this situation, the ideal buyer is a cash-flush homeowner interested in a fixer-upper or a real estate investor.
4. Invest in Staging Your Home
Home staging can do wonders to make your house more appealing to buyers, even if you don’t hire a professional. There are two rules you need to follow: keep it neutral and less is more. If you want to make a great first impression, focus on staging the entry hall. Consider repainting this area or adorning it with a new rug, a cool-looking art piece, or an impressive mirror.