Need to Sell Your Home Fast?
A great way to attract buyers if you’re in a hurry to sell is to slightly increase your asking price. Curious? Here are a few reasons why this is.
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With the market as competitive as it is today, it may seem like raising your asking price will deter buyers from looking at your home. In reality, pricing it higher than other homes in the area can actually entice buyers. Check out these tips for selling your home, and check out real estate in Ohio while you’re at it!
More money means more value
I know this first hand from recently purchasing a plain striped kitchen towel for $45 that I easily could’ve purchased from Target for $2.50. Why? Because it was Kate Spade’s brand. Did I need it? No. I didn’t even want it other than the fact that it’s from Kate Spade. I’m not alone - consumers see the price of a product or service and view it as a reflection of the value of the item and not just a number. This principle also applies to home sales. Your house is in competition with I’m sure a handful of others just like it with the same number of bedrooms, similar location and square footage. A buyer could look at your home and assume it has more to offer or is more valuable than it’s competition priced lower.
How to prove your house is worth the increase
While a price increase can help you out, you also need to justify why your home is more valuable that its competition otherwise buyers will simply deem it overpriced. Here are a few things buyer may look at to determine whether the price is ‘worth it’:
You home may be beautiful but dark, gloomy photos will tell a whole different story. If you don’t have pictures at all, then good luck because I promise you your word on how perfect your home is for a new family simply isn’t enough. A picture tells a thousand words and nearly all (92%) of house hunters use the internet for their search.
This one is easy and doesn’t require major improvements or even renovations. A staged home will sell for 17% more than a non-staged home and 95% will sell in 11 days or less! That’s pretty significant. This is when you fake it ‘til you make it.
So your bathroom’s not great from your two teenagers sharing it over the years, I get it. However, not all buyers are understanding. Replacing the tile or even shower can increase the sales price and decrease the time your home sits on the market.
Plant some flowers, hang some ferns and for the love of money, make sure your grass is cut. You don’t need high quality landscaping (although it’s nice) to charm up the outside of your home. 63% of buyers will request to see a home after viewing it online or driving by. As I have been house hunting for months, I’ve learned that a first impression is everything.
Work with a real estate agent
While selling your home by yourself seems appealing in order to save some money, an agent will get a seller higher net revenues. Realtors also do an amazing job professionally representing the homes they are selling, serving as a rational for you home being listed slightly above other surrounding homes.
By raising your asking price slightly higher than other homes in your area, you can entice buyers looking for the best of the best. While it can work out in your favor by placing you above your competition, you have to be careful that your asking price remains fair.