How to Get the Best Price for Your Home - E-PersonalFinance

How to Get the Best Price for Your Home

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Depending on the housing market, a home for sale may either sell within a few days of listing, or sit on the market for several months. In a seller's market, most properties can be sold in "as-is" condition. Thus, sellers are not obligated to make upgrades or improvements to encourage high bids. On the other hand, if selling in a buyer's market, sellers must be willing to include extra perks.

A buyer's market occurs when the number of homes for sale surpasses the current demand. Thus, the competition is low, and buyers can afford to pass up a property if the seller is unwilling to negotiate on the price or other aspects of the deal. A buyer's market may pose certain challenges for sellers. With this said, a home may sell for less than the asking price. Nevertheless, there are ways to get the best price for your home. Here are a few tips for helping sellers maximize the sale price of their property.

- Offer to Pay the Closing Fees - The seller can agree to pay a portion or all of the settlement costs (title, escrow, etc.) if the buyer agrees to pay the full asking price on the property.

- Make Home Improvements - Sellers hoping to receive full asking price, or a price near their asking price, should be willing to make some home improvements. Because buyers have multiple home choices, many are unwilling to bid on homes that require extensive repairs or upgrades. On the other hand, if a property has been completely upgraded, and is in perfect "move-in" condition, the buyer may be prepared to pay more.

- Avoid Overpricing the Home - Every home seller want the most money for their property. Nonetheless, reasonableness is necessary. If a home is priced way above the market, savvy buyers will recognize the seller's tactic, and choose a different property. Keep home prices reasonable compared to similar homes. This will attract buyers and encourage multiple bids.

- Arrange an Open House - A common approach for attracting buyers is listing the home in the classifieds or posting signs in the yard. To increase the odds of selling the home, arrange open houses. This gives potential buyers the opportunity to view the inside of the home, and obtain valuable information such as features, square footage, and asking price.

Maximize the Home's Space -Take a candid look at your home. If the rooms are cluttered or overcrowded with large furniture, this may result in few offers. Home buyers look for homes with a lot of space. A cluttered home will appear much smaller. For this reason, delay open houses until the home is clutter-free. Remove toys, mail, newspapers, and clothing from the living areas. Have a garage sale, or give away items. Furthermore, sellers can maximize counter space in the bathrooms and kitchen by storing personal items and appliances in the cabinets.

Keep Décor Simple: Home sellers must view their properties from a buyer's perspective. Different colored carpet in each room may be attractive to the seller. On the contrary, this may be a cosmetic error from the buyer's viewpoint, in which the buyer mentally calculates the costs of new flooring. Eccentric décor may not appeal to home buyers. Hence, it is important for sellers to keep the home simple. Buyers want to move into a home without feeling compelled to immediately remodel.

 
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