Today, homeowners who want to move are in an ideal position to sell. The housing inventory is low, resulting in intense competition among buyers. Homeowners now have leverage to sell for the best terms possible, and higher home prices are a result.
To ensure that you get the best return possible for your home, there are some things you can do to help your house stand above the competition when you want to sell.
1. Provide a welcoming environment for buyers
Decluttering is one way to achieve this goal. Pack away all your personal items, like photos, awards, and sentimental items. When a space is more neutral and tidy, it is easier for buyers to imagine themselves living there.
NAR’s 2021 Profile of Home Staging report determined that “82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”
While staging your home can help attract more buyers and perhaps speed up the sale of your home, NAR’s report also states that “18% of sellers’ agents said home staging increased the dollar value of a residence between 6% and 10%.”
2. Keep it clean
Besides decluttering, keep your house neat and clean. Pick up toys, make the beds, and wash dishes before a prospective buyer drops by.
And don’t forget the sense of smell too.
Your home should smell fresh and clean; buyers will remember homes that stood out to them in the “smell” category. For example, your home could be as neat as a pin, but if prospective buyers are overwhelmed with the smell of dirty litter boxes, that is what will linger with them when they consider buying your home.
In the same report from NAR, experts highlighted the kitchen as one of the most important areas of the home to focus on if you wanted to attract more buyers.
3. Open up more times for viewing
When buyers can’t schedule a time to look at your house easily, they are less likely to make an offer.
A home that’s available anytime gives more potential buyers the chance to go from vaguely interested to eager to view. You’ll still be able to show your house to buyers with tight schedules.
4. Get the listing price right
It’s vital to set your house at the right price, even in a seller’s market.
Overpricing your house actually hurts your chances of selling. The idea is to attract high levels of attention from competing buyers and allow bidding wars to drive up the sales price.
Decide the best list price for your house with the help of your trusted real estate professional. Expertise can make all the difference in this process.
5. Make sure your price is fair
Perhaps you are tempted to raise your sale price, thinking that home buyers will pay just about anything. However, keeping your price competitive will increase traffic and encourage more offers.
In fact, you can even underprice your property to attract more attention, which can encourage multiple showings and multiple offers, potentially driving the price even higher.
However, keep in mind that if you set the price too low, people could avoid your home, thinking that it has some major problems with it.
6. Prepare yourself for multiple offers
You should also mentally prepare yourself for bid wars. In case you receive a lot of interest, carefully consider each bid with your agent.
Often, the highest dollar amount does not win. An offer might be higher than your asking price, but come with various contingencies (e.g. closing cost help).
In contrast, another buyer may offer less than the asking price, but ask for nothing more.
7. Be prepared to move
Be ready to move within 30 to 45 days if the buyer prefers a quick closing. If you need more time, buyers may pass on your property and make an offer on another.