If you are planning to list your home this year, you may be wondering how much it will sell for. You want to end up getting a good price for your property, which is possible in today’s winter real estate market where the demand for homes is greater than the supply.
However, this situation might not last long as real estate experts anticipate an increase in mortgage rates. It’s hard to tell when exactly these rate adjustments will take place, but you need to be ready once buying activity goes on a downtrend. You need to know how you can get a good offer for your home regardless of the situation. Here are a few tips to keep in mind:
1. Build a presence across multiple channels
When it comes to attracting the best offer, you must first increase your home’s exposure to motivated buyers. For this reason, you need to invest time and money in promoting your home online. Start by using social platforms like Facebook and advertising your property. Be sure to use high-quality photos and complete property descriptions so buyers with specific needs can place their offers.
Apart from social media, you should also consider listing your home on the multiple listing service in your state. This platform features complete details on properties that are accepting offers. By having a presence on the MLS, your home is more likely to get noticed by buyer’s agents who are hunting for the best deals for their clients. In addition, this will also reduce the amount of time your home spends on the market.
2. Come up with a fair price
In a seller’s market, homeowners have the advantage of setting a higher price for their properties. Since the demand outpaces supply, buyers will have to come up with larger offers to close a deal. This is the case in today’s real estate market, where sellers face multiple offers that lead to bidding wars. In this situation, you are more likely to sell your home above your asking price.
However, amid significant price appreciation since last year, many buyers are finding it less affordable to purchase a home. While there is still a strong demand for housing, you can’t expect all buyers to close a deal when the price exceeds their budget. It’s still possible to get the best offer for your home, but you need to come up with an asking price that won’t turn away motivated buyers.
Consider running a comparative market analysis. This will help you come up with a price that reflects your property’s fair market value in relation to similar properties in the neighborhood. By doing a CMA, you can come up with an asking price that’s low enough to entice buyers and high enough to close a favorable deal.
3. Know how to start bidding wars
When the demand for homes is greater than the supply of available listings, then bidding wars are likely to erupt. This is when buyers try to outbid each other to secure a single home. There are numerous ways to do this, even if you don’t have a realtor by your side. For one, you can come up with a price that’s low enough to get everyone’s attention. Your potential closing price will be higher as more buyers join in.
Another strategy is to hold a home tour at a later date. For this, don’t provide buyers with too much information about the property in the listing description. You should also limit the number of interior photos. That way, you can stir everyone’s curiosity up until the home tour where they get to have a better look at the property. Once you have piqued their interest, these buyers would place their best offers.
4. Reach out to investors
In case you want to sell your home and move out faster while making the most out of the sale, you can always look for investors who are in the business of purchasing homes to grow their portfolios. Whether they are looking to buy-and-hold or fix-and-flip, investors can give you a good offer if they see that your home has a potential for profit. The best advantage of this is the fact that you can sell your home regardless of the condition it’s in. That way, you won’t have to invest in upgrades and improvements.
It’s important that you do a background check first before you decide to sell your property to real estate investors. There’s a good chance that you will be turning your home over to a scam buyer or an unethical developer. A safer option is to look for a reliable cash buying company in your area. If you live in West Tennessee, check out Fair Cash Deal Memphis which has had an excellent track record in helping homeowners sell their homes fast for a fair price.
5. Know how to negotiate towards the best possible deal
Getting a better offer happens during a negotiation with a motivated buyer who has little to no opposition. This happens during a buyer’s market when there are more listings than the demand for homes. It’s possible to sell your home at a better price simply by leading a buyer towards placing a favorable offer.
You can suggest paying the closing costs yourself so you can encourage the buyer to seal the deal. If they insist on placing an offer that’s lower than your asking price, make a counteroffer. This sets the negotiation process in motion so other buyers can’t place their offers. You can add pressure by placing a deadline on your counteroffer. The best-case scenario is that the buyer will accept the deal. There’s also the risk that the buyer will decline. Try to come up with a strategy that will prevent you from missing the best possible deal you can get.
If you insist on selling your home this year, it’s important to know how to get the best deal. Use these tips and start getting offers that skew in your favor.