Selling Your Home? Here’s 2 Ways to Get the Best Price!

Dated: 07/24/2018

Views: 44

Selling Your Home? Here’s 2 Ways to Get the Best Price! | MyKCM

Every homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house?

Here are two ways to ensure that you get the highest price possible.

1. Price it a Little Low

This may seem counterintuitive, but let’s take a look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, it just dramatically lessens the demand for their houses (see chart below).

Selling Your Home? Here’s 2 Ways to Get the Best Price! | MyKCM

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive as the seller may think that he or she will make more money by avoiding a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by real estate professionals.

study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs, when compared to MLS sales of similar properties, is about 5.5%. Sales in 2017 suggest the average sales price was near 6% lower for FSBO sales of similar properties.

Blog author image

Rita Legan

ASP Staging Realtor, CDPE (32 years experience) Money isn't everything.......true, unless it's yours! My job as your Real Estate Expert is to help you protect your bottom line! Your home sale or hom....

Latest Blog Posts

If You Are Thinking of Selling You Must Act Now!

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is

Read More

Just like you need to know your credit score, you need to know your home's value. Call or text me, its easy Rita 440-227-4461 or email me at [email protected]

How Much Has Your Home Increased in Value?Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they

Read More

What Does The Future Hold For Home Prices?

Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown

Read More