2 minute read.
Your home is one of the biggest investments you will ever make and when selling it, you want to make the most money and receive the best deal possible. On the flip side, potential buyers also want to receive the biggest bang for their buck, and they may offer you a price that is much lower than you expected. So, what can you do to ensure you receive as close to asking price possible for your home?
Consider hiring an appraiser to pre-appraise your home. This gives you an accurate estimate of the value of your home so you can price it accordingly. It also lets you and buyers know exactly how much the property is worth to prevent low offers. But, keep in mind that both options will cost you money. Hiring a home inspector can cost you between $300 to $600 and a home appraiser can cost up to $500 or more.
Most home buyers want a house that is move-in ready. They don’t want to move into a home with a long to-do list. By keeping your home in tip-top shape, buyers have less room to decrease the purchase price due to much-needed repairs. Also, keep in mind that these home repairs are much more than just cosmetic issues such as new carpet but can also include essential features of a home such as a roof, HVAC system, insulation, windows, etc.
While you certainly want to make the most money possible for your home, when you price the home too high, you can expect offers much lower than your asking price. You want to price your home as accurately as possible. Work with your real estate agent and use a comparative marketing analysis, which lets you compare your current property to homes in the neighbourhood that have sold within the past several months. Your agent can also help you determine your purchase price based on the current market.
Some buyers will try to negotiate a few extras in exchange for paying the asking price for the home. For example, they may want a fast closing date—much faster than you originally planned—a fresh coat of paint on the walls, new flooring in the front entryway, all new kitchen appliances, etc. You may need to be flexible to adjust to these requests but it will provide more convenience for buyers, which is something they are willing to pay a little more to receive.
While it is impossible to guarantee you will receive the asking price for your home, the better condition it is in, the more accurately you price your home, and the more flexible you are in the negotiation process, the happier you will be with the final sale price.