Selling your home in this hyper-active market requires some planning since you don’t want leave money on the table. Here are some of the Top 5 Tips in Negotiating the best price for your home:
1) Know your Home’s Value: Why not learn from the banks who use Broker Price Opinions (BPO)to determine a home’s value. These BPOs are based on the 3 most recent Sold comps within 1-2 mile radius of a subject Home which has a similar age, size and floor plan.
2) Hire the Right Agent: Listing the property with an agent who quotes you the most outrageous List price might be the right strategy for the agent to secure your Home’s listing contract, but it might spell disaster for your sale efforts since an over-priced property will stay on the market and you will be forced to take to discount it. Wort of all, you would be the one chasing the market as opposed to defining the market.
3) Consider Staging: Katie Severance, co-author of ”The Complete Idiot’s Guide to Selling Your Home.” ”It’s not a new concept, but some people think they don’t need it. But staging can get you thousands more.” For example our our banking clients even staged their Los Gatos Fixer Upper REO after spending $70,000 on repairing it prior to sale. So, spend some time removing the clutter and items that might not appeal to every buyers.
4) Don’t Ignore Low Ball Offers: There is no need to get offended by a low ball offer. Counter a low ball offer by taking little off your list price while having your goal in mind. Depending on how long your property has been on them market, your Listing Agent should be able to advise you on a strategy to counter.
5) Know your buyers: Remember that you are not negotiating an M&A deal where everything is a calculated move. So, make an attempt to learn more about your buyers who might be willing to pay higher price if you allowed them to take possession sooner. Perhaps your could negotiate a higher price if you included some of the furniture which is tailor made for the property. In one of our Los Gatos Fixer Upper sales, we included the Corner Bench and the Table that we had designed and built for the Breakfast nook. As a results we were able to get the highest price for a home sold on that street in Los Gatos.
How were you able to get the highest price for you home?