How To Get More Offers On Your Boise Home
When you are selling your home, there is one thing you need above everything else in order to sell your house. You need an offer. Without a buyer placing an offer, your house will never sell. This is obvious. Of course you need buyers placing offers in order to sell your house. That’s how it works. But here’s the trick. How do you get offers on your house?
Thankfully, the Hughes Real Estate Group has your back through TheSellersEdge.com. The real estate experts of Boise, Idaho have created a sales team designed with the explicit purpose of selling your home. They even guarantee that they will sell your home. The listing agents have 46 years of combined experience, and your home will photographed, marketed, priced, and listed by the best professionals in the area.
In the end, selling your house comes down to you. Your real estate agent is there to help you. But you have the final say. It is your house. You can price your house how you see fit and accept or reject any offer that you want. Your real estate agent will do everything in their power to draw buyers to your home. You just need to make sure your home is ready to be sold.
Your real estate agent will perform a CMA, or comparative market analysis, on your home in order to determine its market value. They will do this by comparing similar houses that have sold, as well as ones that are on the market, in your area. The market value is what your home is expected to be worth, and it’s a great place to start with your asking price. You can always price your house higher or lower; you have final say. But if you want to get offers, and you want to get the most offers, listen to your real estate agent. They know what they are talking about.
Don’t: Test Your Luck
You might feel that your house is worth more than what your real estate agent determined its market value to be. You love your house, and you’ve put a lot of work into it. You completely remodeled the kitchen and bathroom. Those are the biggest things to renovate in a house, right? Your house has to be worth more. So you decide to ask more.
If you want your house to sell, and get those offers, you need to listen to your real estate agent and do your research. Renovations do increase the value of your home, but in Idaho, major kitchen and bathroom remodels don’t have as big of return as you’d expect. In fact, you will actually lose money. Very few renovations provide you with a positive return on your investment. Of course, that’s not to say that you shouldn’t do them. Done right, they will help sell your house. But don’t adjust your price based upon what you think your renovations are worth.
If you really don’t agree with the market value your real estate agent determined, get a second opinion. But the agents behind TheSellersEdge.com know what they are doing. Listing your house too high, like above its market value, does nothing but hurt your chances of selling your house and decreasing the amount of offers that you will receive. It turns away most buyers, causing your house to sit on the market. And house that sit on the market have a bid stigma. Buyers begin to think that there’s something wrong with your house, and that’s why it hasn’t sold yet. Which means they will feel justified in putting in a lowball offer.
If you want to get the most offers, list your home at the price suggested by your real estate agent. At market value, or even slightly below, will make your house that much more attractive to potential buyers. If the market value of your home is $170,000, considering listing it at $169,000. That extra thousand dollars can give you an edge, and buyers are drawn to that number nine. It’s everywhere in retail and sales for a reason.
Don’t: Price Too Low
A good strategy for attracting multiple buyers, and in turn multiple offers, is listing your house below market value. Buyers are always looking for a bargain, and they have a budget to stick to. So lowering your asking price can be a great strategic move for attracting multiple offers. This gives you options, and you pick the best offer.
But pricing low can backfire, especially if you price too low. You might not get as many offers as you were hoping for. In the end, you’ll accept an offer that’s much lower than you wanted, because it’s the only offer that you get. Not only did you not get more offers, but you ended up losing a lot of money.
That’s not the only way that pricing your home too low can backfire. Buyers are likely to wonder why your house is priced so much lower than other houses in the area, especially if you are listing for $15,000 below the norm. While you are trying to attract more offers, buyer see it as something is wrong with your house. Why else would the seller be asking for so much less? Now, just like pricing your house too high, it sits on the market. If an offer is ever placed, you jump on it, even though it’s below your asking price, but you need to sell your house. Instead, it’s much better to set your price at market value, or just below.
Do: Make the Repairs
The trick with doing renovations to sell your house is that you have to appeal to the widest audience possible. And not everyone loves granite countertops, or the specific type of granite that you used. So swapping out your current countertops doesn’t make a whole lot of sense. You can’t know what buyers really want, so don’t try. Most buyers will likely repaint the house and do some updates themselves anyway, in order to get what they want.
But, you are going to want to do repairs. If your stove is broken, replacing it is a smart move, as is fixing the broken air conditioner. If your house has any structural issues, or the roof needs repaired or replaced, those are also good things to take care of. Do this before you even list the home for sale. They’ll be found in the home inspection anyway, and you would be wise to take away any bargaining power from the buyer that you can.
When a buyer discovers a repair, they either want you to fix it anyway, or they want you to drop your asking price. And a $2,000 repair could cost you $5,000 off of your asking price. It seems strange, but that’s how it works. So you can increase the offers on your house by disclosing what you have done. Replaced the roof? Adds to your home’s value and draws in more buyers, because it’s something they won’t have to do. Taking care of the repairs before listing your home can pay off in the end, in the form of more offers, and a better price.
Do: Hire a Professional Stager
It’s a simple fact that staged homes sell faster and for more money. So not hiring a professional stager hurts your chances of getting more offers and higher offers. Buyers tend to have a hard time visualizing a space as their own. By staging your house, you do the visualizing for them, and they can fall in love with your house. Once emotions become involved, and they have to have your home, buyers will tend to pay more.
Basically, you are going to be removing yourself from your home. Take down the family photos, hide the family pet, and get rid of any furniture that doesn’t fit well or match. You need to cut down on the clutter, and a stager will help with that. Plus, professional stagers know how to arrange rooms to their maximum potential, and in a way that appeals in a neutral manner. A professional stager will make your house stand out above all the rest, and your house will look like its worth your asking price.
Don’t forget about the internet. Fortunately, you don’t have to worry about finding a professional photographer, because the team at TheSellersEdge.com already has that covered. They will help you take care of the listing pictures and all of the internet marketing. First impressions and appearances are everything, so make sure that your house makes an unforgettable first impression.
Do: Express Your Needs
Being upfront and honest that you need to close on your house in a month makes a big difference. Or, if you can’t move out for three months, you will need to disclose that as well. Buyers will be more willing to work with you, which translates to more offers, if you clearly communicate all of your needs associated with selling your house. This will help your agent, the buyer’s agent, and any other interested buyers.
Don’t: Always Accept the Highest Offer
Once the offers start coming in, you might be tempted to hold out and just wait for the highest offer. The highest offer isn’t always the best offer, though. You’ll need to carefully compare all of the offers in order to determine which one is the best for you. Realistically, you are going to want to choose the offer that has the lowest potential for any complications.
If the highest offer is significantly above the market value and asking price of your home, your buyer might not be able to get a loan to cover the entire price. Banks and mortgage lenders won’t finance loans above the appraised price. In this case, the buyer will need to cover the rest of the asking price a different way, or the offer will simply fall through. And by this time, the other offer that you could have taken has already moved on.
Take the time to compare the offers, even if they are almost identical. It might be well worth your time and money to accept an offer, even if it’s $10,000 lower than the rest, because the buyer already paid for a pre-inspection on the home. This drastically decreases the likelihood of the buyer asking for additional repairs on the home, because they are already aware of the potential problems with the house. This means the deal is already on track to close that much easier.