All home sellers want to sell their homes for the most money possible. In our current market, even the most savvy homeowners often sell themselves short in their home sale. There are two tried and true strategies proven to glean the most profit when selling your home.
1. Price it (just a little) too low. Logically, we think pricing our home a little above market value, will leave room for negotiations. Unfortunately, this is often not the case. If you price your home a little below market value, it is more likely to create a bidding war between several offers which in turn can result in a higher final sale. Let the buyers do the negotiating for you by driving the price upward as they compete to win the deal.
2. Hire a real estate professional. People think if they sell their home themselves (For Sale By Owner, a.k.a. FSBO), they will make more money because they will not have to pay a commission. The research tells otherwise. Not only do homes listed by real estate experts sell faster than FSBOs, but also at a higher price. Realtors have the industry resources to market your home to more places and with greater frequency, therefore they are able to reach more potential home buyers. Realtors are also held to the highest standard to be certain your home selling documents are compliant with local laws, thus saving you attorney fees when the time comes to close your sale. Statistically, homes sold in 2017 as FSBOs sold for 6% lower than homes sold with a realtor. The data also suggests buyers who sought out FSBOs over realtor listed homes, were bargain hunters who wanted to negotiate lower sale prices with the owner.
When it comes to selling your home, there are many factors to consider. Where will you move, are you downsizing or upsizing, is it economically prudent to purchase a new home elsewhere, or rent while you find your perfect dream home (see my blog: http://bit.ly/2IhrKeL to find out which is more expensive, renting or buying). These two simple strategies can save you money and time while producing the highest profit when you sell your home.
At The Tampa Bay Home Team, our experts are ready to assist you whether you are looking to buy a home at optimum value, or sell your home at the highest profit. Call us today, we are here to help.