You've heard the news: houses flying off the market, bidding wars, offers way above asking price. However, for most people, selling a home still requires a little leg work and a smart selling strategy. Here are some ways you can be sure your home sells quickly and commands top dollar.
Price your home accurately
Every experienced real estate agent will tell you, overpricing is the number one reason properties don’t sell. Factors like market inventory, average days on market, and location can drive up prices. But even when the market is red hot, a house still must be in the top 50 percent of all listings in terms of price and value.
We are actually consistently seeing that homes that are priced lower are selling for more than the higher priced homes due to bidding wars. We just witnessed a home that had a finished basement, granite countertops, and every upgrade imaginable list for $320,000 and it sold for $310,000. A foreclosed home 6 houses away that was the same exact floor plan with trashed carpets, no appliances, unfinished basement, and no upgrades was listed for $297,500 sold for $318,000!
What’s more, buyers already feel like sellers are not negotiating much and may not even inquire if a home is overpriced. If your home doesn’t move in the first 2 weeks—the sellers’ sweet spot—you’ll have to drop the price, often below what you would have priced it for initially.
Set the stage
People are less likely to buy beautiful but empty or overly cluttered houses; they are looking to buy homes. Some buyers are able to visualize their belongings in a space, but 60 to 70 percent are not. Home staging can create a space that helps prospective buyers picture your house as their new home.
It's worth it to spend the extra time to remove personal items and knick knacks and arrange rooms to maximize the space and create an ambiance. If you have worn out furniture, consider buying a cover or renting a piece that fits well into the room.
Don’t get overwhelmed
With very few homes on the market, you certainly will have your pick from a larger pool of buyers than usual. But it will require some work and flexibility on your part.
Homes that inspire bidding wars are ones that are seen by many buyers. That means keeping your house ready to show morning, noon and night. Come up with a game plan ahead of time for how to keep your place tidy and clean. Maybe that means having a friend dog or cat sit, only using one bathroom in the house or waking early to vacuum and dust every morning. The good news: most homes are selling within 30 days, so you won't be living this way for long.
Choose the right real estate agent
Think of your real estate agent as your home selling coach. Finding someone knowledgeable who you like and respect will make the selling process run smoothly. Even more important, choose someone with local expertise. If your agent is familiar with your neck of the woods, he or she will be able to help you price your home accurately and set your expectations appropriately.
Interested in buying or selling your Colorado home? Contact us to learn more.