How fast can you expect to sell your home determines on how you sell your home. Know what to expect when selling your home and find out how long is too long.
Selling a home is tough especially when you're not really sure how to play the timing game. There's all these nagging questions. Do you put the house on the market in the Spring so that you can sell fast but when there's more competition? Or do you hold off till Fall and hope to get a higher offer? And then there's the matter of first offers. Do you really take the first offer or do you pass up that perfect family with 2.5 kids so that you can wait around for that elusive childless couple who can offer more money but may not actually materialize?
There are so many questions! Allow me to let you in on some secrets of the trade to sell your house the right way.
THE FIRST OFFER ISN'T ALWAYS BEST
Taking the first offer makes you look desperate and can put you at a disadvantage later at the negotiation table when repairs and the details of who pays for what gets hashed out. By denying the first offer and taking the second offer (with the idea that you are getting the price you want), it allows you to give the pretense that you aren't going to cave at the first sign of pressure. If a buyer and their agent believe that you are desperate, they will nitpick every single thing that may or may not need to be fixed before the closing of the sale. By keeping the buyer and agent in check, it will make the progress of the sale go more smoothly.
SELL IN 45 DAYS OR LESS
Now we all know that if you are selling in a slow market, selling in 45 days or less is a dream come true. At that point, your priority should be to just to get it sold no matter what. So go ahead and take that first bid. But if you're not in a slow market and houses around you are getting snatched up one right after another, then it would be smart to hold off a bit. Holding off or stalling a bid can allow you to stay in the game long enough to see if you can get better offers. The best scenario is if you can get a bidding war going and then let the emotions fly!
The trick is not to get too confident or greedy. Have realistic expectations and listen to your realtor. While you know the value of your home best, they know the market and how it will probably act.
PRICE IT RIGHT
Pricing your house right is the key to success. This can be tricky because if you price it too low, you may give the impression that something is wrong with it. If you price it too high, it could stay on the market too long and subsequently attract offers well below the real value. And then finally, pricing it at straight market value can be detrimental because you won't walk away with that price once the negotiations are done. Plus, you could struggle to differentiate your house from the others that are on the market as well.
At the end of the day, the price of the home also determines it's value in the eyes of the buyer. Buyers are willing to invest in a home they think is somehow worth more than a similar home with a lower price tag. Similar house, different value.
To find out the value of your home, contact an agent at UNiQ Realty who can help you find the perfect time to list your home.