Selling Your Home – How To Get The Most $$$

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

 

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A new study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

Source of article: KeepingMattersCurrent.com


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Home Sellers – Want More Money – Stage Your Home

Another study that suggests staging your home could bring a higher price. If that is the case, then the small investment to stage is well worth the cost.

Fifty-nine percent of real estate professionals say staging a listing contributes to receiving higher offers from buyers, according to the National Association of REALTORS®’ 2017 Profile of Home Staging. Sixty-two percent of agents also say staging “slightly” or “greatly” decreases the time a listing spends on the market.

The amount of money sellers stand to gain from staging their home is significant. Thirty-one percent of practitioners surveyed say that staging a home before listing could lead to a jump in the sale price of five to 10 percent. In other words, a $300,000 home could potentially see a $15,000 to $30,000 price increase. That would easily pay for the cost of the staging, according to NAR’s report.

The majority of buyer’s agents say that staging makes it easier for their clients to visualize the property as their future home. The most important rooms to stage are the living room, master bedroom, and kitchen, according to the study. Thirty-eight percent of listing agents say they suggest all their clients stage their homes.

Source: ReatorMag.com

How’s The Market Linda

“How’s the real estate market?” I get asked this question quite often, because everyone is interested in real estate. My answer “depends on which market you are talking about.”  There are different markets. There is a buyer’s market, seller’s market, investor market and rental market.

Many of the real estate gurus are touting that now is the best real estate market ever. Why? Low interest rates good for buyers. Lots of buyers in the market place and low inventory, good for sellers. Scarcity of good rental properties, good for investors. So perhaps when we look back at this time, we will remember how great it was and that all markets were on the upswing.

For Sale By Owners Losing Money

For sale by owners, did you know you are losing out on more money in your pocket by going it alone. While you might be saving the real estate commission, you are not netting what you could if you used a real estate agent. And at the end of the day, the net is what counts. The following article explains in more detail.

For-sale-by-owners tend to sell their homes for lower prices than homes sold through traditional agents via the MLS, and in many cases below the average differential represented by the prevailing commission rate, according to a new study by Collateral Analytics

The study examined the price differences between homes sold through traditional agents versus those sold by FSBOs from 2016 to the first half of 2017.

Some homeowners may be tempted to try to avoid commission costs to a broker and try to sell the home on their own. But that can backfire and turn into a much lower sales price, the study found.

Even successful FSBO sellers achieve prices “significantly below” those from similar properties sold more traditionally via REALTORS®, the study found.

The authors found that the differential in selling prices for FSBOs when compared to MLS sales is “remarkably close to average commission rates.” A FSBO sale, on average, nets nearly a 6 percent lower price than an MLS sale for a similar property. 

Assuming that both buyers and sellers pay the commission, one might have expected something less than this average, the researchers note. It appears that many sellers are avoiding commissions while netting home prices less than they would with an agent-represented MLS sale. They are avoiding commissions at any price, even one that exceeds a commission rate.”

If more money in your pocket is what you are looking for, then you might consider hiring a professional.

Source: “Saving Real Estate Commissions at Any Price,” Collateral Analytics Research (Aug. 16, 2017)

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