The Southwest Florida real estate market has seen an unprecedented sellers' market. Most sellers have been listing their homes and receiving multiple offers over the list price while doing the bare minimum to fix up or market their property.
And while the market here in SWFL still favors sellers, recent Naples Area Board of Realtors home sales statistics show that the market has cooled off. Home sellers can therefor no longer count on getting a bunch of offers over asking. So if you’re about to list your house and want to maximize your sale price (and who doesn’t want that?!), there are some strategies you and your real estate agent can employ. Here’s how to get a higher price for your home—without spending a penny more than you initially planned for.
1. Price your home competitively
Everyone wants to sell their home for the best price they can get, but few people are going to want to buy your house if the price is unrealistically high. Let's face it, if you're priced per square foot at more than 20%, or even 10%, higher than similar homes listed in your neighborhood buyers will be more likely to buy one of those homes. Of course, no two home are truly identical, so if your home has extra features that make it more desirable to at least some buyers, by all means price it higher.
But be careful with that. Many of the favorite upgrades you've made to your home may appeal to you but no one else (and therefore won't get people to pay more for it). Consult your realtor, because he or she will have a good what people want and what they don't. Pools are a great example. They're valuable in south Florida, but almost no where else. In fact, in the northern parts of the country, they can actually detract from a home's value. Don't overprice your home, because you may miss out on potential buyers who are shopping in your price range.
And if your goal is a quick sale, consider listing it at a price that’s lower than comparable homes.
Buyers are more likely to prioritize buying your home if it costs less, and you could even wind up getting multiple offers from buyers anxious to take advantage of a bargain. Multiple offers can, of course, drive the price up to where you'd like to price it, anyway.
2. Price your home strategically
It’s an old retail sales trick, but studies show that prices ending 9, 99, or 95 make things seem less expensive. In addition, in the era of Internet searches, people use search parameters with upper limits. Pricing your home at just under an even number that people might use for an upper limit ensures that they'll see it. For example, a home priced at $499,900 will be captured by searchers with an upper limit of $500,000. A home priced at $500,100 won't.
3. And speaking of the Internet...
Are you ensuring your home shows well online? The majority of purchasers will first view the home online before visiting it in person, and buyers will determine if your house deserves an in-person look with only a few mouse clicks.
That’s why it’s important to only post high-quality professional videos and images online. Ensure your realtor spends some money for professional photography to show off the house in the best possible light. Cellphone pictures generally look like amateur snapshots. Also, professionals know how to ensure that your house looks clean, neat, and well-organized with selective editing.
4. Think like a buyer
Make sure your realtor highlights the best features of your home in his or her MLS listing so you can attract the largest number of potential buyers. You can get a lot of interest by including key selling points in your listing, even if they’re not relevant to you. For example, a home that is close to a school, public transportation, park, or a major employer can be much more valuable to many people. Also, make a point to mention if your home is pet-friendly because of a fenced-in backyard, or conducive to aging in place because it’s a single-story structure.
5. Clear out clutter, closets, and personal touches
We've mentioned this here before, but just to emphasize the point: Minimize your presence in the home as much as possible so buyers can imagine themselves living there when they see it. It can be hard for buyers to see themselves in a home if the space is overly personalized or cluttered. Pack away bulky, personal, or unnecessary items and clear out closets, because buyers are sure to inspect them. A rule of thumb is to clear 75% of the items out of the closet to show off the utility of the closets when buyers see how much space is in there.
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