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Tips for Selling Your Home at the Asking Price

Tips for Selling Your Home at the Asking Price

The current real estate market is ideal for generating fierce competition among home sellers. In fact, the inventory of homes for sale hit 3.8 million units in February, according to the National Association of Realtors.

That’s a whole lot of homes! So, if you are about to put your home on the market and want to sell it for the asking price, there is some homework you will need to do first.

Step 1: Collect Comps from the Neighborhood

The No. 1 rule for those who want to sell their home for the asking price is to make sure the asking price is reasonable for the home. The easiest way to determine your home’s value is to collect comparison prices from your neighborhood. Try to find homes that have sold or have been listed recently that are similar to your home (i.e., same number of bedrooms and bathrooms, similar square footage, has or does not have a pool). Then, you want to set your price just below what the comps indicate – if other homes like yours are priced at $300,000, then you should price yours at $295,000. This move will help get people in the door and could create a competitive bidding situation among interested buyers that can push the final price beyond the asking price.

Step 2: Get a Pre-Listing Inspection

Chances are, any interested buyers will hire an inspector to take a look at the home prior to finalizing the sale. Your best bet is to be proactive in hiring an inspector yourself in order to identify any potential problems that you could fix beforehand. In addition, identifying any issues with your home and addressing them early will help to avoid the issues from arising during closing, when such problems could encourage the buyer to try to negotiate the price down. In such cases, the cost to fix the issues up front is often less expensive than the dollars that are shaved off of the asking price during such negotiations.

Step 3: Get Your House in Tip-Top Shape

When competition among home sellers is high, how your house looks is all the more important to closing the sale. You should ensure that your home offers great curb appeal – fresh landscaping can help warm up your home and make it stand apart from your neighbors’ homes. Make sure to give your house a good cleaning – carpets should be shampooed, wood flooring should be polished, windows should sparkle and any dust should be wiped away. Next, you will need to de-clutter you home, removing overly personal items – your home should feel pleasant but also somewhat generic so that visitors can picture themselves living there. Also, you will want to make sure that drawers, cabinets and closets are organized and clutter-free, giving the appearance of more space, which is always a big plus to potential buyers. And finally, you don’t want to neglect the most important rooms in the house when putting it on the market – the kitchen and bathrooms. Avoid doing any major renovations, the cost of which you might not recoup. Instead, consider small but significant changes like changing out fixtures, replacing outdated countertops or purchasing new appliances.

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