5 strategies for selling above list price
Yesterday, Zillow released a report for their network of preferred agents. You can see it here: Consumer Housing Trends
One of the sections in the report that caught my eye concerned selling you home above list price. And they listed several strategies that other agents and homeowners mentioned in the survey.
I thought it would be fun to take a look at these strategies and give my insight to what has worked for us this year.
So, let’s dig in.
- Planning ahead. Around 70% of the successful home sellers planned ahead by researching websites, social media and talking with agents. I would agree that planning ahead is crucial, however, this report fails to give you what they did with the information discovered. The most crucial part of getting more than the list price is determining the market value for your home. If you price it too high, not only will you not get more than the list price, you may not get any offers at all. This is disastrous and can cost you time and thousands of dollars on the sale of your home. The most excitement that you will get is within the first 10 days of your home being on the market. And you need excitement in order to get above your list price.
- Enlist a trusted agent. More than 90% of sellers who received more than asking price used and agent to sell their home. The word “Trusted” should be heavily emphasized. I leave it at that for now.
- Updated their home. Updating your home means many things to many people. And this is where a trusted agent can help you make the right decisions. Even with a small budget, there are things that you can do that will make your home stand out. It should be clean, clutter-free, bright and inviting. It helps to have someone walk through your home and give you guidance. It’s human nature to look at our own homes through a different lens.
- Understood that online appeal is the new curb appeal. It’s true online appeal is just as important as curb appeal. This is now the first impression that people will get of your home. More people will check out your home online than drive by it. Your photos (especially the main photo) are key to attracting buyers. Not only should they show your home in the best light possible, but they should also reflect a an accurate picture of your home. Nothing is more disappointing to a visiting buyer as misleading photos.
- Not afraid to take control. You need to be intentional in what you want to accomplish. Getting over list price does not happen accidentally. If your first plan does not work, regroup and try it again. It helps to get as many eyeballs on the property as possible, so I prefer to use marketing and advertising over open houses. They are more effective at creating the frenzy of interest that you need to make more than list. It also helps to have a plan to build momentum quickly and review offers at the peak of emotions.
What questions can I answer about selling your home over list price?