Getting the full asking price for selling a home is not always an easy task. In theory, the process seems straightforward — list your home for sale; the buyer comes around and pays the full asking price; then you pocket the profit. The reality, however, is that you need to be business savvy and have the right real estate advisers by your side if you want to get the full asking price for your home.
What Is The Asking Price?
The asking price is the minimum amount a seller is willing to take when selling property. Let’s say you want to sell your property for $450,000, then $450,000 is your asking price. However, many casual real estate sellers get disappointed when they can’t fully realize their asking price. Sometimes, they almost sell at a loss because the buyer thought the asking price was too high and unwilling to pay.
The good news is that you can indeed sell your home at its full asking price. After all, tons of home sellers have accomplished it, so why not you?
Here are five secrets that can help you sell your house at a price it truly deserves.
1. As much as possible, try not to get too emotional
Yes, this house has a significant emotional value to you. It might be your parent’s ancestral home, or it might be the place where you watched your kids grow up.
It’s important to remember that emotions, good memories, and endearments don’t play a role in real estate. This is simply business. Emotions are out, and buyers won’t pay hundreds of thousands of dollars just because you have lived in this home for a long time. When thinking of a price, stick to reality. Act like a seller and base the price objectively.
2. Perform necessary repairs and upgrades before listing
Imagine selling clothes without even washing them. Would buyers pay your asking price for clothes that are dirty or torn? The same thing applies when selling your home. Plumbing problems, leaks, noisy floors, pests, and worn out flooring affect the value of your property. As much as possible, turn your house into a sellable condition before listing it for sale.
After all, these expenses will be included in your ask price, and you’ll eventually recover them. So, don’t hesitate to spend on repairs and minor improvements because it can increase your property’s value.
3. Offer the list price, not the asking price
The list price is the price you advertise. As a rule of thumb, do not use your ask price as the list price. You need to set an allowance when buyers start to negotiate the price. For example, you’re planning to sell your house at $1 million. More likely than not, buyers would aim for a 10 to 20 percent reduction in the price. Instead of listing $1 million, you can sell it at $1.5 million and allow buyers to offer a price below your list price.
During the negotiation process, you’ll have to make counteroffers. It’s best to set a small allowance between your asking price and your minimum counteroffer. By following the example above, you can set the minimum counteroffer at $1.1 million. If buyers offer a price less than your minimum, don’t give a counteroffer and tell the buyer that it’s a take-it-or-leave-it offer.
4. Shoulder closing costs
Do you want to know why you need a small allowance, as discussed in the previous section? It’s because you’ll be the one shouldering the closing costs. Buyers often ask the sellers to pay for closing costs. These costs are fees, charges, and taxes that take effect when selling properties. Closing costs are on top of the purchase price. Popular examples of these costs include origination fees, appraisal fees, title search, title insurance, deed recording fees, and many more.
Agree to pay the closing costs so that buyers will be more motivated to acquire your property. After all, you have a small allowance on top of the asking price. You’ll still get your full asking price after closing costs.
5. Hire real estate advisors
Got a home for sale in Orlando? Let us help you get the full asking price today!
At The Nickley Group, we have a team of real estate advisors with long years of experience selling homes. We have been serving the Orlando community for years now, and we can work with you to get the right price for your home.
Engage with us now by calling at 407.906.2456 or visit our main office at 1013 E. Colonial Dr. Orlando, FL 32803.