2 Tips to Get the Most Money When Selling Your Home in Northern VA
Every homeowner in Northern VA wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Without a doubt there are 2 things I can stand behind to ensure my clients will get the most money. Here are my 2 tips to get the most money when selling your home in Northern VA.
1. Price it a LITTLE LOW
This sounds a little 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. This creates a sense of urgency in the mind of buyers, the moment your northern VA Home hits the market. 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. If you don’t want to take my word for it, listen to those who have the mass home sale data.
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.”
Spencer Rascoff , Zillow CEO, The New Rules of Real Estate (Pg135):
“The data tells us that when a listing is overpriced, it tends to sell for less than its estimated market value. In fact, the more a home is overpriced, and the larger the price cut it needs to sell, the bigger the impact on the final sale price.”
2. Use a Real Estate Professional
Some Northern VA home seller may think they would net more money if they didn’t have to pay a real estate commission. With that being said, studies have shown that homes typically sell for more money when handled by a real estate professional.
Research posted by the National Association of Realtors revealed that:
“The median selling price for all FSBO homes was $185,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $163,800. However, homes that were sold with the assistance of an agent had a median selling price of $245,000 – nearly $60,000 more for the typical home sale.”
Price your house at or slightly below the current market value and hire a professional (CallJoey). That will guarantee you maximize the price you get for your house.