Selling Fast and For More

Trying to sell your home in a hurry? Your first idea might be to offer a great deal to attract more buyers. However, you could get the better end of the deal if you play your cards right. In a competitive market, pricing your home a tad higher can help you sell faster. 

Here's how and some tips for your listing

All marketers should know that the price of a commodity is only worth what somebody will pay for it. They see the item as having that much value. This is the perceived value. 

Apply this to home sales and realize why similar homes have such different prices. They might have the same square footage, number of bedrooms, etc., but are separated by a price gap. In a competitive market this can lead to homes being bought up fast! Some of the reasons are:

New Buyers

It opens the door for a new segment of buyers, perhaps the people who weren't originally shopping in that price range. 

Confirmation bias

It makes the buyer think about why the home is priced higher (from its similar competition) which forces them to look at it's selling points. The confirmation bias is when buyers presume something about the house, and search for an answer to back up their assumption. 

Higher bids 

First bids are usually higher because they are based on the asking price, which could lead to higher negotiations.

Market time

When I home sits on the market for a little while, the perception of the value begins to diminish. Buyers will wonder if there is something wrong with the home, and automatically dismiss it. 

How to get more for your home

Having a slightly higher asking price can get tires in your home to see if the the perceived value is there. Keep in mind that your asking price needs to match the home inside. If the home doesn't back it up, buyers will think you're overpriced as they walk out the door.

Staging

staging your home tastefully goes a long way. According to Association of property scene designers, well-staged homes sell 43% faster and for 6% more. 

Curb appeal

A good looking yard and landscape can surely increase the perceived value and the final sale price by as much as 11%.

Capital improvements

Adding any cool feature like a solar panel will definitely increase the perceived value, giving you that vision to ask for a tad more. Another idea is to remodel a bath or bedroom. 

Photos and video tour

From another survey according to  VHT inc., homes with professional photography and videography are viewed by as much as 11.5% higher in perceived value. Adding video adds up to 6% in perceived value.

Pricing your home a little above your competition can give you the edge in selling faster, but you must also price it fair. 

As long as the home reflects what's on the inside, and you're not asking and unrealistic number, you could get a little more money and sell quicker.

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