When you’re selling your home would you like to get the best possible price? Well that’s a silly question, of course you would. Here’s a few ideas on how to achieve that goal.
We have recommended for a long time that when you set your selling price, you set it very close to what you actually expect to receive. Many people like to price their homes for considerably higher than what they expect to receive. They think that gives them a lot of wiggle room with the buyer. We find that is not the case. Buyers are very familiar with what homes are worth, they spend lots of time on the internet searching for homes. When a house is overpriced, they tend to ignore it and look for something more realistically priced. When you price your home closer to the expected sale price, we find that it creates much more demand for the home and many more people want to come and look at it. What happens next is that we quite often are seeing multiple offers on houses with the actual sale price sometimes even exceeding the asking price. And the houses were selling quicker like that.
The next idea is to make sure that you use a Realtor to help you. Many people trying to save the 5% or 6% commission and sell it themselves. But that’s a mistake. When you list a home with a Realtor to sell it, and it goes into the MLS, it is available to almost 9,000 Realtors in Monmouth and Ocean counties and they can show it to their prospective buyers. Historically, studies have shown that 87% of all homes are sold with the assistance of a Realtor. The median price of homes sold with a Realtor’s assistance is at least 14% higher than someone who sells it on their own. So in order to save the commission these sellers are receiving 14% less. Does this make sense?