4 Strategic Ways to Sell Above List Price

4 Strategic Ways to Sell Above List Price – Home prices have always been negotiable. Usually, that means buyers push sellers below the asking price. Lately, however, the opposite has happened in a nation marked by a record-low supply of homes for sale. With increased bidding wars and an influx of cash offers, buyers don’t have much choice in some places.

Familiarizing yourself with local market trends is crucial to getting the most money for your home. Differentiating between a seller’s and buyer’s markets can help you decide everything from making home improvements to pricing your home. Most importantly, it can help you determine the right time to sell. If you find yourself in a seller’s market, selling your home above the list price will be easier.

There will be a lower inventory of homes, which means there is a greater demand for the homes on the market. This increased demand will lead to higher offers and maybe even a bidding war, raising the selling price. But you’ll be disadvantaged if you find yourself in a buyer’s market. In this scenario, there are more homes than willing buyers. Your home might spend more time on the market, and getting above the list price will be difficult.

Here are some great ways to sell above list price

Negotiating

Regardless of market conditions, you want to hire a Realtor who will negotiate confidently and successfully on your behalf. Be transparent about your goal to sell above the list price, and ensure they have a strategy to help you achieve it.

Timing

Putting your home on the market at the right time will also help you sell your home above the list price. The real estate market picks up during spring and summer, specifically at the beginning of May. Houses listed during that period are likelier to sell for a higher price. Family homes are especially susceptible to seasonal markets. Parents with school-age children typically don’t want to make them switch schools mid-year, so they try to plan their moves during summer break.

Improvements

Of course, you’ll have to make necessary repairs to get the most money for your home. But other than repairs, think twice before making any renovations or upgrades. You want to be sure you’re making desirable improvements to buyers. Otherwise, you might lose money.

Set the Right Price

Setting the right price is crucial to selling your home for top dollar. And it’s often one of the trickiest parts of the listing process. You can list your house at or above market value in a strong seller’s market and still get offers. You might need to list the value of your home below in a buyer’s market. If you list your home for too high, you’ll miss out on potential buyers who are priced out. This could cause your home to spend more days on the market.

In the end, you might even have to drop the price. But if you price your home too low, you’ll lose money even if you sell it above the list price. And potential buyers might worry there’s something wrong with your home if it’s listed significantly lower than similar homes for sale in your market.

Working with a top Realtor who understands your local market is the most important thing you can do to sell your home above the list price. They can guide you through the process, helping you make the most profitable decisions.