How do you make sure your home sells for the highest price in this crazy and erratic market? Some homes are selling with multiple offers for many, many, many dollars more than the asking price while others are lingering on the market with no ready-to-buy buyers. What’s up with that and how can you ensure yours will be one that sells quickly and for buckets of money?
Follow the Three P’s:
Your home sale will depend mostly on the three P’s:
As the home seller, you can control number 1 and 2 but not 3. Where your property is located or how it sits on the lot is not something you can alter. Got BART whizzing next door? Good luck making that go-away!
The two you, as the seller, can control? The price and the home's presentation. A reasonable asking price or one that is a little under the market can often spark multiple offers with a better final sale price.
Even in a busy market, it is wise to clean, paint, and stage a home for sale. In a fast market, even with multiple offers, a staged home will bring a higher price (6% more on a national average). Buyers are also more likely to wave their inspection contingency or at least go easier on the inspection repairs. They also tend to close escrow smoothly and on-time. Tip: Leave your listing staged until after the inspection and the appraisal to make sure all parties remain impressed with the home!
The location of your home—its position in relation to schools, parks, shopping centers, and transportation—greatly affects its marketability and price. Homes in highly desirable areas, such as those with good school districts, low crime rates, or proximity to amenities, typically sell faster and for higher prices. Even within a specific neighborhood, factors like whether a home is on a quiet street offers views, or is close to public transit can significantly influence buyer interest and value. While you can't change a home's location, understanding how it compares to other homes in the area is crucial in positioning it competitively in the market.
Together, the three P's—Asking Price, Presentation, and Position— work synergistically to determine how fast your home will sell and at what price point. Having an experienced agent who understands how to balance these factors can significantly impact the success of your sale.
