In today’s market, low inventory dominates the conversation in many areas of the country, including northern New Jersey. Moving quickly on the home you want is a must. This leads to frustration
2 Ways To Get The Best Price When Selling Your Home
Every New Jersey homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house?
Team Nest Builder offers two ways to ensure that you get the highest price possible:
1. Price it a Little Low
This may seem counter-intuitive, but let’s take a look at this concept for a moment. Many New Jersey homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, it just dramatically lessens the demand for their houses (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, 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.
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.”
2. Use a Real Estate Professional
This, too, may seem counterintuitive as the seller may think that he or she will make more money by avoiding a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by real estate professionals, such as Team Nest Builder.
A study by Collateral Analytics, reveals that For-Sale-By-Owners (FSBOs) don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent. The data showed that:
“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”
The results of the study showed that the differential in selling prices for FSBOs, when compared to MLS sales of similar properties, is about 5.5%. Sales in 2017 suggest the average sales price was near 6% lower for FSBO sales of similar properties. Team Nest Builder sellers net 99% of list price!*
Price your house at or slightly below the current market value and hire a professional like Team Nest Builder’s Lynn Garafola. This will guarantee that you maximize the price you get for your house. Call Lynn today at 973-222-3777!
*In 2016, Team Nest Builder listings sold for 99.25% of the list price versus the MLS average of only 97.35%--that’s nearly 2% more!
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