Want to Get the Most Money for Your Home or Condo?

Owning a home or investment property and making mortgage payments is like putting money in the bank. For most homeowners, their house is their largest asset—which means there’s a lot of money at stake when it comes time to sell. Every owner will want to get as much money back as possible from perhaps the biggest investment. In order to do so, here are some tips when you put your home on the market.

Hire a Real estate Agent. Hire a full time, professional real estate agent to sell your home, hiring one can help you sell your home for the best price, in the least amount of time, which will put more money your pocket. A good listing agent can assist you with pricing your home, marketing it, negotiating with buyers, and guiding you through the closing process. That's a lot of responsibility. Your agent will filter all those phone calls that lead to nowhere from folks that are not serious about buying and the agent can try to induce serious buyers to write an offer immediately. 

Price it right from the outset. Overpricing a home in today's fast-paced environment, will put you at risk of your home sitting on the market, which can make it more difficult to sell. If your house is still for sale after a couple of month, buyers are going to assume something’s wrong with it. Today’s buyers are savvy, they can do their own research and they know if a house is overpriced. So list it right at market price, which your agent will help you determine. If anything, listing it a bit below market price could also work in your favor by sparking a bidding war which could drive the price up higher than you'd ever hoped.

Once you have an offer in hand, you’re probably scanning for one thing: the price. The offers on your home should fall into a price range, but don’t rely on price alone. Not only consider the Offer Price, but other items such as Closing assistance, Closing date, Buyer financing, and contingencies. Some offers may seem great on the surface, but significantly less so once you dig in. For instance: Is the buyer asking for closing assistance? If you agree, any assistance you give will lower your bottom line, so factor this amount into the asking price. The buyer's time frame to close may not seem like a big deal on the surface, but it can actually matter a lot, especially if you give the buyer a long leash. If the deal falls through, you’ll have to put the house back on the market and wait for more offers. Make sure the buyer has financing. Make sure you verifying the buyer’s financing and how much the buyer will put toward the down payment and earnest money deposit. The last thing you want is to accept an offer, only to find out afterward that the buyer can't come up with the necessary cash to close.

You always have the option to return the buyer’s offer with a counteroffer of your own. You should always counter if the price is not what you are looking for, or if you can’t support the amount of closing cost help they are looking for, etc. But if you do, keep it reasonable. If your home is in a popular area, have an advantage, the buyer may not accept your counter outright, but always wait for multiple offers especially in areas of low inventory. To help you decide, ask your agent to call the buyer's agent and hash it out it with them. Get some insight into the buyer's state of mind, and whether he can budge.

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