Tuesday, July 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
We wrote yesterday about how Hudson Valley real estate is currently a strong buyers market. Even with a full-blown recession going on, we are seeing bidding wars between buyers for desirable homes breaking out everywhere.
If you're a Hudson Valley home owner who is interested in selling your home for as much as possible, here are three simple things you can do that will at the very least help your home sell, and hopefully spark a bidding war between multiple buyers to drive its price skyward.
1. Price it a little below market.
Your Realtor will be able to find the correct value for your property. A Comparative Market Analysis is the best method available to home sellers to learn their home's current value. This in-depth analysis ascertains a home's worth in today's market based on recent sales and pricing trends. Setting your price slightly below market value will increase the visibility of your listing and drive more buyers your way.
This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.
When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price.
2. Staging: Make it a "Must Have."
To make your home into a buyer's "must have," we often suggest our sellers use a professional stager. Staging can make a huge difference to a home, however well it’s maintained. It can be something as mundane as putting new towels in the bathroom and fresh flowers on the dining table, to a full change of décor and furniture. It’s sometimes the little touches home owners don’t deem necessary, but to a buyer’s eye will make the difference it takes for them to make an offer.
We recently staged a three bedroom home in Warwick with amazing results. The property had plenty of potential, with great views of the Warwick valley, but needed staging. Our stager cleared out much of the seller’s furnishings and added cosmetic changes that made a huge difference. The property was listed on the market for only a few weeks, and sold for $50,000 over asking. Cost of the staging? $5,000.
3. Curb Appeal: Make it a "Must Have No Matter What!"
Buyers want to buy a well-maintained home that they can see themselves living in, but you want their first impression to knock their socks off! It’s not that buyers are shopping for your clean windows or blooming flowerbeds. These are also a means to an end. Psychologically, great curb appeal gives buyers the best first impression of the property, and the seller’s attention to smaller details tells buyers this home has been well maintained.
When we relocated to a new job in New York, my family and I spent the better part of a week driving around with our Realtor, looking at home after home. Nothing really "clicked." Finally on our last day before we flew out, we drove down a tree-shrouded country lane to see a property that had just come on the market. At the bottom of the lane, we could see a gorgeous home with a wrap-around front porch, freshly painted siding and trim and a round upstairs turret ensuite bedroom. The large front yard was tastefully accented with tidy shrubbery, and framed by giant fir trees. We all knew our search was over.
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