1) Understand how the offer review period works. If you think your home will receive multiple offers, put a time that all offers must be submitted by. And also tell the people making offers when you will be making a decision. You got an offer –great – you need to either accept it or reject it within the specified time. It’s helpful to become familiar with the electronic signature process beforehand so that confusion is lessened. An offer is more than the price: earnest money, due-diligence, and terms are all important too. Countering it is an intermediate step but it is technically a rejection. We’d seen several sellers recently lose a buyer they wish they hadn’t lost by making minor counters. Buyers are scared and get cold feet. A counter gives them a way out.
2) In our currently rising market, Price your home strategically. Perhaps 2 to 3 % points higher than what you know it will sell for. Look at the last 6 months sales in the neighborhood and school district for comparables. Go look at the active homes and be brutally honest in assessing your value compared to the other homes that are unavailable for buyers to buy. Don’t forget to factor in new home sales and competition if it exists.
3) Condition, Condition Condition. Bright light and open and airy are the current mantras in home décor. Declutter and consider putting in the time and money required for updates, repairs, and renovations. Studies show a freshly painted front door and entryway gets you the most bang for your buck. Consult with your local realtor (Me ) on where the most strategic places are in your home for renovations. We look for a high return on investment.
4) Don’t take the things the buyer says and does personally and remain flexible. Buyers often have complaints and while listening to them can be emotional realize that those complaints are merely a sign of interest and sometimes a negotiating tactic. An unacceptable offer can often be “fixed’ with a few questions and a conversation about what’s really important to all involved. Many times when buyers discover that a $10,000 counter on their offer means only $50 a month more in payment (at todays rates) they are able to buy the home!
5) Pay close attention to the details. Mentioned earlier – the highest offer isn’t necessarily the best offer. Closing cost requests, repairs etc take away from the bottom net dollar to you. Carefully monitoring all the details in an offer is an agent’s job. If you’re doing it yourself make sure you understand all components of each offer you review.
6) Prepare the story of your home. Professional photos and or video, compelling reasons that tell the story of why you love your home, and professional signage and marketing materials do help sell the home. Be sure you take advantage of all Zillow and Trulia and your multiple listing service offers. I find that many times agents and sellers do not take full advantage of all the benefits those tools have to offer. Currently, when you add your ZillowVideo to their site your listing will be at top of every search!
Getting an offer is exciting. Getting the best offer possible is my job and even more exciting. Stress often comes from not being prepared. I hope these ideas help you to be well armed to get that “best” offer on your property.