How to Sell Your House for Over Asking in El Paso
By: Kyle Spearin
Selling your house can be an emotional roller coaster. On one hand, you’re probably hoping to make a profit and can’t wait to move on to something else. It can also be one of the most stress inducing experiences of your life.
You might wonder if your house is going to sit on the market or get sold right away. Another thing that will probably cross your mind is whether or not your agent knows what they’re doing.
If that didn’t make you feel too confident, this story will help.
Recently, it was time for a young couple in El Paso to sell their home. They were going through all of the aforementioned emotions of selling a house while also having a baby. Clearly, an exciting but stressful time to be selling. To make matters worse, the day they went to list their house, an identical house in their neighborhood went on the El Paso MLS.
After much discussion, the couple decided to move forward with listing their home.
They decided to list their house for the same price as their competitor down the street (lower than they initially thought). In addition, they decided to have their open house the same day as the other house. It was a risky move, but it ended up working out in their favor.
They ended up receiving 12 offers.
The best part was that of the 12 offers they received, most were above asking which drove up the price. A bidding war was on!
In the end, the house ended up selling for $17,000 over asking price. This was $7,000 more than market research had indicated. The best part?
This couple’s neighbors only received asking price for their house.
Looking back on this experience, there were 4 factors that enabled this couple to make their house stand out and receive offers above asking price.
These tips can help you do the same.
Hire a Great Real Estate Agent
When selling your house, hiring an agent is single-handedly the most important decision you need to make. Everything else mentioned in this post is directly impacted by your agent’s advice. In order to get great advice, you need to find a great agent.
When the time comes to find an agent, ask for referrals from people you trust. If they care about you, they will only put their stamp of approval on someone who they would use again. After getting referrals, ask the agents to give you a listing presentation. Interviewing 3 agents will give you a good idea of who to go with. The person with the best overall plan, not necessarily the highest listing price, is the person you should consider using.
A veteran agent knows the market and should be able to provide a track record of success executing their plan. They take the negotiating, legalities, and other heavy lifting out of the equation and let you focus on everything else you have to worry about when selling.
Price it Right
An agent can advise the seller, but they can’t make them list for a certain price. Ultimately, this is up to the seller. To make an informed decision, make sure to have your agent pull data from similar houses in your area. A CMA (comparative market analysis) will illuminate trends in your housing market that are essential when determining a list price. Typically, agents give 3 prices and let the seller pick the best strategy.
- Above Market
- At Market
- Below Market
Each strategy comes with risks and rewards, so be sure to look into each.
Do the Necessary Updates
If you aren’t selling a brand new house, there are probably some minor updates that could make your house sell faster. A new coat of paint to make the house more neutral is an example of this. Another might be power washing your house to make it more aesthetically pleasing. Follow suggestions from your agent on what makes sense. Weigh the costs of each update against the time it will take and return when selling.
The reason this is mentioned is because many houses go for sale “as is,” which is a red flag to conventional buyers. It also signals to investors that they can probably get a deal because they assume that the house will have major repairs of some kind.
When you say your house is selling “as is” you are essentially telling everyone that there’s something wrong and you’re waiting for them to find it OR you’re too lazy to fix it. Be sure you consult with an agent and do the work necessary if it will help you boost the value of your house and make it easier to sell.
The best agents in the business advise to go all in on staging or don’t do it at all. People want to envision what it would look like if they owned it, so having a decorator who uses neutral items will help them see this.Perhaps you like your mounted antlers or vibrant color schema. It may work for you, but you need to keep the buyer in mind.
For a house with limited updates that looks older, staging might not be the best solution because it’s just putting lipstick on a pig. It will look out of place to have updated furniture with an older looking home interior.
In contrast, if your house is in good shape this can significantly increase the sale price of your home. This is another area worth paying for if you believe that your house will increase in value as a result. Again, weigh the cost versus the return.
Although simple, these 4 tips can help you increase the value of your home and put more money in your pocket. Be sure to hire an all-star agent, price the house right, do the necessary updates, and stage for optimal results. Good luck!