The real estate market continues its rapid climb. This seems to be reported on a monthly basis. A home in Toronto recently sold for roughly $1-million above asking price. This represents a 50% increase on the asking price. The average home in Kitchener-Waterloo isn’t quite selling at those numbers, but it is getting closer. Our team has recently sold a number of homes for between 110% and 125% of asking price. This equates to between $50,000 and $124,000 added equity for the sellers.
You may be wondering how we have consistently been able to achieve these sale numbers? Outlined are a few of the methods we have used to ensure our clients receive the most equity for the home sale.
Properly Priced Home
Properly pricing your home in this market is more important than ever. Asking for too much (even if you think it is the ‘true’ value) can deter potential buyers who are prepared for a bidding war and are willing to pay above asking price. Asking for too little has the potential for equity to be left on the table. If you fill out our free home evaluation form, one of our agents will be happy to walk you through the value of your home.
Using an incorrect marketing plan, or worse, none at all could have serious consequences when its time to receive offers. Our goal is to receive as many offers as possible at one time.
Two common approaches used recently are:
- Creating hype / buzz about an upcoming listing prior to putting the house on the market.
- Holding Offers – This tactic is where all potential buyers present their written offer on the same specified time and date.
The marketing approach for every house is different. What works for some, may not work for all. It is best to contact one of our real estate professionals and tailor the marketing of your house to its specific needs.
Be Patient / Hold Back
When offers start rolling in, be patient. There is usually no need to accept the first offer. Agents may try to jump ahead the ‘weekend market’ by submitting offers prior to open houses. Unless you are in a unique situation, the current market will produce multiple offers and the sale of your house will go above the asking price.
Keeping your ego out of the process and your head in it will help you get the best deal. If offers do get heated, having a less ‘emotionally invested’ individual negotiate on your behalf may result in the ability to extract more value from your property. Our agents are very good at negotiating win-win situations during the selling process. This has resulted in our ability to increase the final sale price of our listings, adding tens of thousands of dollars in equity for our clients.
Use The Dennis Team To Sell for Above Asking Price
Our real estate agents are regarded as very strategic agents whose top priority is ensuring their clients feel confident during the selling process. Contact one of our agents so that we may help you sell your house for above asking price.