An Investment That’s Worth ItThe real estate market is one of the most lucrative markets in terms of investment, because the kind of returns that the real estate market is known to give, other investment tools can rarely match. Whether you have an investment property that you want to shell out or want to sell off your current residence, looking for a price higher than the current market price is a common goal for most of the sellers. And, to an extent, this is legitimate as well because the price of the real estate property is going to increase with time anyway.
This gives the feeling to the sellers that their asking price should cover at least the next few years’ going rate. If the property is nicely and centrally located in a popular area, has sufficient space, is well designed, have all the basic amenities in place, is well maintained, and all the paper works are in order, asking for the higher price shouldn’t pose any problem during the selling process. In popular areas, there is always a high demand, and thus, finding the right buyer who can afford to pay a bit of a markup over the going rate should not be a problem.
Why You Should Look For Higher Price
Looking for a higher price is a common thing in the real estate market, whether it is the real estate agent or firm who is doing the selling on your behalf or is it the seller himself. To an extent, it is this practice of increasing the selling price considerably and frequently for just about every sale and every property is what has led to an overall boom in the real estate market. The reason why you should look for a higher price too is that it not only helps get you better returns on your investment but also helps sellers to pay for the ad hoc expenses during selling without having to compromise on their original asking price.
Things To Do To Bag A Higher PriceEven if your house is situated in a nice area, it is not always possible to bag a good price, because of buyers apart from considering the area, also considers many other factors. How is the house maintained? What are the problems that the house is facing currently? What are the fixes that need to be made? What fixtures need immediate attention? What would be the cost to repair and fix the problems existing in the house? Does the house need a paint job? And, so on.
These and similar factors would be considered by the buyers, and if your house is not well maintained, then forget about asking for the higher price than your house is worth, you would face a tough time asking for the current market price as well. This is because the aim of the buyers would be to cut out the repairing and fixing costs of the house from the asking price. To ensure that you are able to bag a higher price than your home is worth without having to struggle too hard, you need to take care of several factors –
- If your house is old and it shows, do a paint job on the interior and the exterior to give it a new and fresh look. The idea is to make your house look attractive, both from the inside as well as outside to make the buyers with deep pockets fall in love with your property.
- Check for the fixes to be made in your house, whether it is your driveway that needs to be maintained, garden that needs to be mowed, washroom fixtures that need to be replaced, kitchen fixtures that need to be repaired or replaced, any electrical or water leakage that needs to be taken care of, and so on. Make sure that the house is in ready to move in shape so that the buyer does not find any fault or reason to compel you to drop the price.
- Take attractive pictures of your property and post it on the internet on real estate buying and selling sites. Good high-quality pictures would attract more buyers, and more buyers would automatically help in increasing the chances of getting the right buyer.
- Negotiate smartly and smoothly whether it is a real estate agent or the buyers. Do not sound or look like you need to sell the house urgently or you are in dire need of the money you will get by selling the house, even if that just might be the case. Desperation is an easy giveaway, and the smart buyers would easily read between the lines and try to take advantage of your financial situation to lower the asking price.
Do Your ResearchBefore you go in to sell your property, you need to do your research about the current market price in your area. What are the prices other similar houses in your area are bagging, what the asking prices for similar properties in your area are showing online, what are the advantages that your house has over other properties that can help bag you a higher price, and so on. Researching would help you give the knowledge about the property and also help you negotiate well during interaction with the agent or the buyer.
Also, make sure that all your paperwork is in order, all financial obligations over the house are cleared, and all the dues are paid such as house tax, electricity bills, and so on. If there are any legal disputes over the property, make sure to get rid of them before you considering selling the property. You should also consult with the real estate agents and firms in case you have any doubts about the going rates, and can ask them about what can be done to get a better price.
How To Market Your Property To Attract Right BuyersMarketing needs to be done in the right way to attract more buyers. In the otherwise case, even if your house is well maintained and in good condition, there would be lesser numbers of buyers coming up and showing interest. You need to market your property well to reach out to potential buyers who can afford to pay the price you are looking for.
Most of all, when you are looking for a higher price than what your house is worth; you need to have a lot of patience. It will take a considerable amount of time and effort, but the wait would be worth it. Sometimes finding the higher price is not a difficult task, and sometimes it can take longer. In any case, you need to stick to your price once decided to be able to get it, even if it takes a long time.