Selling Tip #4 What do Buyers Want to Pay for Your Home/Cottage?
If you’re selling your home, you’ll have a very personal perspective on what it‘s worth. You’ll remember all the hours you put into making the backyard flower garden beautiful, or the work you put into renovating the basement, or the money you spent on installing new hardwood floors in the livingroom and hallways. It’s natural to want these improvements factored into the asking price. However, potential buyers don’t have that same perspective. Although they may appreciate the improvements made to the home, buyers will only be interested in paying current market value for your property. That’s the price for which comparable homes with comparable features are currently selling in your area.
Buyers don’t see all the hours you spent on improvements and renovations. What they see, instead, are the final features: the hardwoodfloors, the freshly painted bedrooms, the sparkling new master ensuite. Features like these will certainly help sell your home faster and for the best price — but that price will likely be close to the current market value.
Now, it’s tempting to try to set a list price high above the current market value in the hopes that some buyer will appreciate all the time and money put into the property. But that strategy rarely, if ever, works. In most cases, pricing your home higher than comparable properties on the market only discourages potential buyers from viewing it. Buyers expect to pay market price.
The good news is that the current market value of your home may be a lot higher than you think. The best way to be sure is to have an experienced REALTOR® look at it and provide you with an estimate.
Want to find out the current market value of your home?
If you get an offer for your property that you consider too low, resist the urge to react in a negative way. It’s normal to feel disappointed, or even insulted. Just try not to show it.
Why? Because even a low offer signals, at the very least, interest. That means the other party might still consider a
higher counter offer. And, they’ll be much more receptive to that counter offer if the atmosphere is positive.