Selling your home in the East San Fernando Valley and other areas around LA County can be a complicated process presented with unforeseen challenges. But no need to worry, I’m here to help!
Most homeowners consider selling for the most money possible in the shortest amount of time and hope for a stress free transaction. If done right, you can achieve not only this, but generate multiple offers driving up your asking price and netting you far more than you had imagined! Here are 5 ways you can make that happen and some simple tips on how to pull it off.
The sales process is pretty straightforward. You find an agent you trust, sign a listing agreement, agree a sales price and deadline, prep the home for sale such as quick fixes and furniture staging, shoot pictures/videos and list the home on the MLS. Buyers and agents preview the listings, tour the home and those that love it submit offers to purchase. The primary goal is to generate offers from qualified buyers for at least at the asking price, but a clear sales strategy will set you up for multiple offers if done correctly. It’s crucial that your agent has a good plan in place and you as a homeowner are alined.
Intelligent pricing isn’t about getting the most for your home – it’s about getting your home sold quickly at fair market value. Pricing a home for sale is as much art as science, but there are a few truisms that never change.
- Fair market value attracts buyers, overpricing never does.
- The first two weeks of marketing are crucial.
- The market never lies, but it can change its mind.
Values can be impacted by a wide range of reasons, but the two biggest are location and condition. Generally, fair market value can be estimated by considering other similar homes that have sold or are currently for sale in the same area. Most buyers shop by price range and look for the best value in that range. If you don’t get many showings or offers, you’ve probably overpriced your home, and it’s not comparing well to the competition. Since you can’t change the location, you’ll have to either improve the home’s condition or lower the price.
The market can always change its mind and give your home another chance, but by then you’ve lost precious time and perhaps allowed a stigma to cloud your home’s value. Always price under. Keep in mind, you do not have to accept any offer that you don’t want to.UPGRADE FEATURES
Since no two houses are exactly the same, there are bound to be unique features of your home that affect its value in a positive way. It’s a good idea to take some time to consider these quick fix tips before deciding on a final list price. These easy to execute upgrades will not only add perceived value to your home, but also encourage more buyer interest overall!
- Paint Front Door Bright Red or Yellow
- Manicure Front & Back Landscaping
- Remove All Curtains & Blinds
- Declutter & Remove All Personal Items
- Install New Appliances & Toilets
- Add New Kitchen & Bathroom Fixtures
- Upgrade Lighting Fixtures & Electrical Outlet Plates
- Upgrade Kitchen Cabinet Knobs
- Deep Cleaning goes a long way!
TELL A STORY
To draw in multiple offers it’s going to take more than just price and the MLS. Your agent must tell a story behind the home that tugs on the emotions of prospective buyers and market this aggressively and effectively! With a sign in the yard, engaging description, high quality photos and video tours in the local Multiple Listing Service, distribution across the Internet, open houses, broker’s caravan, ads, and email blasts to your listing agent’s buyers, your home will get the greatest flurry of attention and interest in the first two weeks. To add to the challenge of selling in Los Angeles because of Covid restrictions, we are not allowed Open Houses so every showing is a private showing thus requiring that much more effort. Most buyers in todays market want an extra room for home schooling the kids, a dedicated office space for parents to work, a bigger backyard for kids to play, an outdoor dinning space for hosting, a pool for the summer heat waves and the list goes on. This is why marketing with a good story is so vital, your home must attractive the pandemic lifestyle young families are thriving for to get the most buyers possible.
It’s never ideal to only have one offer. You can do your best to make a single offer work, but in the event that the transaction falls through or the buyers have a change of heart, you’re back to step 1. However, if you generate multiple offers, you can choose the best price and deal terms from each offer to create your ideal transaction. It is key to leverage each offer against each other so that you drive price up and end with your ideal terms. We are in a high demand market with a historic lack in supply, the perfect landscape for multiple offers!
If selling a home is in the near future, then the first step is to hire an agent that understands the market, genuinely has your best interest at heart and has experience generating multiple offers not only to ensure best price and terms, but to facilitate back up offers should anything fall through.