Factors That May Help You Sell Your Home For More Than Your Initial Asking Price

Posted on

People who sell their homes often hope to sell for as close to their initial asking price as possible. In fact, many real estate agents will use statistics compiled from past sales to market their services. For example, an agent may explain that he or she sells homes for greater than 95 percent of the asking price. It's common to sell your home for less than the asking price, but it's also possible to get more than your asking price. This is arguably the best scenario a seller can find himself or herself in, and this dream situation is possible due to several different factors.

You Get Concurrent Offers

If your properly listing is highly desirable, you may get two or more offers around the same time. For example, if you've indicated to your real estate agent that you wish to have 24 hours to respond to each offer, another offer may be submitted while you're mulling over the first offer. Receiving multiple offers at the same time means that you may be able to start a bidding war over your listing. Your agent can let each buyer agent know that there's another offer of the same price, and ask if each agent's client wishes to submit a higher offer. This means that if each initial offer you received was at 98 percent of the initial asking price, a buyer may submit an offer of 100 percent or even greater in order to be chosen.

You Live In A Coveted Area

Another way that you can often get more than your initial asking price for your home is if you live in a highly coveted area. In certain locations, homes hitting the market can be rare. For example, if you live on a beachfront property or your home backs onto a prestigious golf course, people in your neighborhood might not often sell their homes. This can mean that there's a high demand for your home, which could prompt a buyer to submit an offer right away that is more than your asking price.

Your Neighbors' Homes Are Nicer

No one likes to think that his or her home is the worst on the block, but it's often said that this isn't a bad situation to find yourself in. In this scenario, prospective buyers may be interested in your home because they can get it for a bargain — and they know that the surrounding homes are helping real estate values on the street. If your home leaves a little to be desired, wealthy buyers may be eager to submit offers with the intention of renovating or even tearing down your home and rebuilding on your property — and it's possible that some of these offers may be above your initial asking price.

Therefore, when you start thinking about putting your home for sale, contact a trusted and reliable real estate agent to help you achieve these goals.