How To Make the Most Money from the Sale of Your Home – Pt 2

This post is the second in a 3 part series on “How To Make the Most Money from the Sale of Your Home.” We hope you find it valuable. Click here if you missed Pt. 1. Enjoy!

How To Make the Most Money from the Sale of Your Home – Pt 2

Good Ideas

It’s also a good idea to include some disclosures and reports with your listing. Items such as:

1. A pest report, 
2. A home inspection report and 
3. The “Property Disclosure Statement” is required of most residential sellers here in Tennessee, so if you’ve got to fill one out anyway, include it or mention it is available to view with the listing.

The Key to Making the Most Money from the Sale of Your Home

Finally, we come to the most important consideration when selling your home, and that’s the initial listing price you choose.

Your real estate agent or broker cannot do this for you, but they can offer you advice about the sales prices of homes like yours near you. The decision is yours and yours alone.

Make Your Effort Worth Your Time

So you’ve spent months getting your home ready to sell and you’re ready to make the most money from the sale of your home. Here are the possible scenarios you face after your home hits the market:

1. It gets very few showings the first month and no offers.
2. There are very few showings the first two weeks, and you get one offer from a slightly qualified buyer for less than the listing price.
3. Your home gets bombarded with showings in the first weekend it’s on the market, and the next week, you have multiple offers to review. These offers are from the most qualified buyers with serious agents, large down payments, and even all-cash offers offering you more than the list price you chose.

Which of these scenarios sounds better to you? We’re hoping it’s number 3. 

As mentioned above, we make scenario #3 happen by using the buyers’ psychology to our advantage by the seller selecting an initial listing price that gives the buyers viewing the home the perception of value.

When the perception of value exists in the market, it attracts buyers to your home. It’s simple.

Creating the Perception of Value

Have you ever purchased something you sincerely wanted on eBay? You’ve found just what you’re looking for, and it’s listed at a very reasonable price, in fact below what you’re willing to pay for it. So you place your bid and wait.

Alerts set up to come to your phone so that you won’t miss the opportunity to up your bid. There’s an hour left till it expires, and it’s still at a price you’re willing to pay, better actually.

You’ve got just 30 seconds left until the listing expires. Your heart is pumping. Your nose is in your phone, just waiting to click the “submit bid” to increase your bid amount if you need to. 

Suddenly you see the price jump up to the price you were willing to pay, but you bid up a little more to get the item because, well, now you’re hooked.

The listing ends, you win the item for a little more than you thought you were willing to pay. Sound familiar?

Buyers Love to Win

The thrill and exhilaration of winning an item that may be priced slightly below what you were willing to pay worked against you, and you ended up paying a little more.

You feel a little bad about paying a bit more but, it’s ok. Next time!

The fact is, there’s little you can do once the adrenaline gets flowing, thinking about winning the item for a little less than you’re wanted to pay.

In essence, this is how eBay operates. The auction structure causes this response every minute of the day on eBay.

How’s this relate to your initial listing price? Directly, that’s how.

This is the end of Part 2 in our 3 part series “How to Make the Most Money from the Sale of Your Home’. We hope you like it so far.
If you’re need to sell your Knoxville or West Knoxville home, please call us. We’ll meet with you and give you a plan specifically designed for your home and needs. Please click here for our contact page. We’ll reach out personally and promptly.
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