Is your home perfectly just the way you want it? However, now that you have put your property up for sale, it has stayed on the market gathering a level of interest that does not match your expectations. The offers submitted are far from your asking price. Well, fear not! Here is how you can make potential buyers fall in love with your home and be willing to pay your asking price.

Tips on How to Get an Offer at Your Asking Price

1. Research the current market when selling property in the Philippines

Before setting a price for your home, it's important to research the current local real estate market. Find out how many properties in your neighborhood have sold recently and at what price. This will give you a good idea of the market value of your home and help you determine a reasonable asking price. It's always a good idea to consult a licensed real estate professional who can provide expert advice and guidance for your type of property and location.

There are facts to focus on while researching your local real estate market. Firstly, assess the overall demand and supply for your neighborhood. Are there more buyers than available properties? Or are there more properties for sale than potential buyers? Understanding the supply and demand dynamics will give you insights into how competitive the market is and whether you can expect to receive multiple offers or face challenges in selling your home.

Tips on how to get property buyers to pay your asking price

• Research your current local market

• Hire an Inspector

• Invest in making a good impression on every property buyer

  • Upgrade in-demand features and amenities

  • Stage your home

  • Improve curb appeal

  • Declutter and clean

  • Highlight unique property features

  • Create an inviting atmosphere

  • Make the necessary repairs

• Prepped it right, Price it Right

• Hire a licensed real estate broker or an accredited real estate salesperson

• Prepare a comprehensive market analysis

Recommended Reads

• 7 Qualities of a Property Seller's Real Estate Representative

• Get into the Property-Selling Mindset

• Why Hire an Accredited Real Estate Agent or Licensed Broker

• Excite Property Buyers with an Affordable Bathroom Makeover

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2. Hire an inspector before listing your home

One of the reasons you may not be getting your asking price could be because your home needs some repairs or updates. It is a good idea to hire a professional inspector to check on the condition of your property. After their home assessment, they will provide you with a detailed report of any repairs or improvements that need to be made. This will be your clear roadmap to getting your home ready to sell. The report will indicate what needs to be done to bring your home up to code and make it more appealing to buyers.

Having a professional inspector evaluate your home has many benefits. Peace of mind will be first and foremost. Knowing that you have a comprehensive understanding of your property's condition will enable you to make informed decisions about what repairs or updates are necessary to enhance the value of your home. Additionally, the inspector's report can be a valuable negotiation tool with potential buyers. Addressing issues upfront demonstrates that you have taken the necessary steps to maintain your property and ensure its long-term durability. This can instill confidence in buyers and potentially lead to a higher selling price. The report also can help you prioritize your renovation efforts. The report will outline the repairs or improvements that are most critical, allowing you to focus your time and resources on the areas that will have the greatest impact on your home's marketability. This strategic approach can save you both time and money and ensure that you invest in the right areas to maximize your return on investment. In addition to identifying necessary repairs, a professional inspector may also provide recommendations for updates or upgrades that can enhance the overall appeal of your home. This could include suggestions for modernizing outdated features, improving energy efficiency, or enhancing the functionality of certain spaces. Following these recommendations, you can position your home as the desirable purchase among potential buyers looking for a move-in-ready property.

So, don't underestimate the value of a professional inspection when selling your home. It is an essential step in the selling process and can increase the likelihood of attracting buyers and securing a higher selling price.

3. Invest in making a great impression at every showing

First impressions matter, especially when it comes to selling your home. Investing in key areas can impact a buyer's perception of your property. Here are a few things you can do to make a good impression:

• Upgrade In-Demand Features and Amenities: Research what features and amenities are in high demand in your area. Consider making upgrades that appeal to your target market, such as a pet-friendly home, smart home technology, energy-efficient appliances, home security systems, or a renovated kitchen or bathroom. These upgrades can not only attract more buyers but also increase the value of your home. Consult with a real estate agent or interior designer to determine which upgrades will provide the best return on investment.

• Stage Your Home: Staging your home can help buyers envision themselves living in the space. Consider hiring a professional stager who can rearrange furniture, add decorative touches, and create a welcoming atmosphere. If you prefer to stage your home yourself, focus on creating a neutral and inviting environment. Remove personal items and clutter, and use furniture and accessories to highlight the best features of each room.

• Curb Appeal: The exterior of your home is the first thing potential buyers will see. First impressions are so crucial so make sure it looks inviting and well-maintained. Consider adding some fresh paint. Adding a splash of color to your front door is a step in the right direction. You can also add outdoor lighting to highlight home features and create a safe, warm, and inviting entryway. A front yard needs to look fresh and well-kept. Consider planting flowers and tidying up the landscaping. It can help to take photographs or a video of your yard. Look at the overall picture you have created. The goal is to look lush, not overgrown. Giving a positive first impression keeps buyers from making quick assumptions but instead excited to see what's inside.

• Declutter and Clean: Buyers need to see themselves living in your home. Having many personal items like family photos and decorations can make it difficult. A cluttered and messy home is a major turn-off. Take the time to tidy and organize. Clean every nook and cranny, paying special attention to kitchens and bathrooms. Aim to create a clean and spacious environment where property buyers can see their belongings fitting in without any issue. Consider hiring a professional cleaning service to ensure that your home is spotless and smells fresh.

• Highlight unique features: If your home has standout features like a stunning view, skylights, outdoor space, smart technology, mudroom, or dedicated laundry area, showcase them. These unique elements can set your home apart from others on the market and make buyers fall in love with the character and charm.

• Create a welcoming atmosphere: During agent showings, make sure your home is welcoming and comfortable. Consider playing soft background music and providing refreshments. Skip appealing to the sense of smell by having the scent of popcorn, freshly baked cookies, and even candles lingering in the air. It could lead buyers to wonder if your property has a ventilation issue.

• Make Necessary Repairs: Fix any broken or damaged items in your home. This includes things like leaky faucets, squeaky doors, and cracked tiles. Buyers want a move-in-ready property, so taking care of these small repairs boosts a buyer’s confidence in your property’s overall condition. You want your buyer to feel peace during their tour and then turn around to instruct their agent to put in an offer without contingencies.

Invest time and effort into making a good impression. When you do, it increases the chances of selling your home quickly and at a higher price. Buyers are looking for a place they can envision living in, so create a welcoming and well-maintained space for them to feel at home. Improve your home's curb appeal, declutter and clean thoroughly, make the necessary repairs, upgrade in-demand features, and consider staging your home. These small investments can yield significant returns on your property sale.

4. Prepped it right, price it right

Setting the right price for your property sale is crucial. The amount you attach to your property reveals your knowledge of the current state of your local real estate market. Today's buyers and sellers are well-informed about properties in their areas of interest. Pricing too high can deter potential buyers from considering your property. Overpricing can make it seem like you are an unmotivated seller. This can cause serious buyers to skip your listing to continue their search elsewhere. Buyers want to engage with and sit across an enthusiastic seller at the negotiating table.

On the other hand, pricing your property too low you run the risk of undervaluing your property and leaving money on the table. Additionally, buyers may raise concerns about the home's condition and suspect hidden issues. This will add an unnecessary step to clearing doubts about your home's history.

Pricing your house fairly increases the likelihood of selling within a reasonable timeframe by attracting buyers genuinely ready to buy their dream home. Furthermore, it puts you in a position to negotiate firmly. You can limit back-and-forth with the buyer to a minimum and have a quick closing.

5. Hire a pro real estate expert for your property sale

Hiring a licensed broker or accredited salesperson will serve you well in realizing your real estate goals. They are a valuable resource because they are knowledgeable and have mastery of the real estate business. They devote energies and resources to accomplish the very same goal you aim for, which is to get your transaction done and completed quickly. We have another article discussing why you should hire a Philippine real estate professional. Also, we have a useful resource, an interview questionnaire, that you can download and use as a guide in choosing a qualified candidate to sell your property. it comes in a colored image or PDF. Here is a printer-friendly version.

6. Prepare a Comparative Market Analysis (CMA) to determine a fair asking price

A Comparative Market Analysis (CMA) is a report that compares your home to similar properties that have recently sold in your area. Consider factors such as location, size, condition, and amenities to help determine a fair market value for your home. By preparing a CMA, you can ensure your asking price is competitive and attractive to potential buyers.

Once you have gathered all the necessary information about your home, it's time to analyze the market. Start by researching recent sales in your area similar to yours. Look for homes of similar square footage, number of bedrooms and bathrooms, and similar features. Be attentive to the selling price of these properties and how long they were on the market before they sold.

Next, compare your home to these recently sold properties. Take note of any similarities or differences in location, size, condition, and amenities. This will help you determine the strengths and weaknesses of your property versus the competition. For example, if your home is in a more desirable location or has upgraded features, you may be able to price it slightly higher than similar properties in the area.

Be objective when analyzing your property's value. Try to put yourself in the shoes of a potential buyer and consider what they would be looking for in a property. Are there any repairs or upgrades that are further needed? Is your home staged and presented in the best possible light? These factors can greatly impact the perceived value of your home.

Once you have gathered all the necessary information and analyzed the market, it's time to prepare the actual CMA report. This report should include a detailed analysis of the comparable properties, including their selling price, days on the market, and any unique features or amenities. It should also include an assessment of your home's value.

By preparing a comprehensive CMA, you can confidently determine a fair asking price attractive to potential buyers and ensure you get the best possible value for your property. Remember, pricing your home too high can deter buyers while pricing it too low can leave money on the table. Finding the right balance is key to a successful sale.

Follow these tips and increase the chances of property buyers paying at your asking price. Remember to do your research, make necessary repairs or upgrades, and present your home in the best possible light, and you'll be well on your way to getting an offer and closing the deal on your property sale.

Additionally, it's crucial to analyze the recent sales data of properties similar to yours in size, location, and condition. This will help you determine the comparable sales, also known as "comps," which are properties that have recently sold and are similar to yours. In addition to researching recent sales, it's also beneficial to examine the current listings in your area.

Take note of the asking prices of similar properties available within your area. This will give you an idea of how to price your home competitively for the current market.