How to Get the Most Money for Your Home at a Real Estate Auction

Price your home a little over the market value, and avoid doing purely personal projects to increase the resale value. This article also discusses how to prepare your home for a real estate auction. The fastest way to sell your home is by holding a real estate auction. However, a professional real estate agent may be able to get you more money for your home, and this approach may require a bigger investment of time and money.

Price your home a little OVER market value

While overpricing your home is tempting, it’s actually a bad idea. Not only is it risky for you and for your realtor, but overpricing also limits your negotiating power. Many buyers start their search for a home by the price range, so overpriced homes rarely show up in searches. Listed homes that are priced over their worth are often less likely to sell than homes that are priced correctly.

While listing your home at its maximum value can bring multiple offers, you should still consider more factors. After all, you may realize that the price you’ve set was too high. According to the Zillow Group’s Consumer Housing Trends, 64 percent of home sellers have to reduce the price of their home at least once. If you’re worried about this possibility, it’s worth taking a look at the market trends in your area to ensure the right timing for your sale.

Find a local agent with a sale-to-list ratio

The sale-to-list price ratio tells you whether a local real estate market is a buyer’s or seller’s market. In a seller’s market, an average sale price is 1% to 3% higher than the listing price. Conversely, a buyer’s market typically sees offers that are significantly lower than the listing price. Therefore, if you are selling your home, you should find a local agent with a sale-to-list ratio near 100%.

Pricing your home properly is a fine art. If you price your home correctly, you are likely to receive several offers. However, if you price your home too high, you’ll receive few showings and probably need to reduce the price to sell your home. If the home is priced too high, it’s likely to take longer to sell, as potential buyers may wonder whether the home is in good condition.

Prepare your home for a real estate auction

Before preparing your home for a real estate auction, you should do some research about the property. To do this, contact a real estate agent and find out the prices of recent homes in the neighborhood. You can also contact a general contractor to check out any obvious repairs or maintenance needs. Finally, you should have pictures of the property taken before the auction so that you can compare the price with its market value.

When preparing your home for a real estate auction, it is important to have all the information you need to make the best bid. You should have the details of the loan beforehand so that you can determine the value of the property and prepare your bid accordingly. It is important to note that most auctions require cash or hard money deposits, so make sure you know how much to spend upfront. Before the auction, you should also get your loan details prepared and be aware of any important deadlines for paying off your mortgage.

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