Selling Your Home? How about for $190 MILLION?

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Vimanmek Mansion

Not the Actual Property

Today we welcome back our regular Thursday contributor, Jen from The Happy Homeowner!

13,519 square feet. 50 acres of pristine, waterfront property. 12 bedrooms, 9 bathrooms, tennis courts, an apple orchard, and an 1,800-foot-long driveway to welcome you home each day. No, this property isn’t a figment of your real estate imagination. It exists in Connecticut, and it can be yours….

…for the bargain price of 190 MILLION of your hard-earned dollars!

Even if you don’t have $190M lying around at your disposal, it’s hard to argue that with properties such as this, the most expensive private estate to ever come onto the market in the United Sates, that there is finally a glimpse of real recovery in our housing market. Of course, this could all go out the window if this veritable Taj Mahal doesn’t sell but I’m willing to bet that somewhere along the line, even if the price drops, there will be new owners ushering in their own version of luxury soon enough.

But what about us common folk who want to sell our own homes?

If you’re thinking about putting your home on the market, it’s a great time to do so–especially if you live in an urban area like I do. In fact, according to the National Association of Home Builders, over 70% of urban markets have earned the coveted “improving” rating for the past 6 consecutive months. I learned first-hand of this booming recovery last month when I listed my condo for sale and accepted an offer that was $30,000 over asking within 4 days.

Before you venture into the world of real estate sales, take into consideration the following tips that helped me score such a great offer:

Set an Aggressive Price

The longer your home sits on the market, the less money you’ll make from the sale. Sounds simple enough, right? Well, if you’re not careful to price your home to sell from day one, you could be facing an uphill battle wrought with frustration and failed negotiations.

Before you agree on a price with your agent (if you’re using one), make sure to do a thorough competitive analysis of what’s happening in your neighborhood and surrounding areas. What’s been selling? At what prices? What’s been sitting idle? How does the size, condition, and amenities of your home stack up to the others that are on the market or have recently been sold?

If the market in your area isn’t going gangbusters like here in Boston, you might need to bite the proverbial bullet and price your property a bit lower. Before you scoff at this, consider the research that indicates this type of strategy usually pays for itself tenfold as it can entice a bidding war that will ultimately work to your advantage in terms of getting the most money during a time of limited demand.

Make Your Home Shine

When it comes to home sales and the process for today’s buyers, time and efficiency are of the essence. Over 60% of buyers would pay more for a home that is move-in ready than spend their time rehabbing a dilapidated property. Use this knowledge to your advantage and put in extra time and elbow grease to literally make your home shine.

Above all, clean your house top to bottom! Other options that will help you sell faster and at a higher price are to stage your place (staged homes can spend 70+% less time on the market than their non-staged competitors), replacing knobs and fixtures, and even doing a partial renovation of a bathroom.

Reap the Rewards

At the end of the day, any effort you put into fixing up your home and/or marketing its sale is time well spent. Not only will it give you an opportunity to sell faster, but it will also open the door for you to make an even greater profit. I can say this from personal experience as I stand to make a $90,000 profit on my condo if everything goes according to plan with the buyers’ financing!

What advice do you have for those who want to sell their home?

photo by: Honou

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Comments

  1. Can I get a mortgage? That portion of Connecticut is considered the gold coast. A lot of CEOs who work in NYC live there.

    I sold my Mother’s condo in 2005 setting a price that I thought was a stretch, but someone bought it. Pricing is tricky, too high no one will look at it and too low, you are leaving money on the table.

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