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When you’re ready to put your home on the market, most people want to get the highest possible price. The truth is that the price you’re able to get for your home comes down to one simple thing: the balance of supply and demand. Understanding this simple fact will help you drive your sale price higher than you’d expect. If your home has features that are in relatively short supply and high demand in your market, your home can sell over the asking price.
Selling your home for a healthy premium over the asking price can be a realistic goal. It’s essential to highlight the right features and make sure home buyers know about them.
Here’s a look at the top five home features that can help you not just meet your asking price, but exceed it.
1. Location: The Unbeatable Feature
It’s the oldest adage in real estate: “Location, location, location.” A great location is the one feature that truly sells itself.
Homes in desirable neighborhoods or with access to top-rated schools are purchased at a premium. In addition, homes within a short distance of shopping, cafes, restaurants, and essential services are much more likely to attract higher offers. Proximity to major employers and recreational amenities such as parks, beaches, and golf courses can drive your home sale price, especially when supply is tight. A prime location adds to your home’s value and appeal, making it a hot commodity when it hits the market.
Of course, you can never change the location of your home once you’ve bought it, which is why it really is the #1 most important “feature” of your home. However, realize that buyers may not be committed to only buying a home in your particular location – which can be both good and bad. When marketing your home, make sure that you “sell the sizzle” which is the lifestyle that living in your neighborhood affords. Remember to really highlight the community in all of the marketing for your home.
2. Updated Kitchen: The Heart of the Home
The kitchen is often considered the heart of the home, and it’s also where you can expect a significant return on investment. Buyers in today’s market are looking for modern conveniences and stylish finishes. An updated kitchen with the latest appliances, spacious countertops, and high-quality materials speaks volumes about the care put into the home. This is especially true in areas where culinary culture is valued, and indoor-outdoor living is part of the daily routine.
When we bought our home years ago, the large kitchen with high ceilings, stone counters, and ample cabinetry really caught our attention from the moment we opened the door. Even today, many years later, we spend more time together as a family in our kitchen than in any other room in the house. Many buyers relate to this. Therefore, having a beautiful kitchen is critical to driving demand and selling your home over the asking price.
3. Updated Bathrooms: Your Personal Spa Retreat
Bathrooms are another major selling point. They should not only be functional but also offer a retreat-like experience. Think about the appeal of a trip to the day spa. That’s the level of relaxation prospective buyers seek and the elements that can make your home sell over the asking price.
Updated bathrooms with modern fixtures, flattering lighting, frameless glass shower enclosures, and clean lines can make your home stand out. Features like double vanities, walk-in showers, designer tile, natural stone, and freestanding tubs are especially coveted and can make a difference in a buyer’s decision. Look for simple ways to make your bathroom look expensive without breaking the bank.
4. Large Primary Bedroom Suite: A Luxurious Escape
A large primary bedroom suite can serve as a personal sanctuary within the home. Buyers look for a spacious bedroom combined with a luxurious en-suite bathroom and ample closet space.
This private haven is particularly appealing to buyers who view their home as not just a place to live, but a place to relax, unwind, and recharge. A well-designed primary suite can tip the scales in favor of a higher bid.
I remember very clearly when we bought our home, I went into the primary suite before my wife did, and I rapidly retreated and closed the door. “You can’t come in here!” I said. “Why, what’s wrong?” my wife asked. And I replied, “Because if you come in here, we’ll have to buy this home.” She pushed past me, opened the door, and the house was sold, right then and there. “You’re right, we have to buy this home!”
Luxurious and ample primary bedroom suites really do sell homes. Highlight the features that make your bedroom feel larger, brighter, and more inviting, even if the bedroom is on the smaller side. If you can make the bedroom feel like a luxurious escape, you stand a much better shot at getting your home sold for more than the asking price.
5. Beautiful Outdoor Space for Entertaining
A well-maintained and inviting outdoor space can be just as important as the interior of the home. Decks, patios, or gardens that serve as extensions of the living space are significant selling points. Outdoor kitchens, fire pits, and comfortable seating areas for entertaining can transform a backyard into an appealing feature that excites buyers and attracts strong offers.
It’s essential to stage your backyard like you stage your interior. Create spaces so that the buyer can envision themselves entertaining or relaxing. Highlight your firepit with comfortable seating and side tables. Let buyers picture making s’mores and glamping away to their hearts delight around that big ol’ firepit.
Consider creating zones in your outdoor space with rugs, potted plants, or specialized lighting. If the weather allows, arrange place settings on the outdoor table so that home buyers want to pull up a chair forever in that spot. These small touches can heighten the interest in your home, causing your home to sell for over the asking price.
Conclusion
To achieve a home sale over asking price, focus on enhancing and presenting these features in the best possible light that make your property really in demand versus the competition. Remember that first impressions count, and details matter.
And, as always, don’t make the classic mistake of overpricing your home, even if you think it’s highly desirable. Let the market decide just how desirable it is. A well-priced home with sought-after amenities will surely sell quickly and with a very high price.