7 Tips on Navigating a Competitive Market As a Seller

Steve Schmitz

01/24/22

Sales prices have reached all-time highs, and the demand is still far outweighing the demand in the entire state of Minnesota. This means the Edina real estate market, like most of the other markets in the state, is heavily in favor of sellers. If you plan to list your Edina home for sale in the upcoming months, you’re likely to draw plenty of interested buyers. However, to increase your chances of getting top dollar, you will need to follow best practices when it comes to preparing, listing, and marketing your home. Here are some tips on how those with homes for sale in Edina can succeed in a competitive market.

1.    Price it competitively

When demand is high, sellers often think they can capitalize on the situation by increasing the listing price of their homes. Unfortunately, this can hurt them in several ways. First, it can drive prospective buyers to competing homes for sale in Edina because their agent will likely tell them the property is overpriced. If they do receive offers on their home and the appraisal value comes back lower than the list price, they run the risk of a deal falling through. Finally, many of those who overprice their homes have to decrease the price, and buyers are always leery of a home that has had a price reduction. The best way to attract your ideal buyers is to have your Edina real estate agent perform a comparative market analysis to arrive at a competitive listing price for your home.

2.    Have it staged

Staged homes sell for an average of 17% more than those that are not staged and can sell up to 87% faster. That makes it well worth the investment of around $500-$600 per month for professional staging. When you hire a professional stager, he or she will come into your home and rearrange, add, or remove both décor and furniture to ensure that each room is as appealing as possible. The stager will also make sure each room has a designated purpose, such as a guest room, office space, or home gym.

Homes for sale in Edina that are staged make it easy for buyers to visualize themselves living there and encourage offers. If you plan to hire a professional stager, prep your home for their services by decluttering each room, removing any personal items, like family portraits or sports memorabilia, and renting a storage unit where excess furniture and belongings can be stored.

3.    Focus on the curb appeal

Whether prospective buyers of homes for sale in Edina are shopping online or in-person, the first impression they form of a property will be based on the front exterior area. You can make a good impression by tidying and trimming your lawn, trees, and shrubs and removing any outdoor clutter, such as lawn care equipment, bikes, or kids’ toys. Address any visible signs of damage, such as cracks in the walk or driveway or lose boards on the front porch, and invest in some quality outdoor furniture that fits your front porch. One of the best high ROI curb appeal projects you can choose is replacing your front or garage door if they are looking worn or outdated as they are focal points that your buyers will concentrate on when they first see your home.

4.    Get professional photos taken

With 93% of buyers looking online to find homes they are interested in, professional photos of homes for sale in Edina are more important than ever. Your photos will be used in your listing, on your realtor’s website and/or landing page, and in other marketing materials. Have your home thoroughly cleaned and staged and make sure your curb appeal is on point before you schedule your photos. Not sure who to hire to take the pictures? Talk with your Edina real estate agent to get suggestions of pros they’ve worked within the past.

5.    Market it online

To reach those who are looking for homes for sale in Edina online, you need a strategic marketing campaign. This includes a landing page with a strong call to action, compelling Google and social media ads, and an effective retargeting campaign. Talk with your Edina real estate agent about what type of marketing campaigns they typically create for their clients. Your agent should either have an in-house marketing specialist or partner with an outside agency that specializes in developing marketing campaigns for listings.

6.    Consider some upgrades

If your home is not on the same level as other homes for sale in Edina in the same price range, you may have to plan some high ROI updates, like finishing the basement, converting the attic, replacing the windows, or upgrading the kitchen or bathrooms. Before you settle on any projects, talk with your Edina real estate agent. He or she will be knowledgeable about what it takes to be competitive in your neighborhood and will be able to give you advice on which projects to prioritize. Your agent can also connect you with loan professionals in the area if you need to borrow against the equity in your home to make the necessary updates.

7.    Choose the right agent

The best piece of advice for anyone planning to sell is to work with an experienced Edina real estate agent. A skilled agent will be by your side during the entire pre-listing, listing, and selling process and will guide you through each step to ensure your home is attracting the highest possible offers.

If you’re ready to sell your home, don’t be complacent simply because the market is competitive. You still should put your best foot forward when it comes to preparing your home so you can sell it for top dollar. Want to take the next steps? Reach out to trusted Edina real estate agent Steve Schmitz for assistance.

 

 

 

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