Competing against new construction when selling your existing home

New-home construction is likely to bring about a rise in resale listings whether it is a high-rise condominium in an urbanized neighborhood or a not-so-occupied house in a suburban area you have planned. Successfully selling your existing house for a good price will require some effective tactics to pique buyer interest and reasonable returns. If you are seeking advice as a buyer, we suggest you go for an existing one on the market.

Preparing for battle

You first line of defense is market intelligence. If you are selling an existing home in a new-home environment, you need to develop strategies and find out everything there is to know about your competing market. These things include information about lot sizes, location, costs of upgrades, delivery times, and whether the builders are accepting sale contingencies or not.

Secondly, ensure that your listing is organized properly. When staging your listing, you have to ensure that desirability and charm is evident. In other words, it should be as close to perfect as it can get. Even a burned-out light bulb in the hallway may hinder your chances of competing against new constructions.

Eliminating bulky and extraneous furniture can make a significant impact on the size of your house. More elaborate improvements to ante up your property may include a freshly laid out carpet or a coat of fresh paint.

Pros of buying an existing house

For a better idea on what to decide on, take a look at all the pros of buying an existing home rather than having to build a new one from scratch.

  • Quick ownership (closing and possession)
  • The most important benefit of choosing an existing house is that there are many available options to choose from. You can visit and then visualize yourself living in the house.
  • An existing home also allows for more negotiability in prices.
  • Previous records of any known issues in the house will be revealed in disclosure documents, so you don’t have to worry about that either.
  • Possibly the most important perk of buying an existing home is that it allows living in an established neighborhood.
  • Lastly, an existing home always has more charm and character.

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