How to Attract A Buyer Who Will Pay Top Dollar In A Declining Market

 

How to Attract A Buyer Who Will Pay Top Dollar In A Declining Market

The story remains the same.  Most sellers expect “top dollar” for their homes and most buyers want to pay “rock bottom” prices.  However, there are buyers who will pay top dollar for your home and they will not give it a second thought.  How do you attract them?  And more importantly, how do you attract them in a declining market?  My initial question for sellers who want “top dollar” is -- what is top dollar in a flat or declining market?  Does that mean you want to receive the same selling price as the last highest and most comparable sale in your area?  Does that mean that you expect more than that sale?  Or, does that mean you simply want the most that you can possibly get for your home?

Attracting a “top dollar” buyer means having a “top dollar” home.  Do you have a “top dollar” home?  Has it been maintained like a top dollar home?  Have you invested in the home like it is a top dollar home?  Put yourself into the mindset of someone who is willing and able to pay top dollar.  What would they want out of a home?  In my years of working with many buyers, including “top dollar” buyers, I would have to say that top dollar buyers want perfection and they are willing to pay for it.  They want to walk into a home and not have to do anything...at all.  And, if you’ve prepared or staged your home well, they will probably ask you to leave the furniture too.  Anything beyond replacing a light switch cover is not what they are bargaining for when they are paying “top dollar.”  In fact, a true top dollar home may even convert a “rock bottom” buyer into a "top dollar" buyer, because they view that particular home as “worth it.”

As a practical matter, in a flat or declining market, it may take a cash offer for you to get top dollar if there aren’t enough comps to justify your price.  Or, in the alternative to an all cash buyer, it may take a buyer willing (and able) to pay over the appraised value for your home.  Is the home the type of investment someone would want to sink a great deal of cash into? Are all the major systems of your home up to date and in good working order?  At a minimum this includes the electrical, plumbing, heating/cooling, and roof.   Has the home kept up with the times and been updated within the past 10 -15 years?  Is the paint fresh, updated, and are the colors in keeping with modern tastes?  What is the condition of the kitchen and bathrooms?  Are the appliances 15 or more years old?  Is the flooring stained, worn, or damaged?  Is the landscaping full, appealing, and well established?  Does the home have curb appeal?  And importantly, how does your home stack up against the current competition in your market?  

The first step to attracting a top dollar buyer in a declining market is having a top dollar home.

Copyright © 2011 Tni LeBlanc *How to Attract A Buyer Who Will Pay Top Dollar In A Declining Market*