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Selling Your Home: How-to Compete With New Construction

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Selling your home is never more stressful as you eye the new subdivision coming in on the next street over.

The good news is that the sale of existing homes is at a high right now, the highest since February of 2007, reports Business Insider. The bad news is that many people still prefer to buy new construction.

If competing with new homes has you cowering in the corner, here are a few ways you can get buyers flocking to your well-loved door.

Evaluate Your Competition

To get a good idea of what you are up against, you really need to know what new construction looks like in your area.

It’s simply not enough to take a slow drive-by the property as the homes are built. Ask your realtor for any information they have, but don’t hesitate to do your own homework. Look at the builder’s website for information (especially pictures of model homes) for your local development.

It’s important to take note of the:

  • types of fixtures in the kitchen and bathrooms
  • style of the doors
  • colors of the exterior
  • style and quality of appliances

All of this information gives you an idea of what the new construction has that your home does not, and what you have to offer that’s better.

Make It New

The reason why many prospective homebuyers would rather buy a new house is that they like the idea of making it uniquely theirs. You can resolve a lot of their concerns by making your house as new as possible, and as free of your family’s personality as you can.

Curb appeal is so much more than just cleaning up your yard and planting a few flowers. Put in a new, current paint color for the exterior. For the inside, you should look to remove as many traces of the existing family as possible.

Some sellers prefer to rent a small apartment to live in while they sell their homes, so they can stage the rooms to attract buyers.

Offer Incentives

With your list of amenities and features that the new construction provides in your area, you can make an honest comparison of new homes and your home.

Are your appliances older or not as high of quality? Lower the home’s selling price a little, or upgrade the appliances and fixtures. If you don’t want to shell out a bunch of cash and time to make serious home improvements before you list your home, consider offering to cover closing costs or provide money for the buyer to make their own upgrades.

Existing home sales rose 2 percent in July to the highest in eight years, according to the National Association of Realtors. You know that you can join those ranks, just by making the offer a little sweeter for your buyers.

Selling your home shouldn’t be scary, no matter how beautiful those newly-built homes seem to be. By doing your research, adjusting your expectations, putting your home in its best condition and making your offer appealing to buyers, you can sell your home in no time.

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