Selling A Home
Market Value
The location, amenities, condition and design of a property are all elements in determining value of a property. Economic conditions and the availability of competing properties also have an affect on value.
Many sellers think that the value of their property is based on the price they paid for the property or the money they spent on improvements or the money they want in their pocket from the sale (or some combination of these things.)
By pricing your property according to market value you will increase the number of qualified buyers willing to make an offer and your property will sell in a shorter period of time.
Competitive Pricing
Your property will be in competition with all the other properties in your area that are currently on the market; have sold recently; or were on the market and didn’t sell. A comparative Market Analysis (CMA) can help you see what buyers are willing to pay for a property similar to yours (the sold properties); what is available along with yours (currently on the market) and at what point you are not competitive in your market (the ones on the market that didn’t sell).
Dangers of Overpricing
If your property is overpriced for the area fewer buyers will be attracted to it. The property will stay on the market for a prolonged period of time. Buyers looking in the area will use your property as a comparison for the other ones that are available. If, by chance, you do find a buyer who is willing to pay over market value for the property, you will more than likely run into problems with the appraisal.
This graph illustrates the percentage of buyers who will view your property depending on the pricing.
How Buyers See Your Property
The longer you live in your home the more likely it is that you don’t notice things that could really “turn off” a potential buyer. For example:
- The lawn needs mowing and edging
- The hedges and shrubs need trimming
- Grease or oil spots on the driveway
- Dead and dying plants
- Peeling paint
- Worn carpets and drapes
- Dirty windows, kitchen, bath
- Clutter
- Pet odor
- Smoking odor
All of these things and more can send that buyer down the street to another property. For a small investment in time, money and effort you can increase your chances of getting an acceptable offer quicker than you think.
Make sure you show off your home
Once you have the basics “spruced up” on your home remember to showcase your home every time it is shown. Remove toys, newspapers, tools and other clutter from the yard. Pick up after your pets. Park your vehicles in the garage or on the street. Leave the driveway clear. Add color to the outside with flowers and potted plants.
You can showcase the interior every time by making the beds; clearing up dishes; emptying wastebaskets and removing clutter throughout the house. Set out the “good” towels in the baths. Do quick vacuuming and dusting; turn off the television; play soft background music. Open the drapes and shades and turn on the lights; freshen the air with potpourri or baked bread aroma. Deodorize pet areas and set the thermostat at a comfortable temperature.
All of these things can really make a difference in how a buyer views your home.
Marketing your home
People are not going to come see your home just because you decided to put it on the market. You need a good real estate agent that can “bring” your home to the market. Today’s real estate agents have the opportunity to be trained on the latest technological and successful ways to market properties. Make sure your agent has that training.
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Knowing HOW to market your home means understanding WHERE buyers found THE home they purchased. The chart below shows what source FIRST introduced buyers to homes they purchased in 2010. We concentrate our ENERGY and MONEY making your home VISIBLE to those buyers.
Offers
The best result of putting a property on the market is to have someone want to purchase it. Sometimes there is more than one person who wants to make an offer on a property. A real estate professional can help guide you through things like contingencies; down payments; occupancy issues; financing and all the other things you need to consider when an offer is on the table. Rely on your agent’s expertise to help you make an informed decision regarding the sale of your home.
Closing
Once an offer is accepted on your property there will still be a number of details that need to be worked out. The buyer will most likely have a home inspection done by an inspector of their choice; there will be a termite inspection; and the lender will send out an appraiser to determine the value of the property. The title company will check for liens and existing encumbrances on the property. All of these details can be handled smoothly by your real estate professional. The end result of a successful transaction will be the closing of the sale.
