"Thanks for the great job, Suzy. We really enjoyed working with you and will definitely refer you to anyone we know looking to buy or sell. We really appreciate your hard work and cooperativeness. You did a great job at marketing our house. Thank you so much for getting it sold!" Lindsey Taylor, home seller
So you are thinking about selling your home! Here are some simple things to think about and do while placing your home on the market. Maybe you want to upgrade but are concerned about all the news we hear about a soft market. Check this out!
We are here to answer any questions or concerns that you might have. Let's get started!
How to Price Your House to SELL!
When you are ready to put your house on the market, there are several things to consider in setting the listing price for your home. It is important to put yourself in the home buyer's shoes. Based on a list of homes for sale in your neighborhood, buyers make choices about which houses they want to view. Consider the following:
If you set the price too high, your house will not be considered for viewing even if it may be much nicer than others on the street. Even though you may have told your listing agent that you would take less, buyers may not even view your home because it appears overpriced. Also, consider the way that most home buyers do some "surfing online" before actually going to see homes. If your house is above their price limit, your house will not even come up on screen during one of their searches.
If you price your home too low for the "market" in your area, people may wonder why that home is so much lower in price? "Is there something potentially wrong with it? Or possibly are the owners ready for a fast move?" (Something that would hurt any bargaining power that you have to get the best price.) Your home may sell quickly, but a buyer who would have paid full FAIR MARKET VALUE did not get a chance to see it. FAIR MARKET VALUE is an estimate of what the house can probably sell for on the open market at a given time.
Think about how items get bought and sold on the stock market. The price must be exactly right and there has to be a "willing" buyer to buy it at the time it is sold. Have you ever heard of someone deciding to pay more for a stock than it was worth?
A true home buyer is looking for good conditions on the property, good value for their money, and good location. The only two you can control is the condition of the property and setting the price within what the market will take. Keep in mind that a good location for one buyer may not be exactly the same for the next buyer and they will move on to the next property.
How can I know if my house is priced within fair market value?
Get a Comparative Market Analysis (CMA) from your real estate broker. Have them analyze market conditions as well that will show you what your competition (other houses currently for sale) looks like.
No matter how attractive and how polished your house, buyers will compare its price with everything else on the market. The record of what the buying public has been willing to pay in the past few months for houses in a neighborhood like yours is your best gauge. The list of comparable sales, along with data about other houses in your neighborhood presently on the market, is used for a Comparative Market Analysis (CMA).
This CMA differs from a formal appraisal in several ways. An appraisal will be based only on past sales and the condition of the property. The CMA will include properties currently listed for sale as well. Also, an appraisal is done for a fee, while the CMA is provided free of charge.
Q&A on Selling Your Home
What are some factors that could affect the market?
Mortgage rates, weather, location, and condition of the property could all affect the marketing of a property. Is it as bad as the news says?
What are buyers looking for?
A true home buyer is looking for good conditions on the property, good value for their money, and good location. The only two you can control is the condition of the property and setting the price within what the market will take. Keep in mind that a good location for one buyer may not be exactly the same for the next buyer and they will move on to the next property.
How do I prepare my house for sale?
Love at first sight? Most buyers are looking for "curb appeal" when they first arrive at a house. Their first look at the house could determine whether or not they look any further. Keeping the lawn nicely, painting the front door, adding some flowers out front or in a pot at the doorstep, are the first steps to getting the house ready. Then, consider what minor things that could be done to clean up the interior. This could be as minimal as decluttering the furniture by removing items to a storage unit temporarily to open up spaces. In this case, less is usually better. If a wall needs painting to remove scuff marks, purchase a can or two of paint. Step back and take an objective look at your house and fix up any items that need repair.
What can I expect from my Realtor?
1. Comparative market analysis with an in-depth discussion on the selling price of your house.
2. Detailed marketing plan on how he/she is going to advertise and market your house. This will vary for different levels of housing and locations. And don't be surprised if different realtors approach the process from drastically different ways. Each home is unique and there are many variables involved.
3. Education for you on the process, time frame, and forms involved in selling your house. There is a lot of paperwork and a good agent will walk you completely through the process.
4. Your Realtor should educate you on the process of selling your house and how he is going to go about marketing it. They will show you what makes your house more competive in the marketplace and in some cases you will be surprised at what does and doesn't affect the value of your home.
5. You don't have to pay up front. The Realtor pays for all advertising and takes care of the negotiating and paperwork. There is a lot of time involved in selling a home. A good realtor will be there to assist in many ways throughout the selling process.
6. Professional follow-up of all leads on the property with the goal to get you the highest price for your home.