Home Selling in 30319>Question Details

Leena, Home Seller in Ohio

With there being so many homes for a buyer to choose from, what should a seller focus on when pricing a home

Asked by Leena, Ohio Sun Apr 27, 2008

in Lenox Park? Price, condition, curb appeal?

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20
Leena,

Selling your existing house these days is very possible but you must be serious and committed to do the things that buyers are looking for. I have found with some creative thinking and a real understanding of the numbers, you will find yourself winning in the end. Here are a few ideas to help you gather the information you will need to make the most informed decision.

Before the Sign Goes Out in the Yard

Work with a realtor – The days of “one sign, one sale” are gone. With all the information available on various mass media outlets, many prospective purchasers (as you are soon to be) are more informed that ever. Having someone committed to being there to help you is more important than it has ever been. Many people do not realize how time consuming and costly the process of marketing a house listing (correctly) can be and that is just the start. Great Agents are constantly educating themselves to the legal, technical, sociological aspects of the real estate market just to insure your best interests. In fact, the smoother and quicker the process of selling your home seems, it is a likely sign of the skill and education of your agent possesses. A great agent has a very real way of “making it look easy.” The more you think that they did not earn it the more probable it is that they did.

Get your home appraised – The best way to negotiate on your house is to know what you can expect to make on it. Although you may have a very talented agent, a true appraisal of your home validates your asking price. Only a registered appraiser is legally trained to do that for you. Think about it; you get an offer, you address any issues, you negotiate a fair deal and then the lender calls your buyer to let them know that the appraised value of the home is just not there. Now, you have run the risk of losing that buyer or having them ask for even more money off the price.(remember the smooth process I mentioned earlier) In this market where every buyer is a blessing and one of your first ten potential purchasers will more than likely be your buyer. Can you really afford to take the chance on losing them? With the power of the appraisal in you hand you can stand up and feel good about your asking price and take the emotional ache of not being sure if you should consider an offer or not. When every dollar is on the line appraisal will help you make the most educated decision. Get an appraisal.

Get a home inspection – “What, you want me to spend more money?” No, I want you to sell your home as quick as possible for the most money possible without spending a lot of money. Having your home inspected tells your probable buyer that you are an honest seller with nothing to hide. It is a fact that most buyers these days will have a home inspection done and should that inspector find anything, even things considered to be “minimal or normal” the damage is done. They will ask for some crazy discount to off set the cost or worse not feel good about the investment and move on. An inspection is also helpful when marketing a house. I know of people that went out and remodeled their kitchen for thousands of dollars to get the home ready. The reality was they only needed to spend a few hundred dollars in repairs that an inspector found. With just these things alone, they would have been ready to out shine the competition. Get a home inspection

Offer a home warranty – “You are killing me!” Ok, Ok, I know the out of pocket expenses can add up. Hopefully you have done basic maintenance to your investment to protect it. So the cost of repairs should be manageable. In today’s market you are competing with builders and their deeply discounted inventory homes. All of the homes have one thing in common, a warranty. The great thing for you is that many pre-owned homes and sellers do not offer warranties. This fact alone gives you an additional edge over the other homes in your neighborhood. These warranties are available through third party companies and offer your buyer very good protection for very little money. (Typically $350 to $600 dollars in our area) When you offer a warranty you will again cement into the mind of your buyer how great an investment your house is and how you are not just forgetting about it or them after the sale. As far as the out of pocket expenses go the warranty can be paid for at the closing table and just subtracted from the return on your investment.

Best of Luck!
1 vote Thank Flag Link Sun Apr 27, 2008
A home must be priced competitively while also being in show ready condition. Clean and uncluttered on the interior and impressive landscaping IE grass cut, fresh mulch and edged on the exterior will help to get prospects interested. Make certain that there are multiple pictures of the home available on the internet. Most buyers will not even show any interest unless they can see pictures.
1 vote Thank Flag Link Sun Apr 27, 2008
The sellers need to focus on the comparable properties that have sold in the neighborhood or close by. With this market still being a buyers market, people that are going to purchase are looking for a great deal that is at or below market value. If your house is over priced, the potential buyer will most likely move on to the next property. Also, another piece of advice is to stage your house. You want your property to stand out and be memorable for the people that come through. Having a professional stage your house can create a lasting impression.
0 votes Thank Flag Link Mon Dec 3, 2012
Homes sell based off price and condition. If a home is not priced properly based on its condition and location, all the marketing in the world will not move this home. Often times sellers dont understand why they have a lot of foot traffic to their home but no real offers. This is often systemic of the condition of the home based on comparables on the market at the same time. Price and condition are the only variables that we have control over.
0 votes Thank Flag Link Wed Oct 17, 2012
A seller should check recent sold comps. in the neighborhood within the past 3 months, because listing the home at the right price at the beginning is extremely important. The home must show well, so taking care in doing repairs interior and exterior maintenance is equally important. Consider staging your home to maximize space as well. Fresh paint and flooring can really make a home shine.
0 votes Thank Flag Link Wed May 21, 2008
I agree that there needs to be curb appeal but every home needs a "wow" factor. It needs clean walls, maximized space(less furniture=appearence of larger space), clean home. Buyers can tell when people are ready to sell by the dedication of the preparation of the home(cleaniness, fresh paint,clean carpets, manicured yards, etc). You have to find that something that will want them to stick in the home a little longer and make them imagine thier belongings in the home.
Course a big factor is the competativeness of the price. Use neighbor hood/area comps to help come up with a competative sale price. look at the "solds", not the "sale" prices for an accurate listing price.
0 votes Thank Flag Link Mon May 12, 2008
In the current market focus on the curb appeal, condition of the inside of the home and price. The homes that are selling are in the best condition and priced aggresively. The buyers have so many homes to choose from and pricing it right will be the most important thing to make sure they look at you versus all of the other homes for sale.
Web Reference: http://saffordsells.com
0 votes Thank Flag Link Mon May 12, 2008
I think all the answers below are great. To simply put it. 1) Price it right! Price gets them to the house. 2) Curb appeal gets them in the door. If they don't like the house from the outside they may just drive on by especially if they have a lot of homes to look at that day. 3) Last but not least, condition. The condition is important. Your home needs to stand out from all the rest of the homes on the market so the buyers stops looking once they get to your home and says this is the one I want.
0 votes Thank Flag Link Thu May 8, 2008
Hi Leena, Youa sk a very good question. In my experience this question comes up a lot. I have attached a link to my website where I answer what I think you want to know. Also, an absorbtion rate can help you with the pricing area. This analysis will tell you what you need to know about all aspects of your area to make an informed decision on pricing. It takes into account all of the similar homes listed, pending and sold within the last year and provides you with data on what to price it at and based upon all other data, what you may be offered and how long it may take to sell.

If you would like me to refer an agent from our local Keller Williams office to help you with this, just let me know!

Kevin
0 votes Thank Flag Link Mon Apr 28, 2008
As mentioned before, you need to see who your competition is. The Atlanta area is large so you may have to look at neighboring subdivisions as well. It is also important to have your house looking its best.

The first impression is the most memorable. Take the time to prepare your home for selling. I usually recommend having someone come in to help stage the house for showing. No detail is to small. It is not just the inside that you must look at but the exterior as well. Does the door need a fresh coat of paint or the door handle need to be shined or replaced? Fresh mulch and a few fresh flowers go a long way.
Web Reference: http://mjthomas.realtor.com
0 votes Thank Flag Link Mon Apr 28, 2008
Luis & Donna pretty much covered it. I would add that you and your Realtor need to know what your competition is. If you think about how agents show their buyers homes, you see that your home needs to be need to be the best of the top 6 homes available in your location / price range.
0 votes Thank Flag Link Mon Apr 28, 2008
Leena,

Price can overcome any objection.... but at a price =).

Curb Appeal will get people in the door and condition will help you justify your price and get offers.

You need to have all three, but if you were to do only one, then you need to price it AGGRESSIVELY.
0 votes Thank Flag Link Mon Apr 28, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
Selling a property is a partnership between you and your Realtor. The most important component on your side of the partnership is determining the offering price after reviewing the data your Realtor provides and hearing his/her advice. The most important component for the Realtor is the marketing exposure created for your property. If overpriced, no extent of marketing will sell your property.

I am not dismissing the condition, de-cluttering, cleaning, or staging. Those things will help you sell faster, and perhaps for more money. The price is a result of factoring all of those influencing components. Price can offset any weaknesses. We sell bank owned properties where the appliances, doors, and even the carpet has been removed. Yet, we still sell them. Why? Because the price is attractive.

To sell for highest and best, minimize your cash outlay, and focus on the things that you can do inexpensively. Tidying up the yard and curb appeal are first on my list. If you can’t get them in the door, you are no where. Buyers look at exterior pictures, and do drive bys. They must want to come inside. A comprehensive effort on your part will include de-cluttering, putting away a few pieces of furniture if the rooms are overcrowded. Put away pictures, make the kitchen cabinets clutter free. Fresh paint can do a number to freshen up a house.

Price according to the property as you will present it for sale.
0 votes Thank Flag Link Sun Apr 27, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
In this buyers market really two things are needed to sell a home now. Number 1 is your home must show very nice. It must "out do" and "out show" the competition. Number 2 is price. Buyers now are getting very good deals so to sell your home, it must be priced very good so as to attract buyers. We sold ALL our listings in 2007 because our sellers listened to our advise and did the above items. Let us know if you need any help!
Good Luck!
Web Reference: http://www.purrfecthome.com
0 votes Thank Flag Link Sun Apr 27, 2008
Leena,
If you have your Realtor Professional price your home within the pricing range already set forth for that area, you should be fine. Pricing IS very important but sometimes being the lowest price in the neighborhood makes people think your house is not up to par like the others available. My advise, do not be the lowest.

If you want attention, make sure your curb appeal is far greater than all the others. You need to be the "Yard of the Month" so to speak. But by all means, don't stop there. Make sure your home is clutter free. A "lived in" home is very unattractive to most buyers. If you have curtains or blinds, make sure they are always open so your home seems light and bright. A fresh coat of paint will go a long way!

Staging your home for sale is very important. Make sure when you hire a Professional, you choose one that is not afraid to tell you the truth about your home overall. Although they may not tell you what you want to hear, an outsider coming in will see all the things your Professional points out. If you are trying to be an aggressive seller, remove all sentimental value and think about what you, yourself would look for in a new home.
And finally, be patient! Sales are slowly starting to pick back up. Make your home the best it can be and start packing!

Hire a Professional, Hire a Realtor!

Donna Smith, Broker
Donna Smith Properties, inc.
0 votes Thank Flag Link Sun Apr 27, 2008
Prepare Your Home For Listing by completing (Exterior and Interior Repairs and Updating)
Comparable Sales.
Market Conditions.
Offering Incentives.
0 votes Thank Flag Link Sun Apr 27, 2008
Leena
Talk with your Realtor. You need to discuss your sale with someone that knows three things:
1. Your local market
2. Your home
3. Your current situation

The real estate market is constantly changing. Everytime a new listing comes on the market, everytime one has an accepted offer, everytime there is a price reduction, everytime a listing expires, all these affect the market.

Most sellers are of the impression that once they get a price, put it in the MLS, you are done. Far from it. Selling a home is more like playing chess. Strategy is key. As they say in war games, a good commander adapts and exploits opportunities that offer themselves on the battlefield.
0 votes Thank Flag Link Sun Apr 27, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
All the things you mentioned Leena, with the top three being PRICING, PRICING, and PRICING. In this (and most) market at least.

Call me to discuss further.
770-633-7576

Ed Francell
Prudential Georgia Realty
0 votes Thank Flag Link Sun Apr 27, 2008
It's really very easy. To get a home sold today it simply needs to be the best home available at the best price. If there are any significant objections to any home, it's going to sit on the market. Make your home show like a model, price it very aggressively (ahead of the market, not playing catch up), and make sure your agent provides you with an equally aggressive marketing plan. Good luck!
0 votes Thank Flag Link Sun Apr 27, 2008
Your focus needs to be to have your house stand out from the others. You can achieve this by having it look better than the rest and by having it be better than the rest. Many homesellers are investing the extra money upfront to do the following things:

PreInspected with Repairs Already Made
Preappraised - Then you know you are pricing it right
Staged - this includes the inside as well as the curb appeal
Priced Right
Showcased all over the Internet, easy to find and at top of any websites list when doing a defined search
(make sure to examine this part carefully with your agent and ask to see examples of their listings on the internet. See how easy it is to find one of theirs. See what it looks like compared to others).

It takes time and a little money up front but it can bring you a greater return in the long run. Lenox Park is a great area, close in, and convenient to just about everything. (I grew up off of W. Roxboro).

Feel free to check out my website and click on "Advanced Property Marketing Video"
0 votes Thank Flag Link Sun Apr 27, 2008
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