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 â€“ The days of â€œone sign, one saleâ€ 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 â€œmaking it look easy.â€ The more you think that they did not earn it the more probable it is that they did.
Get your home appraised â€“ 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 â€“ â€œWhat, you want me to spend more money?â€ 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 â€œminimal or normalâ€ 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 â€“ â€œYou are killing me!â€ 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 todayâ€™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!
*External Factors (curb appeal, Other factors can include lot size, popularity of an architectural style of property, water/sewage systems, paved roads, sidewalks, etc. )
*Internal Factors (quality paint, trim, molding, Other internal factors include construction quality, condition of appliances, size and number of rooms, heating/cooling type, energy efficiency, etc. )
*Supply and Demand ("Supply and demand" simply refers to the number of homes for sale versus the number of buyers. When there are more homes than there are buyers, prices tend to be lower.)
To learn more about this topic, visit http://adriennelally.blogspot.com/2012/05/what-determines-va
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.
If you would like me to refer an agent from our local Keller Williams office to help you with this, just let me know!
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.
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.
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 canâ€™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.
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.
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.
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
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"