When selling a home, especially in the current real estate market, you need to do everything possible to stand out from the competition. With so many homes now available, your home needs to offer something special, which would ensure a fast sell and good price. You need to give buyers a reason to consider your home over others being sold.
Home in Disrepair
We now have a strong buyer’s market so considering that 90 of homes on the market, your home needs to be different enough to land in the 10 and even then, it needs to get more interest than other homes in this group. We recommend you research properties under sale in the same geographical location to look at condition and price. For sold comps, remember that with the market, they could be three months behind. Your goal is to look at current movement.
As a part of getting your home ready to sell, you need to make sure it is in excellent condition. To get the best price from your home, any repairs need to be completed and you might even consider upgrades. If the carpeting is old, replace it, if the light fixtures are outdated, put in something modern, and if the walls need new paint, choose fresh paint of a neutral color. Making appropriate changes will make you a viable contender in the 10 group. Even exterior of the home and landscaping needs to be in great condition.
Property Photographs
Your real estate agent should take literally dozens of quality photographs of your home for posting on MLS. If only a few photographs were taken or the quality is bad, consider taking your own or having a professional photographer do it. With this, you want the right angles, upgrades, and the best features of the home to be the focus. Keep the home uncluttered and if needed, put some things in storage. Other tips include:
•Keep the toilet seats covered
•Only a photograph of the master bedroom is needed unless the other bedrooms are significantly larger or different
•You or family members should never be in photos of the home so watch for reflections in mirrors
•Shoot only positive features of the home, a swimming pool, fireplace, etc but avoid small closets or hallways
•The kitchen is the heart of the home so people want to see numerous photographs of this particular room
•For the dining room, have the table beautifully set
•The living room photo needs to make the room look large so if you have a lot of furniture, put some in storage
•Make sure the front and back property is also included, especially water features, pools, built in grills/fireplaces, and gardens
•Use descriptions to enhance photos
Marketing and Advertising Opportunities
When it comes to selling a home, you will need to consider several marketing strategies. While placing an ad in the local newspaper can help, a common mistake is listing the property in the wrong category so it would be worth having several classifications for your listing. In addition, consider the following:
•For out of town buyers and potential buyers in your neighborhood, invest in color postcards and mail them
•Multiple color flyers that have some of the best photos of your home work great when distributed to potential buyers coming to open house or to view on a scheduled tour with the real estate agent
•Virtual tours get attention so consider having videos added
•New advertisement efforts should be done weekly
•To get a greater number of visitors to your home, open houses should only be held on Sundays or Thursday evenings
•Have your agent get feedback from people that have gone through the home, allowing you to make repairs, changes, or upgrades accordingly
•If comfortable, shoot a self video of you telling people about the property or giving a tour and then post it on YouTube
Value of a Good Real Estate Agent
A good agent would be worth his or her weight in gold. This professional would be highly knowledgeable, competent, and experienced. You want an agent that is brutally honest, even if it means you need to change something. To find a qualified agent, you could ask family and friends for recommendations.
If you expect to spend significant money on a professional listing and need a professional that will provide everything needed, you need to talk to numerous agents or consider hiring a real estate broker. Too often, people will make a decision based on the amount of money they believe they can make on the house or the agent’s commission rate. Instead, your decision needs to be based on qualification and strategy.
Setting the Sales Price
Obviously, the last thing you want is set the asking price so low that you are almost giving your home away. However, to move the house quickly, the price needs to be competitive, which means setting the price appropriately from the start. If the price is guessed and not based on a proven formula, you will likely end up with a house that sits without being sold. Remember, the asking price of the home is not usually what it goes for.
Just as you do not want to set the price too low, it should also not be overpriced. This is where looking at comparable listing would be beneficial. For one thing, look at the square footage of your home to others on the market. Additionally, remember that the price you ultimately get for your home could be less than similar homes if you have a bad lot, strange room configurations, or a location on a busy street or next to a liquor store.
A good rule when selling a home is that with this currently being a buyer’s market you need to set the asking price at least 2 lower than the asking price for the most comparable home. If the price is simply lower than what you want or need, perhaps you should consider selling in the future. Listing your home at a price that will get no movement is a huge mistake.
Author Resource:
Allison Clarke is a real estate investor based in California. He is a former estate agent and writes widely about issues related to real estate and finance. He is currently establishing a quick sale houses program in the UK to take advantage of the current opportunities found there.
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