Tips For Sellers
Too many home owners undersell their property because they haven't made it market ready. Your improvements, from decorative touches to major renovations, will ultimately turn the buyer to your home, speed up the sale and command the best price. When asked what buyers liked first about a home, the responses are very similar. Location is important but unchangeable. Things you can improve are brightness, spaciousness, privacy, and a feeling of being maintenance free. Here are some suggestions on how to obtain these qualities.
- Have your home prepared for showing to prospective buyers before the listing becomes official.
- An inviting exterior insures inspection of the interior. Fresh paint or sometimes just a washing on the outside, trimmed lawns, cultivated flower beds, no refuse, clear walks and steps.
- Getting rid of faded walls and worn woodwork will pay good dividends. Dark paneling, paint and wallpaper all absorb light, so keep the decor light. Window treatments should let in light.
- Give your home a thorough cleaning to make it sparkle - people will see themselves relaxed in this home.
- Leaky faucets, loose knobs, sticking doors and windows and other minor flaws should be fixed. The new owners don't want to think about maintenance.
- Avoid cluttered rooms, passageways and stairs for safety as well as appearance.
- Neat, well ordered closets, basements and attics encourage buyers.
- Bright clean attractive kitchens and baths appeal. A home marketing specialist has determined that you can recover 80-100% of your kitchen/bath remodeling costs in the sale value of your home.
- Lighting should be bright and cheerful.
- During the showing, it makes the buyer more comfortable if you are not around. They tend to actually stay longer. If you are around, don't offer any information unless your broker asks you to. Never apologize for appearances.
Coffee brewing, a fire in the fireplace, lights turned on are positive stimuli for buyers. Last night's supper smell may not be an attraction. If major decorating is not an option for you, use decorative, light accessories to brighten your home, mauve and light gray are nice neutrals. Mirrors can brighten a room and make it look larger. Most buyers can't see through out-of-date decor or messy rooms.
Frequently Asked Questions Regarding Pricing
How do you calculate the listing price of my home?
Realtors use a Comparative Market Analysis (CMA), to arrive at a recommended listing price. This CMA uses all the market data which is relevant to the sale of your home, including homes recently sold, homes under contract, homes which did not sell and homes which are currently available. Comparable sales information may be drawn from Banker and Tradesman, the public records and the multiple listing services.
Is there one factor that outweighs all others in the determination of price?
Yes. Recent solds are the predominant factor in the determination of price. Location, condition, architectural style and market conditions are all considered.
Should I price my home similar to those currently on the market?
No. When similar homes have been listed for quite some time and not sold, it usually indicates that buyers are not yet willing to pay that price. Actual solds are a more accurate measure of a property's fair market value.
Should I price my house high and test the market?
No. Existing buyers in the market are waiting for accurately priced properties. If a home is priced too high, that home will lose an important advantage of a new listing which is the excitement created by the initial marketing efforts. If a house is on the market too long, it becomes old news.
How can overpricing my house actually help the buyer?
Overpriced homes remain on the market for a long time. This will lead buyers to believe that the sellers are now desperate or that something is wrong with the house. Either conclusion will result in offers lower than the market value.
Does the cost of my improvements equal what I can get for them in the listing price?
Yes, if the improvements are similar to other homes around you. However, if you have over-improved the house beyond those features offered in other homes in the area, the answer is no. Also, the nature of your improvements is a factor, an updated kitchen adds value but a swimming pool usually does not.
What if the house sells on the first weekend? Did I ask too little?
If your Realtor prices the home at market value, there are already buyers in the marketplace who have looked at other properties and are waiting for the right home at the right price. These buyers will purchase as soon as a good property becomes available and will pay full market value.
Do I really need to keep the house clean for every showing?
Yes. Keep your home's appearance as close to a model home as possible. Buyers want to look at a home in its perfect condition and then imagine how they can make it their own. Dirt and clutter distract Buyers and cause them to worry about the underlying condition of the house.
How does advertising help to sell my house?
Newspaper advertising sells 8%-11% of all homes. Only 4% of callers actually buy the home they originally call on. Most homes are sold as a result of our marketing through the multiple listing services.
PLEASE NOTE: The content of this web site is for informational purposes only. Please consult a licensed attorney for legal advice and/or a licensed home inspector for professional inspection information.