As you probably already know preparing your home for sale is a process.
Repairs- If you are aware of a problem in your home it needs to be addressed. Buyers have many choices in this competitive market and you do not want to alarm them.
Prepping- Most buyers later say they bought the home because they "could see themselves living there". One of my services to you, as your realtor, is to give buyers that vision. Together we will put your home into mint showing condition. Anything less may be reflected in the offers you receive. Removing clutter and presenting a clean orderly home is a must. Neutralizing and removing personal items is one of the many steps in the process. If you are attempting to sell a vacant home, then staging the home is encouraged. Staging is done be hiring a professional who decorates and furnishes the home. Last but not least is landscaping, which can give your home the curb appeal to make buyers walk through your door.
Price- One of the most important factors in successfully selling your home is price. Contact me and I will do a market analysis on your property.
Other- Considerations are the timing of listing your property, whether or not you own pets, and how to protect your privacy during showings.
When it comes to determining whether or not you are getting the home for its true worth think of a home as you would any other investment or asset. A good analogy would be a commodity without a fixed price. When attempting to sell you evaluate the market and find what price the same asset is actually being sold. A simple apple to apples and oranges to oranges. With homes it is not that simple as no two are identical in regards to age, condition, location, size, school districts, etc. However we still attempt to make the comparison by examining comparable homes that have sold most recently in the closest proximity. Appraisals have very strict guide lines that must be followed in order to ensure accuracy. A common question these days is whether or not foreclosures will be factored into your homes appraisal. The simple answer is yes, if the foreclosure is indeed a comparable home.
All of these factors cannot yet be weighed accurately by valuation programs from sites such as Zillow or Eappraisal. This is why a real estate professional should be utilized when assessing your home's worth.
Once you have determined your homes worth you are probably asking yourself what a good listing price would be. Your homes asking price is very much a strategic decision that will be dictated largely by current market conditions. The right price will ensure more viewings of your home enabling a quick sale and avoid the "staleness" of a home that has sat on the market too long.
Go over your mortgage statements or contact your loan servicer to find what the payoff amount is for your loan. Hopefully you will find yourself in a position with equity. If you are "upside down" in your mortgage then be prepared to pay out of pocket the difference in what you still owe and what your home is worth. Also factor in commissions and closing costs as these are typically paid by the seller.
Now that you know your bottom line you can focus on asking price. In a buyers market, sellers are expected to move off their asking price in negotiations. With that in mind your asking price should be marked above what your home is worth so that you will have some flexibility. The danger is to mark too high and your home sits on the market unsold. In a declining market most homes are depreciating. Your home will be worth less tomorrow than it is today. With that in mind you do not want to chase the market and be the victim of multiple painful price cuts over a long period of time. In the end you will get less for your home. If possible a quick sale is key until the market turns around. Your neighborhood and local area is the market your agent will read. National and state real estate markets, while creating some pressures, may have nothing to do with what is really occurring to your home.
Another factor to weigh is how people conduct searches for property. With over 80 percent of buyers searching on the internet people tend to use round numbers for their searches i.e. $200,000 and $225,000. The worst position to be online would be just above a large number, i.e. $501,000. You should attempt to price your home just under large number thresholds to drive more traffic and viewings.
With so many factors to weigh when selling your home be prepared to constantly reevaluate your position. The real estate market is very dynamic and will demand attention throughout the listing process.
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