First and foremost, selling your home is stressful. So prepare yourself before you jump in with both feet. That being said, consider this a warning — today’s buyers are demanding. They’re savvier about market dynamics, can easily access home value data online, and will most likely want to see your home on their own schedule. Today’s buyers will come to an open house armed (and dangerous!) with research, analytics and tough questions. Baking cookies just won’t cut it anymore!
However, some things can, and will, work in your favor. If you’re a seller, you and your real estate agent should identify (and agree on) the approximate value of your property based on comparables of similar properties sold in your neighborhood and other market considerations. Once you know your home’s value and have a price range in mind, it’s time nail down the final “list” price.
Pricing a home isn’t a “set-and-forget” procedure. A lot of factors can come into play when selling a home, and not all of them can be anticipated. If you can be flexible and react quickly to changing market conditions or new information, you’re more likely to get the best price with the least aggravation.
By using these easy and inexpensive pricing tips, you can expect an offer in no time!
Keep the Price Simple
Don’t get ‘creative’ with your list price by asking for $787,777. This isn’t a sidewalk sale. An odd specific figure calls attention to itself and buyers will wonder why the seller chose that price. From there, the focus shifts from the home to the seller. It’s best to keep the seller far in the background. The goal is to showcase the property and to appeal to a wide audience. Getting quirky with your asking price counteracts this strategy.
Price it For Real Estate Searches
Buyers and/or real estate agents looking for a three-bedroom home in a certain neighborhood may search for “under $500K” (or some other dollar amount). Real estate agents can set up an automated buyer search in their local database for properties under $500K. If a home is listed at $510K, you may miss a big segment of interested buyers.
Appeal to the “Herd Mentality”
Given the high stakes of real estate, a buyer doesn’t want to be the only one interested in a house. By pricing your property on the lower end of the value range, you could stimulate interest among more than one buyer and create a herd mentality. Also, if you’re under the gun to sell quickly, this would be a good option.
Work out a Pricing Compromise
Sometimes, sellers have high expectations about their property’s value and want to ask top dollar for it. Or a real estate agent may talk a home owner into a higher price tag than your home is worth. Pay close attention to home sales in your immediate neighborhood and area to keep your price realistic and attainable. Work up a plan between yourself and your agent that includes a start price and possible one or two “reduced” price options that everyone can agree on.
Pricing is an Ongoing Discussion
Ultimately, listen carefully to your agent’s pricing strategy. It’s their job to know what works and doesn’t. Be prepared to have an ongoing discussion about pricing with your real estate agent to keep your buyers interested.
Once you’ve settled on a list price, it’s time to prep your home for a quick sale. Follow these easy tips to getting your home ready for potential buyers:
Find the Right Real Estate Agent
Hire an agent with a track record of sales that proves they know how to sell your house fast. Check online for their reviews. Client feedback will give you insight on a realtor’s success rate, ease to work with and knowledge of selling homes. Make sure your potential agent promotes their properties with a variety of photos online. A good agent will also promote a home listing on social media to build up demand before it goes on the market.
Get a Storage Unit
You know you are going to move, so start clearing out your stuff. You cannot declutter by shoving everything into the closets. Buyers are going to check out the storage spaces. Disorganized and overstuffed closets give the appearance that your home does not have adequate storage. Start compiling items into a storage unit to house the things you won’t need while your home is on the market. The general rule? Get rid of a third of your stuff. Or, if you have room on your property where it is not too distracting, get a portable unit. It can be transported to your new home, making moving day a cinch.
Get Rid of Personal Items
Remove personal photographs or memorabilia to allow a prospective buyer to imagine themselves living in your house. Also, don’t distract from the house itself with art, which could be unappealing to a buyer. Art is objective, what you like may not resonate with a buyer. Make the home, as a whole, interesting, clean and desirable.
Hire a Professional Photographer
A “home stager” sees your home from a buyer’s perspective and understands how to highlight its strengths. Your buyer’s first impression will be your online listing photos — more than six photos are twice as likely to be viewed by buyers. If a home stager is not financially feasible, rely on a friend or family member to stand at the curb and walk through the house with fresh eyes. Either way, staging of some sort is necessary on almost every home, no matter how beautiful it is.
Promote it yourself
Don’t leave all the marketing up to your agent. Do your part to get the word out about your home by using your personal social media accounts and sending the listing page to family and friends. You never know what friend of a friend or distant relative may be looking in your neck of the woods! You may even consider spreading word about your home in your neighborhood. Send the listing to your homeowners’ association email list and let your neighbors help.
Make small upgrades
Don’t go overboard on major remodels. Instead, focus on small upgrades where you’re most likely to see a return on investment. A new kitchen sink or light fixtures, shower curtains, and hand towels in the bathroom, are inexpensive but can instantly transform your space. Rather than splurging $30,000 on a full kitchen remodel, ditch your unmatched old appliances and spend $3,500 on a new stainless steel appliance suite. Small upgrades can have a big impact.
Light it Up
A dark or poorly lit home feels damp and depressing. Brighten it up by using natural and artificial light. For an open house, turn the lights on and open curtains and blinds. A fresh coat of paint can also brighten a room. Light, neutral colors provides a soft, brighter palette that help make rooms look larger. A deep cleaning will brighten baseboards, windows, and light fixtures.
Boost the Curb Appeal
Your home’s exterior is the first thing a buyer sees in person and on listing sites. If it doesn’t look good, a buyer won’t even consider looking at the interior shots. Tidy up your yard by shaping hedges, refreshing mulch, and edging the lawn. Consider power-washing the house, walkways, and driveway. Add a fresh coat of paint to your trim and shutters. Everything matters — even things as small as polishing the brass on your front door. Clean cobwebs or bird droppings off your front porch and add flowers near the entryway for a hint of color. Make your home feel alive and look inviting.
Sell at the Right Time
Above all, choose the best time to sell your home. Spring and summer are typically known as the best time of year to list. The downfall can be that there is an overload of home inventory and buyers can afford to be pickier. Regardless of when you choose to sell, make sure your home is in tip-top shape and priced just right!
6 Tips to Sell a House Fast in Any Market By Laura Adams
10 Tips to Sell Your Home Fast By Teresa Mears
How to Sell Your Home Fast By Elise Sole
How to Price Your Home So It Sells for Top Dollar By Marilyn Lewis
6 Tips For Selling Your Home Fast By Glenn Curtis
Pricing Your Home to Sell By HGTV
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One Response to “Price Your House To Sell Quickly”
I agree pricing your house right is definitely important to make your house sell faster. Great blog by the way!