Seller Questions & Tips
Review the Comparative Market Analysis provided by your Realtor. Ask a lot of questions.
Recent “solds” are the true determining factor for market value.
If these similar homes have been listed for quite some time and not sold, it shows that buyers are not yet willing to pay that price. The actual solds are more accurate.
Pricing your home high loses the six important advantages when the listing is new and the existing buyers in the market are waiting for market-priced properties. Those advantages are: sign, MLS update, open house, office tour, advertising and MLS book.
Overpricing leads to the house being on the market for a long time. That leads to buyers believing that the sellers are now desperate or that something is wrong with the house. Either conclusion leads to offers lower than market value.
If buyers want a home between $245,000 and $250,000, and your home is worth that amount but you have overpriced it at $269,000, then the buyer never sees it because the computer search only retrieves homes that are in the $245,000 to $250,000 price range.
Buyers buy by comparisons. They get to know values in one quick day. Even if a buyer did not look at other homes and bought an overpriced home, the appraisal would be less and the home sale would be discontinued because financing could not be obtained.
The market is just that – the market. If the market indicates houses in a specific area are worth $150,000 to $155,000, that is all someone will pay. You need to then determine where the balance of the money will come from if you need a certain amount.
Yes, if the improvements are similar to other homes around you. However, if you have over-improved the house beyond the features offered in other homes in the area, the answer is no.
There is a direct correlation between time on the market and price. Houses over 24 weeks on the market may receive a full 10% below price.
Allow the Realtor to justify price to potential buyers based on the Market Analysis of sold properties.
If the Realtor prices the home at market value, there are already buyers in the market place who have looked at other properties and are waiting for market value homes. They usually buy as soon as a good property becomes available
If you really want an improvement like an expensive chandelier – then take it down now and don’t even let the buyers see it. If you feel these improvements can help sell the home quicker – include them.
Yes. 78% of a decision to buy or sell anything is emotional. That is why Realtors can act as third party unemotional negotiators.
Invest money in the home if the costs of materials are low, such as paint, and if you can do the work yourself. Sometimes a small investment can mean a quick sale.
Yes, make it as close to a model home as possible. Everyone wants to look at a home in as perfect condition as possible and then imagine how they can make it their own.
5 reasons a home sells:
4. Condition of Property
5. The Agent You Select
– YOU Control Four of These