If you’re thinking of selling your home you are probably wondering what you need to do to get it sold quickly. You might think there are a number of solutions you can approach before going to market. Perhaps you could paint the house to spruce it up. You might work with a landscaper to improve the curb appeal. You might work with a professional stager or your real estate agent to stage the house.Undoubtedly, these will add value to your property; however, price is almost always the deciding factor whether or not a property will sell.
The process of selling your home can be quite emotional, especially if you have been living in your house for many years. As the saying goes, “my home is my castle” may lead you to believe that your home is worth more than it actually is and often is a reason for homeowners to over price their home. This can be problematic, as you get ready to sell your house since we know from experience that there are numerous factors that will weigh into how quickly your house sells.
However, price is the single most important factor and is determined by the market’s supply and demand, hence a seller’s market or a buyer’s market. Regardless of how much you paid for the property or how much your neighboring properties have sold for in the last few years, today’s prices are set by the current market conditions.
If your asking price is too high, your house will only help sell other houses in your area. A sales price that is too high only adds to the time that a home sits on the market. The length of time your home has been on the market is clearly displayed on the MLS and on numerous websites. Homes that sit on the market for a long time tend to raise red flags for buyers and they start to question why the property has not sold, and every little issue raises different concerns, which makes the buyer more suspicious and reluctant to buy.
The longer the house sits on the market, you will also miss out on buyers who should be looking at your house, but because it is out of their price range they will not look at it. People are very price conscious and are only interested in getting the right home at a fair price. Buyers have no interest in how much money the seller spent on repairs, renovations or improvements, or how much the house might potentially be worth.
Generally, the real estate market is in one of three types of markets: seller’s market, buyer’s market or normal stable market which is a direct result of the inventory of homes on the market. Knowing the market conditions will help price your home effectively to attract the highest number of buyers in your area. When the property is listed at the right price, it attracts a lot of attention from buyers and those buyers want it even more because others are interested in it too!
Appeal to more buyers by staging your home. If your home is in need of any small repairs or minor improvements, the time to take care of these is before you list your home on the market. Curb appeal is critical to get buyers into the house. A fresh coat of paint is cheap in comparison to the return you will receive from it. Replacing worn carpeting and or refinishing hardwood floors are some other reasonable repairs to improve the value of your home.
Today’s buyer is a very busy person and will be quickly turned off by a house with visible problems. The buyer wants to envision themselves living in the home, just moving in and immediately enjoying their new home. They don’t want to have to spend additional time and money on their home after going through an already stressful time in their lives. By completing these repairs or improvements upfront, it will save time and money later in the sale negotiation and prevent your sale from falling through due to a home inspection that raised some of these issues.
Establishing a strategic marketing plan will complete the process of ensuring the sale of your home quickly. The way your home is marketed will have an impact on its final selling price; therefore, you should discuss the marketing plan in detail with your real estate agent.
The goal when marketing your home is to gain as much exposure in the market as possible. Increased exposure in the housing market will put your home in front of the greatest number of potential buyers. And as we know, the larger the pool of buyers, the higher the likelihood you will get an offer or maybe multiple offers.
The selling process can be long and daunting, although it doesn’t have to be if you prepare and align yourself with an experienced, skilled real estate agent who knows how to best market your home in this evolving market.