Today’s buyers have more information available at their fingertips (literally) than ever before. They are more discriminating, sophisticated and skeptical. So what are the secrets to selling your home for top dollar in today’s market?
Get the Facts – Get a Market Overview
It is important to understand what is happening to the Real Estate market on a national level, because this is primarily the information the public hears on a daily basis. This is what your buyers (and most sellers) believe is happening in Real Estate today and you need to understand their perspective.
Next, evaluate the overall picture of your local market (city or town) and how your community compares. While sale prices of homes in your community are most important, you also need to understand your competition and that will include other areas of your local market.
Finally, narrow down the statistics in your neighborhood. This can be critical as appraisers as well as savvy buyer’s agents will use this information when determining value. If there are a high number of distressed sales (bank-owned or short sales) in your community they will most likely be used as comparable sales.
Be sure to use actual facts and statistics from reliable sources. Take into consideration whether home prices and time on the market are going up or down and by how much, as all will be important when pricing your home.
Start at the RIGHT Price
Every seller wants to realize as much money as possible when selling their home and their first inclination is to price their home high, thinking they can always come down in price later.
Statistics show that a listing price that is too high frequently nets the seller LESS money. Buyers are looking for the best price and many have access to view homes in the multiple listing service. They are comparing home prices online and they can see all your competition. They may even come to see your home with the idea of using it to justify the purchase price of a competing home.
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| NAR Profile of Buyers and Sellers 2011 |
Since most homes are sold by other agents, you need to attract agent interest. Good agents know their local market and may not show your home if they feel it is priced too high. They may believe you won’t accept a lower offer. Agents only get paid when they close a sale and will try to use their time as efficiently as possible.
The same reasons that make a home sell fast make a home sell for the most money. Your home attracts the most interest from buyers and agents during the first four weeks on the market and then interest begins to wane. Eventually, you will lower your price. When you do get an offer it will most likely be below your current asking price.
Appraisals can also be a consideration so price your home on value, not cost. Keep in mind that it is unlikely you will get a dollar for dollar return on home improvements. What you would like to net from the sale is not a consideration to the appraiser. If your home is under contract and it doesn’t appraise, you and the buyer may have to renegotiate the sales price in order to close on the home. This can be
extremely stressful for all parties.
The REAL value of your home is what a buyer is willing to pay for it, and what you will accept. Also keep in mind that if interest rates rise by a point, people who could otherwise afford your home may no longer be qualified.
Maximum Exposure Marketing
Almost 90% of buyers begin their search for a home online. Buyers will spend three months or more searching online before contacting an agent. To get top dollar for your home, you need top notch ONLINE MARKETING.
All homes that are listed in local multiple listing services will show online at Realtor.com. That means all agents can say that they will list your home online. It is the details that count. Ask specifically what type of online marketing your agent will use.
Photos, Virtual Tours and maximum exposure is what will get your home noticed. When interviewing agents ask how many photos will they post, how many sites will show your home, will they use Facebook, Twitter, LinkedIn and Craig’s List to showcase your home? How large is their database? Ask to see samples of listing descriptions, photos and virtual tours. Marketing is the primary job of your listing agent so be sure you are getting cutting edge marketing!
Prepare Your Home to Show and Sell
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| Clean and Uncluttered |
First impressions are everything. With online marketing, buyers are not only getting to see the curb appeal of your home before they decide to see your home, they should be getting the full tour online.
Before listing your home, try looking at your home through the eyes of a buyer. How does the home present from the street? What about when you walk up to the home? Does the yard look neat and tidy? Does the paint look fresh? Once inside the home, how does the home smell? Does it look clean and uncluttered?
The Way You Live In A Home, And The Way You SELL A Home
Are TWO Very Different Things!
When you’re showcasing your home for sale, it should look very different from the way it looks when you’re living there. Here are a few suggestions for preparing your home for sale and showings:
Pack as much as you can now - Get rid of excess furniture, put away unused items and make your home neat and orderly. If you’ve ever visited a model home, you’ll notice it’s clean and uncluttered. Packing early not only helps the buyer visualize themselves living in the home but also helps you emotionally prepare to move out. Less clutter and furniture also makes the home show larger.
Consider having your home professionally cleaned - Cleaning and cosmetic repairs, especially in well used areas (kitchen and baths) can yield you extra dollars. Professional window cleaning is one of the most overlooked items that can really make your home shine during showings especially if you have exceptional views.
Check for odors - A time tested smell that is helpful when selling a home is the smell of fresh baked bread or cookies. A plate of cookies with a note to buyers to indulge is a nice touch used by some sellers. While there are many commercial home scent products, some buyers may have allergies that can be bothered by strong smells.
Pets should be out of sight (and smell!) - Some people are uneasy around pets. Pets and/or their odor may distract attention from the features of your home.
Pay attention to lighting - Leave all lights on for showings and during the day, open all your blinds and curtains. The few pennies it will cost you per day to leave the lights on will be worth a quick sale at a higher price.
Turn off distractions during showings - When showing your home, turn off all appliances, television, radio and anything that will distract attention from your home. Some agents recommend leaving soft music playing during showings, but be cautious of radio stations where the programming might change unexpectedly.
Make your home an easy show - Try to be as accommodating as possible with showings. You will get “poptarts” (short notice showing requests), late comers and no shows from time to time. All the more reason to sell your home quickly and be done with showings!
Use the “basket” trick - A great tip for quick pick-up, for short notice showings, is to keep an old laundry basket in the hall closet. When you receive a call for a showing, grab the basket walk through your home tossing any items that you need to get out of the way quickly into the basket. You can even make this into a game for your kids!
Don’t show your home - As much as you might like to do otherwise, please don’t stay in the home for showings and especially don’t follow people around when they are looking at your home. This makes buyers
very uncomfortable and they will get out as fast as possible. If you can’t leave the home sitting outside or taking the kids/dog for a walk is a great option.
Negotiate the Best Deal
In today’s market some buyers are still making ridiculously low offers so I tell sellers to expect them. I ask them to remember not to consider a low offer an insult, but to think of it as a starting point for negotiations.
Let your Realtor help guide you. They should explain the positives and negatives of an offer and help you set the emotion aside in order to make an informed decision. You should review the sold comparables to see if the offer is reasonable and to help justify a counter offer.
In most cases the less motivated party will get the better deal. You need a Realtor who knows how to negotiate and will not disclose your motivation to the buyer’s agent without your permission. You also want an agent who will try to get the most information about the buyer’s motivation. You and the buyer will be emotionally attached to the outcome, but the agent’s job is to take the emotion out and help facilitate a price that is acceptable to you both.
Use a Great Closing Agent
Once you’ve contracted for the sale of your home there will still be obstacles along the way. The home inspection and appraisal can be challenging, but a great Realtor will help make the process as pain-free as possible. The final phase will be the actual closing of the sale.
In Florida most closings are handled by title companies. Your agent should have title companies they can recommend. If you do call around and find lower fees, I recommend going back to the title companies your agent recommended, discuss the fees you found and ask them to match them. If your Realtor has recommended them, they have probably worked with them in the past and are confident in their abilities. In-house title services are great for you and your agent as they can easily get status of your file at any time.
I hope you found these secrets to selling your home for top dollar helpful and that they
will help you sell your home quickly and with as little stress as possible! Happy Selling!
Current trend again indicates a decrease in total active listing inventory in Hillsborough County with pending sales and sold listings continuing to increase.
