So, you want to sell your home? Be careful how you determine the asking price. Don’t be fooled into thinking that your neighbor has their property properly priced. Someone just told me that they want to put their home on the market and because their neighbor is listed at $419K they think their home is worth just as much. In fact they feel that there house is nicer and worth more. Just because your neighbor is asking $419K for his place doesn’t mean he is going to receive that amount. Start by looking at the recent Sales prices of homes in the neighborhood. This will help determine true market value, which is what a Buyer is willing to pay. Have your Realtor conduct a CMA and discuss it with them. Look at the average days on market, changes in price, the overall condition of the homes, how closely the property resembles yours, the market trend and your competition. If you are still concerned or have a unique property you may find that an appraisal will give you a good starting point to help determine value and where best to price your property.
From the category archives:
Selling a Home
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Not everybody likes to give free advice; but if your home is for sale you should be receiving feedback.
Be sure that your Realtor requests feedback information from the other Realtors each time your home is previewed or shown. It’s really a pretty simple concept and easy to implement yet it is surprising how few agents do this.
Each time a property is shown the agent will use a lockbox key. They should also leave behind a card and in some cases maybe even call the listing agent first, but if not, the lockbox key is a way to track them. When the lockbox key is updated information on the homes they accessed will be sent to the appropriate listing agents. Usually agents update their keys daily, but I have seen information show up that is 2 weeks old-they must have been a part time Realtor.
Preferable the day of or day after viewing is the perfect time to contact the agent for feedback. There are several ways to do this. There is a site connected directly to the lockbox key that offers this service. Couldn’t be easier. A flyer can also be used and can be easily created using a template of the flyer an agent should already have for the property. Direct email will work. Calls are also a possibility though usually a last resort for me. Some agents let there phones go directly to voicemail and then do not want to spend their time calling back an agent when they have clients to tend to. If I get no response from several emails I will then resort to phone calls. Once in a while an agent will just not respond at all. When I receive email feedback I can then forward the remarks to my clients.
It is of value to pass on this information to the Seller. Agents are veiwing many homes and can offer ideas and insight. They may also include the opinions of their Buyers. When speaking to another agent the previewing agent will be honest as to why they may or may not be bringing back their client.
Also, when your Realtor hosts an open house they should be able to provide you with feedback sheets filled out from the visitors who stopped in that day. Some people are hesitant to provide an opinion and some will give detailed information (positive or negative). Take a good look at what the majority says. Are many people complimenting the beautiful backyard? Make sure that is the highlight of the marketing campaign. Does everyone comment that the space feels small? Maybe you should take out a few pieces of furniture or rearrange. It is good to know what people are thinking because one of these people will turn out to be your Buyer.?
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That is not the best way to determine the asking price for your newly listed property. Where do you need to look to find a starting point? Unfortunately, many Sellers look at what the neighbors are asking for their house. Jon Griffith of Realty Executives wrote a great article on this subject. Read it here
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Put down the power tools, we’re not adding square footage, but you can visually enlarge your house.
Buyers love space. Closet space, counter space, storage space; there is no question about that. So when you have decided it is time to put the house on the market you are going to want to highlight this available space. If you have closets overflowing with fashion and counter tops housing everything AND the kitchen sink, that can all be remedied.
The fact is that you are moving and will have to go through all of your stuff at some point and pack it up. Your best option is to start before the house even hits the market. Go through all of your closets, cupboards, attic space and storage boxes. Sort out the items you no longer want; items that you never use, clothes that don’t fit, broken objects, etc and determine if they are suitable for a friend, a yard sale, donation or the garbage. New space should be emerging.
Buyers want to see that there is plenty of closet space. If yours is overflowing with unworn clothes and fashion that is out of style or just hasn’t fit in the last few years, find someone who wants or needs them. Keeping your shoes and shelving organized will give the perception of more space. If it looks like you don’t have enough closet room Buyers will assume that there isn’t enough closet room for their items either.
Organize your pantry to allow some of the kitchen appliances that are on the counter top to be stored elsewhere. Buyers like to see that there is ample counter space available to prepare meals. Clear off as much space as possible. Don’t forget to clean off the bathroom counters as well.
Take a good look at your furniture. Having over-sized sofas and extra chairs comes in handy when you entertain, but too much furniture in a room will make it look smaller. Take a good look around. Are you planning to use these pieces in your next house? Perhaps the extra living room stools or dining room chairs can find a new home as well (your kids house?) or consider renting a storage facility.
The garage is usually the first place people think to store the extras, this may not be your best option. More and more people seem to be driving larger cars and trucks. Buyers want to see that there is room in the garage for their vehicles and it is a bonus to have attached storage cabinets or an for a work bench, sink and a place for bikes, recyclables or lawn mower.
When you take the time to organize you will be surprised at all of the extra space you already have!
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This is serious news if you are serious about selling your home in this market.
If an agent wants to show your home, say YES. Sounds like a no-brainer doesn’t it? But that is not always how it happens. Most times agents will call early in the day or the day before to schedule a showing. But occasionally that doesn’t always work. Sometimes a call will come at the last minute. Or perhaps they will try to schedule an appointment during dinner or your favorite show or at some other inconvenient time. It is really important to be as accommodating as possible. If an appointment is turned down or Seller needs to reschedule, chances are the Buyers will NOT reschedule. There are so many homes for them to choose from. They value their time and prefer convenience and they simply may view other homes and find one they like before they get back to yours.
This is why it is of the utmost imporatnace to keep our house in “show-ready” condition. Hopefully you have properly prepared your home for the market and have things organized so that it is no problem for a last minute appointment. ?
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Wow, say that 3 times! Often forgotten about, the Appraiser plays an important role in the sale of a home.Before taking a listing a real estate agent will conduct a comparative market analysis on the property and present the information to the Sellers. Ultimately, the Sellers have the right to choose the asking price and the agent can in turn choose not to represent the house if they feel it is priced too high. We are in the business of “selling” not “listing” homes and we spend time and money working towards that mutual goal we share with our Sellers. Besides the “comps” the Sellers need to be aware of the power of the appraisal, which the agent may have failed to mention. When purchasing a home most Buyers will [click to continue...]
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