Selling Your Home
A home is often one’s largest asset and selling it should not be taken lightly. However, there are some easy steps that can help you get the maximum return on your home. The first step is to find a real estate agent to guide you through the process.
Real Estate Agents Sellers should look for an Agent who:
- Knows how to properly price a property (local expertise),
- Knows how to market it effectively and works with a top local Agency who invests serious resources in marketing their listings; and
- Knows how to negotiate and get a deal done (a top producer).
To find an Agent who is likely to be able to provide these skills, look at Real Estate websites for Agents with impressive client testimonials, who have done dozens of transactions in your town. Ask the Agent to do a Listing Presentation with a marketing plan for your home so you can see how they and their Agency intend to sell your home. Interview several Agents. Do not choose an Agent based on the price they give you for your home – they might offer a high price just to earn the business. Choose an Agent who inspires confidence, who works full time and takes his or her business seriously. One who does not use high-pressure tactics to get your business but who has a proven track record of success.
Pricing Strategy
- An effective pricing strategy is essential
- Pricing is THE most important factor in selling a property.
- Pricing is not an exact science. The right price depends on many of the following factors:
- Your property’s distinctive and compelling attributes
- The physical condition of your property
- Your preferred closing date
- Ready access to your property for showing
- Broad marketing exposure of your property
- The location of your property
- Recent comparable sales
- Current economic conditions
- The number of similar properties currently on the market
- Starting off with the right price is critical
- Properties that are priced correctly from the beginning typically achieve the highest proceeds
- Once a buyer has seen a property at a price they feel is over market value, they are often reluctant to make a low bid
- A “price high then drop” strategy is fraught with risk – when the price finally drops, buyers may reason that something is wrong with the property, which is why it hasn’t sold and interest will continue to fade
- A sound strategy is to create excitement from the moment your home hits the market by pricing it at, or slightly below, market value
- At the appropriate price you attract the appropriate buyers who are in your price range and see the value in your home
- With an attractively priced home, buyers fear a quick sale, so they are less likely to make lowball offers or “wait and see”
- A property cannot be underpriced – the market will drive the price to market value or above. When brokers are excited about a home and its price, they make special efforts to contact all of their potential buyers
Once the initial window of showings to prospective serious buyers is closed, which is generally after the first 2-3 weeks, if the property is not being shown, or it is being shown but you have no bids, there is only ONE problem, the property is overpriced.