Every seller’s goal is to sell their home quickly, painlessly and for a great price. A lot goes into making that happen. Here’s some information that anyone thinking about selling should know before putting their home on the market.
Selling Activity vs. Time
The majority of prospect activity on a new listing occurs in the early period of marketing. This happens because real estate agents maintain an inventory of active prospects that have been cultivated over time.
When a home is newly listed, real estate agents will arrange for the buyers to see it. Once this “actively looking” group has seen the property, showing activity decreases to only those buyers that are new to the market.
For this reason it is important that sellers have their home in the best condition and at the best price at first exposure to the market.
Pricing your home correctly from the very start is the single most important thing you can do to ensure a successful sale – one that is quick and puts the most money in your pocket.
Homeowners are often tempted to set the initial list price higher than fair market value because they think they can simply lower the price later if the property doesn’t sell. Most people don’t realize, however, that setting the price too high in the beginning can drastically increase the time it takes to sell and typically achieves a final sale price that is well below market value.
- The higher the list price, the more buyers will automatically exclude your property from consideration. By pricing your property at fair market value, you increase the number of potential buyers.
- A listing generates intense interest during its first two weeks on the market, but activity drops off by more than 80% in the third week and beyond – subsequent price reductions notwithstanding. A property that is priced too high will not get the necessary attention during this critical period of peak activity.
- Buyers are wary of price-reduced property, thinking something might be wrong with it or that it may still be priced too high.
By pricing your home correctly from the start, you greatly increase your chances of selling your home faster and for more money.
Showing Your Home
First impressions are lasting, especially when you’re trying to sell your house. The presentation of your home can make all the difference. Pretend you’re a buyer seeing it for the first time. Then, start enhancing the highlights. These are a few things which can help make your home look its best.
This is the first impression buyers get when they drive up to your house. Try to turn it in to love at first sight by doing things such as repairing roofs, gutters, downspouts, sidewalks, steps and the driveway. Painting the exterior of the house, front door and mailbox can also really make your house shine. That being said, know that it is usually not necessary to invest in expensive renovations to show your home to its best advantage. Trimmed shrubbery, mowed lawns and sparkling windows go a long way in enhancing a home’s desirability.
A Tidy Appearance
Neatness counts, both inside and out. Garages should not look like storage rooms. Gardening equipment should be put away. Cars should be parked in your garage rather than in the drive.
Inside, everything should be spotless. If possible, hire someone to do a “spring cleaning.” Go through every room with the approach that “less is more.” Less furniture makes a room look more spacious. Remove as much furniture as you can. Remove everything possible from kitchen counters.
Kitchens, Closets, Baths
A strongest reaction is to kitchens, closets and baths so pay special attention to these areas. New cabinet hardware and new shower curtains can make a big difference.
Small Details Make A Big Difference
A simple vase of flowers or the smell of cinnamon rolls baking can enhance the atmosphere and make a buyer feel that your house is truly a home.