It’s not uncommon for first-time sellers to lose sleep over choosing the best selling price. Even experienced sellers struggle to find the right spot in the market, but it doesn’t have to be a daunting task if you keep these pricing guidelines close at hand.
- Have at least two recent appraisals. It’s always best to have a second opinion when it comes to appraisals. Keep in mind, however, that appraisals are an estimated value, not what someone is willing to pay. That said ….
- Know the market in your area. Appraisals mean nothing if they don’t reflect the current market. Shop around as if you were a buyer, attend open houses, check real estate guides, and price your home accordingly.
- Don’t price above the market with the idea of dropping down low. The current real estate market is a buyer’s heaven, so going with the old tactic of starting high then “making a sweet deal” by dropping down to the home’s actual value will `leave you high and dry. With an abundance of reasonably priced homes already in the market to choose from, you’ll likely never even get a chance to offer that sweet deal to a buyer.
- Check prices on homes that have recently closed. This is the best possible pricing information available, because it reflects actual selling prices as opposed to asking prices. Most real estate agents are happy to offer up such information, even if you’re selling on your own.
- Consider your motivation: Good things come to those who wait, so if you can afford some time, starting out at the high end of the market may work to your advantage. If the sale needs to happen yesterday, however, plan to lowball right from the beginning. In this competitive market, it’s the only way to garner the attention needed for a quick sale.
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Between record foreclosures, job losses, and an economy in shambles, it goes without saying that the real estate market is a vicious place for folks trying to sell. That doesn’t mean you’ll have to take a wicked gut-punch to sell your home, but it will take some special effort to make your home more appealing than the others on your block.
- Make it pretty. Real pretty. Forget about listing your home as a fixer-upper unless you want to give it away. Take care of every major issue and all the minor ones as well, because the house for sale down the street is exercising the same due diligence. That goes for outside the home as well as inside.
- Have it professionally inspected. Most buyers will pay for their own inspection anyway, but knowing ahead of time what inspectors might find will give you a chance to address any issues before they become a problem.
- Don’t go it alone. Having your home listed with a professional agent is almost a necessity in this market. Aside from the added exposure, agents offer a level of expertise that appeals to many buyers.
- Offer incentives to buyers as well as agents. Offering to cover closing costs or providing a warranty on the home can go a long way in enticing buyers. And throwing in extras to your agent, like a paid three-day weekend at a resort or a commission bonus will have them working harder to not just sell a house, but to sell YOUR house.
- Know the market and be realistic on price. If you’re priced well above other homes in your neighborhood, nobody will give you the time of day. Pretend you’re a buyer, go to some open houses, and check out the competition. See what they’re selling for, see what they’re offering, and then price your home accordingly.
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In the current real estate market, selling a home is about as popular—and sometimes as painful—as pulling teeth. If you’re looking to sell, observing these seven steps may help ease the pain.
- Fix the big stuff: These days, the only people selling fixer-uppers are giving them away for pennies on the dollar. A new roof and carpeting may cost $10,000, but not tending to those issues could cost double that on the sale.
- Fix the small stuff: Pretty houses sell, so trim the trees, fix cracks in the sidewalk, and consider paying a landscaper to dress up the front yard. Inside, replace worn or stained carpet, repaint the walls, and address even the smallest of flaws.
- Keep in neutral: Neutral colors give buyers the opportunity to visualize how they might turn your home into their home, and that’s a major step on the road to making a sale.
- Keep it clean: Vacuuming, dusting and scrubbing are no-brainers, but also keep the home clutter-free. This might entail renting a storage unit to move out all but the basic necessities, but the result will be a home that feels much more open and comfortable.
- List your home with an agent: Going solo is a tempting measure, but the fact is most people purchase homes through a real estate agent, and with such a saturated market, you’ll need every possible advantage.
- Be realistic on price, and be prepared to deal: Research the real estate market in your area, see what comparable homes are selling for, and be prepared to match those figures. Incentives like warranties or offering to help with closing costs can sweeten the deal.
- Stay current on the market: Prices can swing quite drastically in a relatively short time frame. Monitor local trends and keep your home priced accordingly. Such diligence can help you get the most from your home sale.
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Selling a home can be difficult in more ways than one. Sellers are often stuck between financial considerations, fluctuating markets, and emotional attachments because after all, it’s still your home. Following these suggestions can help ease the stress:
- Distance yourself and de-personalize the space: This could be the hardest step to take, but it’s absolutely necessary. Pack up your pictures, remove your personal touches. If it’s still uniquely your old home, potential buyers won’t be able to visualize it as their new home.
- Fix what needs fixing: Nobody wants to spend big bucks on a home that needs work. Unless you’re selling the home cheap as a fixer-upper, take care of outstanding issues big or small.
- Have the home inspected: Yes, most buyers will have their own inspection performed, but a professional inspection prior to putting your house on the market can tip you off to problems that could hinder the sale.
- De-clutter the space: Make your home feel as spacious and comfortable as possible by removing all but the basic necessities. Don’t forget to organize your closets, as buyers will likely check them out as well.
- Clean, clean, clean: Not only does a spotless home look better, it also sends a message that it was taken care of by someone who loved their surroundings. Sweep, dust, mop, wax, and don’t forget commonly-overlooked areas like stove vents and ceiling fan blades.
- Go for curb appeal: The outside of your home is the first thing potential buyers will see. Keep the lawn tidy, trim the hedges and around sidewalks, and address any maintenance concerns.
- Dress up the home: Sometimes referred to as “staging”, bringing in flowers, hanging generic pictures, landscaping the front yard and similar efforts can make the house feel warm without being personalized, which can bring potential buyers back for the all-important second look.
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