The three most important ingredients in selling a home are location, condition and
price.
We have all heard location, location, location enough times to understand the importance
of location. Similar homes, even across the street from one another, can have drastic
differences in price due to location. Make sure you understand the value location
has on your property.
In our home selling checklist we covered the importance of the condition of your
home, both interior and exterior. First impression are as important as everyone
says they are, you need to get your home ready to sell by getting all those small
exterior and interior projects completed before you put your home on the market.
You know the projects we are talking about.
Above all that, the most important component to get right is the price. If you struggle
with how to set the price of your home, this is a good sign that you should be using
a Realtor. In fact most people should use a Realtor, more often than not you’ll
get better results.
Now, that doesn’t mean you can get the same or better results by doing-it-yourself.
It’s like hiring a personal trainer at a gym; yeah it costs more then being your
own trainer. Given the experience, discipline, coaching and knowledge of how our
bodies work, more often than not you’ll get better results with a trainer. Again,
people work out just fine and achieve amazing results without trainers everyday.
So pick the method that’s best for you. If you are doing it yourself, spend the
time to be an expert. If you are going to hire an agent, hire the professional agent.
Stay away from your buddy that got his license while he was out of work or that
part-time discount agent. Save yourself time and effort and get the best. There
are some great agent you can search right here on our site.
Whether you are using an agent or doing-it-yourself, you should still have an understanding
of how to set the price of your home. Overprice your home and you will lose out
on the important first 21 days where your listing is new and interests other buyers
and agents. After that period, the interest will decline. On the other hand some
say don’t worry about under pricing it as you’ll get multiple offers driving up
your price. This may be true in certain market conditions, but this also not realistic.
You really need to get your price right the first time and don’t build in major
swings in flexibility.
- Here are some things to consider
- • The best method to determine your home’s value is a Comparative Market Analysis
- CMA
- • CMA’s are done by professional Realtors and typically the most accurate
- • Online sites are great tools too, some more accurate than others, compare to facts
like…
- • Sold Properties - Compare homes of similar size and location that have sold recently
- • Active Listings - Compare listings that closely match your size, style and location
- • Pending Sales – Compare listing that have are under agreement but not yet sold
- • Expired Listings – Compare similar listings that did not sell
- • Try to find patterns as to why these homes didn’t sell
- • Understand average days on market for your mar
- • Compare list price to sold price to understand price reductions or increases
- • Understand value of lot size, north/south facing, waterfront, oceanfront, etc.
- • The buyer's lender will order an appraisal, so compare homes of similar square
footage
- • Understand your market, buyer’s or seller’s market?