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Need to Buy or
Sell a Home!
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Pricing your House to Sell
Key Sales and Marketing Techniques for
Selling a Home Fast
By Mark J. Donovan
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One of the most common mistakes
sellers make when putting their house on the market is listing it too high.
Pricing your house to sell at the get-go is vital for attracting the attention
of both real estate agents and buyers. If real estate agents see a new listing
and immediately react negatively to the price, they are unlikely to attend the
caravan or open house to see the home first hand. Consequently they won’t have
any personal knowledge about your home or interest to show it when they have
potential buyers. |
Likewise, smart buyers who also do their homework and compare listings are
also likely to pass over your home.
It becomes quickly obvious if you’ve priced your house too high, if you
receive few inquiries or showings in the first couple of weeks it’s on the
market. Unfortunately, even if you begin inching the price downwards,
you’ve already probably set yourself up for continued weak interest.
Though pricing your house lower than what you personally believe it is
worth can be emotionally draining, it is simply a basic fact of supply and
demand, and something you need to quickly get over. When pricing your
house to sell it is important to carefully study the competitive listings
and objectively evaluate how your home compares. It is critical to be
brutally honest with your home’s assessment relative to the competition.
In some cases, it may make sense to go out and tour the competitive
listings first hand. Sometimes walking through a competitive listing can
help to bring quick closure in your comparison to your home.
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While studying the competitive listings also check how long they have been
on the market. If competitive homes have been on the market for months, then
chances are they too are priced too high as well. If it’s truly your
objective to sell your home, then you should price your home below
competitive listings that have been on the market for a long time.
If pricing your home to sell at a lower level is something that you cannot
do, either for financial or emotional reasons, then your only possible
alternative is to add value to your home to sell it at a higher price. |
This path, however, takes additional
financial investment and resources in a home that you are trying to sell. That
said, by investing a few thousand dollars in some new flooring and paint, for
example, you may be able to sell your home at a slight premium over the cost of
the additional investment.
When selling your home it all comes down to price and perceived value.
Consequently it is imperative to put your home’s best foot forward before
listing it. Extensive cleaning and organization, both the interior and exterior
of the home, should be done prior to putting your home up for sale. It is highly
advisable to clean and/or paint marked up walls, and have the carpets
professionally cleaned prior to listing a home. Also, all broken items
associated with the home should be repaired, e.g. doors, windows and appliances.
In addition, all clutter should be removed from each room in the home. Consider
renting storage space and storing items in it so that each room of the home is
sparsely populated with furniture and other belongings. The goal is to stage the
home as if it was a model home that will dazzle real estate agents and potential
buyers alike.
If you’ve already listed your home priced too high to sell, then consider taking
it off the market for a month or so and putting some work into it. Then put it
back on the market at a realistic price to actually sell your home. With any
luck you’ll have real estate agents now anxious to show your home and buyers
that are blown away by its value compared to the competition.
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