In today’s market many sellers want to know the secret to selling their homes quickly. They want to know ways to hold on to the equity they’ve built over the past decade.
Unfortunately, there is no absolute formulation that equals the perfect sale. Yet, while there is no “absolute” in the housing market these days, there are certain key factors that affect how quickly and for how much your home sells.
Here are the top ten. Consider how these apply to your own home, how that affects marketing, as well as what aspects of your home you should “play up” to elicit a better response from buyers.
1. Price: Contrary to the old adage location, location, location as the leading factor of whether or not a home sells. It is, instead, price, price, price. If you have a home located in a prestigious and sought-after neighborhood, yet the list price is tens of thousands of dollars over the comparables for the area, no one will be interested. This same property priced just below the competition will fly off the market.
2. Location: Yes, location is still important. A home that sits next to a sludge pit, crime-ridden neighborhood, or busy street is definitely less desirable than one that backs up to a national park. If your home has an above standard location, then by all means accent that feature about it in your marketing.
3. Liveability: High in priority is the liveability – a definite hot button these days. Buyers today are looking for neighborhoods which have amenities such as golf parks, restaurants, theaters. They want a package deal of good schools, safe neighborhoods, and plenty of things to keep them entertained.
4. Condition: There will always be a certain segment of the market that is made up of renovators, flippers, and investors. These buyers are eager to buy your run-down property that is in a good location. They simply can’t sell the property fast enough before monthly mortgage payments begin eating up their profit. Homes that are well-maintained or in move-in ready condition appeal to a broader range of buyers. Even simple fixes, such as new paint, cleaned carpets, or power-washed decks, can have an effect.
5. Competitive Advantage: Your property is definitely not in a solo race. Past area sales, as well as current listings and foreclosures, are your direct competition. Always take these into consideration when determining a list price for your home. What amenities set you apart and upgrades do other competitive homes have? What is the quality of their baths, kitchens, or landscaped yards? In order to price in line with them you must be able to boast these same things.
6. Curb Appeal: First impressions are of paramount importance in the home world. Keep your yard orderly and maintained when your home is on the market.
7. Staging: While viewing your home, a buyer must be impressed, through all of the senses. They want to see modern furnishings, experience the smell of bread cooking in a home, touch cabinets that are in good repair, hear peace and quiet, and of course “feel the good life.”
8. Kitchens: A kitchen is a big seller of a home. It is where families connect and interact. Minor kitchen improvements or remodels rank high among the list of top return on investment projects, with owners updating cabinets, counters, and floors. Nobody wants their grandma’s kitchen. Do you have a budget for needed updates? If your kitchen is already spectacular, makes sure you make it stand out in any marketing.
9. Agents: An experienced, knowledgeable agent can be your biggest ally during the selling process. They keep abreast of the latest market trends and have built a network of agents and contacts to whom to market your home. With an arsenal of marketing tools available to agents today, from video tours and webcasts to brochures, websites, and mls listings, they are part of your selling team
10. Marketing: Marketing has gone global. With the power of the Internet, you can showcase your home to millions of potential buyers. Sit down with your agent and develop a solid marketing plan. This is why you are paying them a commission. Make them earn it!
The market is not what it once was. You must be realistic about what selling in today’s market means. You value your home, but it may not be “worth” as much today as it was yesterday, last month, or last year.