How To Get Top Dollar In Any Market!
The best chance for selling your property is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net.
Activity vs. Timing
This chart highlights the importance of pricing correctly at market value.
This chart illustrates the level of excitement and interest in a new listing over time. It also
demonstrates the importance of pricing correctly. When a property is first listed, it generates
a very high level of interest from prospective buyers, which reduces dramatically over time. It
is important to be priced correctly from the beginning, during the peak of this curve.
Below are 4 main factors to accomplishing this goal.
Curb Appeal Factor
You get only one chance to make a first impression. Your front yard immediately reflects the inside condition of your house to the buyer. People enjoy their yards. Make certain that the trees are trimmed so the house can be seen from the street. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away debris. Remove parked cars. This all adds to curb appeal. If a buyer doesn’t like the outside, he/she may not stop to see the inside.
The average buyer spends 6-8 minutes viewing a prospective property. Even less time in properties that they perceive as unattractive. Most people are turned off by even the smallest amount of uncleanness or odour when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands of dollars more. If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space.
Odours must be eliminated especially if you have dogs, cats, or young children in diapers or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odour. If you employ an agent to get the most amount of money for you, please don’t take offense if he must confront you about odour problems.
* Paint & Carpet
Paint is your best improvement investment for getting a greater return on your money. Paint makes the whole house smell clean and neat. If your house has chipped paint, exposed wood, or the paint looks faded, it is time to paint. If your carpet is worn, dirty, outdated, or an unusual colour, you may need to seriously consider replacing it. Many houses do not sell because of this problem. Don’t think that buyers have more money than you have to replace carpet. They don’t. They simply buy elsewhere.
Top selling agents will not show your home if both the key and access are not readily available. They do not have time to run around town all day picking up and dropping off keys. They want to sell homes! The greatest way to show a house is to have a key. When your home is being shown, please do the following:
* Keep all lights on
* Keep all drapes and shutters open
* Keep all doors unlocked
* Leave soft music playing
* Take a short walk with your children and pets
* Let the buyer be at ease and let the agents do their job
It is very important to price your property at a competitive market value right when you list it. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. It’s interesting, but your first offer is usually your best offer.
The Pitfalls of Overpricing
This chart highlights the importance of pricing correctly at market value.Overpricing your house in the belief that you can reduce the price back later is a strategy that can backfire badly. For example, by the time you reduce your price, you may miss out on a surge of interest in properties like yours. Also, if prices are lowered, buyers may wonder if there’s something wrong with the property that kept other buyers away. So to keep from selling your property at below market value and from wasting valuable time, don’t fall into the overpricing trap.
This graph illustrates the importance of pricing correctly.
The centerline represents market value. As you move above this market value, you attract much smaller percentage of prospective buyers, greatly reducing your chances of a sale. Conversely, as you move below market value, you attract a much larger percentage of potential buyers.
So in brief an overpriced home:
* Minimizes offers
* Lowers showings
* Lowers agent response
* Limits financing
* Limits qualified buyers
* Nets less for the seller
65% of the marketing is done when we decide on what price to list your home. If you are unwilling to list at current market value, you would be better off not putting it on the market at this time.