Are you thinking about selling your home? Here are 5 tips to help you sell your home.
1) The Right Price – You absolutely, positively have to establish a realistic asking price. Aside from the occasional exception no amount of marketing in the world will sell a property for more than it is worth. I could put an overpriced on the front page of the Wall Street Journal for a year and all it would do would help similar homes for sale with the right asking price. The reason you see properties stay on the market for long periods of time is not due to lack of marketing but because of the wrong price.
2) Accept Reality – Everyone is at the mercy of the real estate market. It does not matter what your home would have sold for a year or two ago. It only matters what it is worth today. My Google stock is worth $528 today. I would like to sell it at $700 today but no one in the right mind would do that. Houses are not as much of a commodity as a share of stock but there is a method to valuing a home based on recently sold similar homes. The market establishes what your home is worth. You just get to decide if it is enough for you to sell.
3) Who is your competition? – Go look at your competitors with an open mind. Put your buyer hat on and be objective. If you can buy a home in the same neighborhood as yours, that is larger, in better condition and on a better lot for $300,000. Why would you price your home above that? Examine your competition and be a better value.
4) Hire a Good Realtor – Let’s face it there are idiot Realtors, experienced egotistical Realtors, inexperienced Realtors who will work very hard and many other types. When you list your property with an agent you will be working closely with that person for possibly 3-6-9-19 months. Make sure you hire some professional, hard working and someone you mesh well with. If possible interview a few agents or get a referral from a reliable source.
5) Create a model home – Most people don’t want to buy a fixer upper and if they do they want a good price. Nice homes with a realistic price will sell. If you have the time, money and energy then fix your deferred maintenance and make your home as nice as possible.
Currently, the real estate market is challenging but getting better. Follow these 5 tips and you can sell your home in any market, good or bad.
Marc Rasmussen sells Longboat Key Condos