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Most people don’t think twice when they reach a point of deciding to put their home up for sale. But when it comes down to it, it is not a simple matter by any means. One of the most important factors in selling your home is that it is priced appropriately. If you know just a few key pointers, it will give you a solid edge over many others who are not nearly as intuitive with the whole real estate selling process.
First, A Little History
The three homes that sold in less than a week? Here is the rundown on those: one of them sold at full price and the other two sold at 97% of their asking price. These are success stories to be proud of – especially in our wobbly market these days. As I mentioned in my email, all three properties were competitively priced.
Why The Quick Success?
These three homes sold so quickly for three solid reasons. And if you know and understand the logic behind it, it will make more sense when the time comes to determine the price of your own property.
1. Buyers are very educated in today’s real estate market.
Before the age of techno-savvy homebuyers who know all the ins and outs of looking up property value information and before all those convenient online resources were available for them to discern acceptable property values, homebuyers simply didn’t know. Today, buyers know and realize their options and they come to the table fully prepared and armed with the knowledge necessary to be competitive with other buyers in the market. Simply put: they understand property values.
2. There is less foreclosure inventory these days.
When the choices of homes on the market for buyers is influenced by the number of homes available as bank-owned properties, the end result is that buyers are more keen on purchasing their new home through an individual. Not only does this shorten the total amount of time for processing of the sale, but it also serves buyers’ purpose of sometimes wanting to stay away from short sales. In short: buyers don’t want to have to wait.
3. Spring is in the air and prospects are lurking.
Each year, spring and summer roll around and the real estate market picks up invariably. By default, this time of year is the busiest and there is no question of the increased demand that happens around now and April, continuing through the next four to six months. The bottom line: demand is up and it will stay up for a while.
The Core Components of a Sale
Anyone selling a property knows that it can be broken down into a few simple areas. Having a property. Deciding to sell it. Listing the property. Showing the home to prospects. Signing the dotted line.
But the most critical aspect of selling a home successfully, is to price is accurately. Since there is a wide range of perspectives on what a home may be worth (to some, that orange Corian® countertop in the mudroom are invaluable, while others will deem a three-car garage as a luxury upgrade) a benchmark must be followed. It is essential as a homeowner looking to sell, to be able to reach out to the right resources and find out exactly what property values can be attributed to the home.
Knowing and understanding the value of your property as both a homeowner and a seller is instrumental for a successful (and often expedient) sale. Prior to choosing a price or a price range, it is vital that you have a good understanding of your market.
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There is only one chance to make that first impression and the last thing you want to do is to suffer a potential sale lost because you were not prepared with the right level of knowledge needed to execute the selling price and ultimately sale process.
Remember, when pricing your home, it is extremely important not to inflate the price by adding a heavy cushion layer that can ultimately cost you the sale. Also, make sure to price competitively and be on the ball, prepared for the sale. Who knows, it may be even sell in less time than the three above.
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