Today I am going to offer some advice and give some specific tips that will help you sell your property quicker and get more for your home. Here they are...I hope these tips help.
1) Price your home correctly!!!- There is a good reason I put this tip as number 1, and there is a good reason I put three exclamation points after it...it's because this is the single most important thing you can do to successfully sell your home. When trying to find out how much your home is worth, contact an experienced and knowledgeable REALTOR who is familiar with the local real estate market and who preferably has experience at dealing with properties in or near the area where your property is located. The REALTOR should be able to provide you with information on comparable properties that you will be able to look at to help you determine your property's value.
The value you of your home is determined by what prospective buyers are currently willing to pay for homes simalar to your own. Property values change over time, and there are many factors that influence what people are willing to pay for properties at a given time. However, the best way to find out what your home is worth is to look at what people have recently paid for simalar properties in the same area ( Sold Comps) and also to look at what other simalar properties in the same area are currently listed for sale at (Active comps). I would suggest looking at 3-5 good sold comps and 3-5 good active comps. When looking at sold comps, it's preferable to look at properties that have sold in the last 3 months. The furthest back you should go is 6 months. Sold comps will provide you a good indication of what someone will pay for your property.
While looking at recent sold comps is very important, it's also very important to look at active comps as well. Active comps are in essence the properties that you will be competing against for buyers, so it's important to know what competing properties are selling for. In a declining market like we are in right now, it's very important to look at active comps. For example, if the best and most recent sold comp you have for your property suggests a value of $270,000 for your property, but you have two other properties in the same neighborhood that are simalar to yours that are currently listed for sale at $250,000, it is not very likely that a buyer is going to pay $270,000 for your property when they can go down the street and get a simalar property for $20,000 less...capeesh??
Pricing your property right from the start is very important. Don't try to overprice your property at first with the intention of lowering it later. THIS WILL HURT YOUR CHANCES OF SELLING THE PROPERTY QUICKLY AND WILL CAUSE YOU TO SELL THE PROPERTY FOR LESS MONEY BY THE TIME YOU ACTUALLY SELL THE PROPERTY!!! There has been a lot of research done that shows when people price their house right in the beginning, they end up selling their home for more money, and they sell their home quicker. Here's the science behind this fact.
The first 3-5 weeks is the time period when you have the most people looking at your property. The property is new on the market so everybody wants to check it out. After that 3-5 week window is over, less and less people are looking at your home. If you have your property priced correctly during that 3-5 week window of time, there is a greater chance that one of those many prospective buyers will actually be interested in making an offer on your property. That is why properties that are properly priced from the start usually sell quickly.
If you overprice your property in the early stages of putting it on the market, those many prospective buyers that are looking at your home are going to write off your home as just another over priced property, and they will go buy the properly priced property down the street. Two months later, when you finally decide that you need to reduce the price of your home, you now don't have as many people looking at your home. This means that it is going to take longer to find a buyer. Also, if you are in a declining market, the price you need to list it at for sale now is probably lower than the price that you should have listed it for sale two months ago....and so begins the price reductions, or as I like to call it "Chasing the market." Now you might have to keep chasing the market (lowering the price of your home) until you finally entice someone to buy your home. This process could take a long time, and you could end up losing a lot of money. If you would have just priced the property correctly from the beginning, you would have received more money and sold the property quicker, and than that's where I get to tell you "I told you so." I'm just kidding. I won't say that to you... i'll just be thinking that.
Moral of the story, price your home right from the start and it will sell for more money, and it will sell quicker. Get an experienced and knowledgable REALTOR to help you analyze quality recent sold comps and similar actively listed comps. If you really want to get fancy and ensure you have a good estimate of the value of your home, you can have an appraisal done on your home by a liscensed property appraiser. This will cost you about $400-$500, but it will ensure that you know the true value of your home.2) Curb Appeal-The outside of your home is the first thing that people see when they pull up to view your home. If prospective buyers are unhappy with the appearance of the outside of your home when they first pull up to view it, it's going to get them in a negative frame of mind so that when they go inside your home, they will probably be pointing out all of the faults they see instead of focusing on the positive features of your home. Think of the outside of your home and the curb appeal that your home portrays as your chance to make a good first impression on prospective buyers. You always want to make a good first impression! Below are some specific tips.
- Keep your lawn mowed, your trees and bushes trimmed, keep your yard raked, and pull up and remove any weeds and/or dead plants
- Clean off your roof and clean out and repair your gutters if need be.
- Spruce up your front door by slapping on a fresh coat of paint or repairing any rotten, damaged door seals and thresholds. If need be, think about replacing your door. A new door is one of the top items for recovering it's value when you sell your home.
- Pressure wash the siding of your home, any sidewalks, porches, pool areas, ect... that might need pressure washing.
- Clean or replace any damaged light fixtures.
- Keep all porches and sidewalks swept.
- Plant flowers along walkways
- Clear out any excess clutter from your yard.