Thinking of selling your house? It can be a daunting task in any real estate market. The goal is to make your home stand out above the rest. It is highly important to get buyer’s attention from the start. First impressions, are the only impressions in the real estate industry; and sellers need to be aware of things they can do to make the process smoother and speedier.
Research the Local Market
Sellers should research the local markets to see how homes that are comparable to theirs are selling, and at what price. Housing prices are subject to their local area demands. A house in one city, may not be able to sell for the same price in your city, depending on the cost of living, the quality of the school systems, and other attractions and opportunities that may or may not be available. Do your research before attempting to price your home. Proper pricing can make or break a sale.
Seek Professional Advice
If you are not sure how to price your home, don’t hesitate to seek professional advice. Ask your agent to share with you what they think is best. Even if you have yet to make a decision about selling, real estate agents will be happy to assist you with information about home sales in your area, and for your type of house.
Obtain a Broker Price Option (BPO)
Get more than one agent’s advice and a couple of different BPOs, before pricing your home. It is wise to have a list of educated opinions before making a final decision. Homeowners should be well educated on what their house is actually worth before placing it on the market.
The last thing a seller needs, is to be told by a potential buyer, that they have seen a comparable property priced for less. You can avoid this with a BPO. A Broker Price Option allows the seller to set value on their home by a Real Estate Professional, using comparable sold properties comparing the seller’s home to others that have sold in the market place within at least the last 6 months. A Realtor has working knowledge of homes on the market currently and those that have sold in the market. At Smith & Co. or Realtors are all full time agents with Professional training and several years of experience.
Know Your Potential Buyer
It’s good to know who your potential buyer is; single professionals, couples with children, single parents. Knowing the profile of your buyer will help you to make the right choice when it comes to pricing. Study reports that will show you who has been purchasing and selling, the homes in your area. Are the homes near schools selling more quickly, or properties in the heart of the city moving more rapidly? Are condos moving in and out of the market quickly, or are single family homes more in demand? By knowing this information, you can price your home competitively.
Strategic pricing is when sellers consider what other homes in their area are selling for, and decide early in the game to lower their price by a couple per cent. Sellers may sacrifice a bit of profit, but the home may sell quicker. Many sellers would rather have a quick and easy transaction that doesn’t linger on for months, sometimes years, than to make more money from the sale. Strategic pricing gets the attention of potential buyers. Even if your home is not their dream home, they may choose to make the purchase because they will save some money for needed repairs or improvements.
Consider the Deal
Though as a seller, you may have your heart and wallet, set on selling for a certain price; if you are offered a bit less by a well qualified buyer, consider taking the deal. You don’t want to have your house sitting on the market for long periods of time, especially if you are eager to move. If the offer is one you can clearly live with, consult your agent for professional advice, and if they say it’s a good deal, give it serious consideration, so that you can move forward with finding your new home.