The 5 most important factors when selling your home
There are many reasons a home sits on the market racking up days without finding the right buyer. Some things you can control and some you can’t. This list focuses on 5 incredibly important factors a home seller can control that will help ensure a quick sale at highest price possible.
1. Price: Every home will sell if priced correctly
This one should tower above every other category on the list because it is far and away the most important factor when selling a home. Every house is “sellable” if it is priced accordingly. The 3 most common reasons a homeowner over prices a property are:
- They are not realistic about the home’s true market value. For example, a seller may have overvalued improvements made to the property that do not translate to an increase in value, yet they price their home as if it has. Many buyers will not pay top dollar for upgrades that you have chosen for your personal taste.
- A seller has misinterpreted the market data. Too many times I see a seller price their home based on “neighborhood” averages rather than looking at the true comps relative to their home. You should only be factoring in SOLD homes in your area, of similar size, similar number of stories (if possible), similar features, and within a close year built range. The largest 2 story in the neighborhood will have a significantly different price per square foot than the smallest one story so stay within your subsection of the neighborhood. It’s good to stay up on the actives and pending listings so you know your competition. But it’s the sold listings that paint the accurate picture of values.
- Pricing too high to make room to negotiate. There is a common misconception that you should price your home higher than you expect to sell in order to create negotiating room for a lower offer. I have seen this backfire more often then it has been effective. What happens is you price yourself out the buyer’s radar and never get the showing in the first place. Price your home well and a buyer will see the value and pay your price. You also increase your chances for a bidding war. You want people beating down your door and throw offers at you, do you think that will happen if you already know you are over priced?
2. Availability: Make sure you show your home when it needs to be shown!
Have you ever turned away a showing? If so, there is a good chance you didn’t hear from that buyer again. I know it can be difficult to keep your home show ready at all times, or grab the kids and scram for 30 minutes to let someone come look, but it is important if you want to maximize your chances of selling. Buyers can be fickle and time constrained, if you turn them away, there is a good chance they move on to another home in your area. Remember, this situation is temporary and the sacrifices you make now will pay off later.
3. Marketing: Get into your local MLS!
Not only does a buyer need to be able to find your listing, they need to be captivated by it. We live in a digital world and buyers are looking on dozens of different sites to search for properties…….Are you on all of them? Home sellers should be listed in the MLS and as many other popular real estate sites as possible to ensure you are tapped into the largest buyer pool. In addition, your home needs to impress a buyer in a matter of seconds to reel them in. Think about how quickly you click through websites, is your home capable of stopping someone in their tracks? High quality, professional photos is the best way to showcase your home online and get them to book that showing.
4. Show Ready: Did you clean?
I have seen home buyers choose a house with far less upgrades than another in same neighborhood simply because it “felt like a much nicer home”. Why would a buyer choose a lower quality home? The home loaded with upgrades was dark, dingy, cluttered and full of pet odors. The hardwoods and upgraded kitchen faded in to the back drop and left zero impression on the buyer. They couldn’t get out of their fast enough. The buyers ended up purchasing a home around the corner with wall to wall carpet and a more dated kitchen simply because it was staged perfectly, clean, smelled great and appealed to every one of the buyer’s senses. I tried to talk them into purchasing the first one, letting them know that every issue could be remedied with a deep cleaning and the upgrades were much higher quality. They weren’t having it. The other home was stuck in their head and created a deep emotional connection. So get your home looking as nice as possible and keep it that way until it’s sold.
5. The Little Things: Every home will sell if priced correctly
This one ties in closely with number 4. Walk around your house and make a list of all the little things that would turn off a buyer. It could be dingy paint, broken hardware, cracked light fixtures. Things that you have become so accustomed to seeing that you may not even notice anymore. Be critical of yourself, because trust me, the buyers or their agent will be. I’m not telling you to do a full blown remodel, but I am recommending fixing the little things that are not very costly. Thinking that a buyer will not care of one or two things need to be fixed is a dangerous assumption. Many first time home buyers don’t understand the challenges and expenses of home ownership…….You do not want to be the house that reminds them of that. Sprucing up your home and fixing the little things will likely yield you a much higher return than a price drop or repair concession you have to make if these become “deal breaker” items for a buyer.
Keeping a focus on these 5 factors will dramatically increase your chances of selling your home quickly and maximizing your profits. If you are looking for help, contact us here at ListingSpark. We provide sellers with cutting edge technology and home selling solutions that are proven in todays ever changing real estate landscape.
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