I saw Tips On Selling Your Home on Good Morning America Monday and thought I would share some of the insights listed there. I have added some of my own as well.
Interviewing Gary Keller, author of Shift: How Top Real Estate Agents Tackle Tough Times, he had a theory I think is right on. On Good Morning America, he said, 'This is a Good Buy Market'. In other words, ..."if the seller is going to sell a house and say goodbye to it, the buyer has to perceive it as a good buy".
Here are his 5 rules for this market:
#1- Don't try to make any money on it. Now I can just hear the brakes squealing on this one. What??? No profit?
Here is the reality, and he is absolutely correct. The market has fallen, it has fallen a lot. We need to be real in our expectations of the current market. Before you go forward with an outrageous asking price, keep in mind that most buyers are getting a loan to buy a home. That means they are going to get an appraisal. You can have a buyer come along that agrees to buy an outrageously priced home if they just LOVE it. But the bank will protect the buyer from themselves and not allow a loan for over the true and current value of that home. So maybe the best advise would be to get a current appraisal, and then start just a little down in price. I say this because as time goes on, the homes value will go down as well. Be smart about pricing your home from the start.
#2- Don't be lazy. Clear out that home of any junk.
Make the rooms look as large as possible. People want space and don't want to feel cramped. Take pictures off the walks and patch the holes. Remove magnets from the refrigerator, and clean off the counters in the kitchen to give it an open and airy feel. Move the junk from the garage and either get rid of it or move it off of the property. Make the home as clean as possible. Scrub it and get it smelling really good. You won't believe what a good nose people have. And many can be turned off from any smell what so ever. I've seen that over and over.
Keep the lawn mowed and looking great. If the curb appeal is not good, they won't come in to see that great home. An unkept yard will stop them dead.
#3- Don't be cheap.
Do not neglect repairs. Especially those little ones that cost so little or just take a small amount of time to do. Things like leaky faucets or chips on a corner wall are signs of neglect. Buyers will wonder what other things are wrong if the little things are not fixed. Deferred maintenance is a big issue with buyers and nothing makes them more nervous than things they can't see. They will look at that leaky faucet, and their imagination will go crazy. You can see it in their eyes. What is under those walls?
Here is a great tip from Gary Keller, and I highly recommend it as well. Get your home pre-inspected. This way you won't have any surprises later. Fix the little stuff. Ask the inspector his opinion on costs. They usually are good at ball park figures. Wouldn't you want to know ahead of time if any issues could arise? If not much comes up, fix all of the little stuff, save the receipts and put it them and the inspection report.
#4-More can be better
Gary Keller also suggest that a photo album may be a great idea. Show off the property in all seasons, especially if the yard is full of blooms in the spring, or has especially good fall color. Potential buyers can view the album when they come to see the home.
Place all of those repair receipts and the inspection report in the album as a show of good faith and due diligence. It will place any buyer at ease, knowing that there will be no surprises. You can also have your Real Estate Agent add school reports, demographics and any other pertinent information to the album. All of the manuals for appliances and anything else left behind would also be wise. By the way, this book makes a great gift to the buyer after you leave. That is my favorite thing to do for the buyer after we are all gone.
#5-Be available
Be able to answer any questions buyers may have. Supply them with everything they need to make the decision to jump in and make an offer.
This article suggests being at the home during a buyers tour. I don't agree with this one, but some times this may work. Talk to your Real Estate Agent to understand both sides of this debate before making a decision.
Here is Gary Kellers final words on the matter:
The listing price gets you the interest. Staging the home gets you the offer. Wise words. If there is no interest in the home, if it doesn't stand out in any way, no buyer will visit the home.
If you would like to see the video of this story on Good Morning America, watch it below:
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