So, you're ready to sell your house.
You've been watching the market for quite some time. In fact, if you are like most homeowners, you've put a lot of careful thought into the decision. You didn't just wake up one morning and decide you wanted to sell. Perhaps you've been considering it for weeks, months, or even longer.
Just about everyone has the same goal when placing their home on the market for sale: Sell it quickly for the highest dollar amount with the best terms and the least hassle. Think about it for a half a second. That's what you want, isn't it?
You've already figured out that you don't have the time and energy to do-it-yourself. Sure, there are websites out there like ForSaleByOwner.com and FSBO.com where you can advertise your home all by yourself. However, you realized that this does not give your home the most exposure to the marketplace and you'd be missing out on potential buyers. Yes, you can pay some companies a small flat fee to put your home advertisement on the MLS. However, you'd still be stuck scheduling showings of the home, negotiating the deal yourself, and likely end up frustrated and netting less money than if you worked with a REALTOR (even despite commissions). CONGRATULATIONS! That's step one.
Having made the decision to work with a real estate professional, you've called up several REALTORS and asked them to visit your home. Each of them prepared what we call a CMA or Comparative Market Analysis to help you price your home accurately and competitively to get sold.
WAIT JUST A SECOND! You shout.
As you increduously stare at the dollar figure presented to you by the agent, you stammer:
But... But... My Neighbors Got $X for Their House!
- THEY SOLD 2 YEARS AGO
The market was different back then. Sales from 2 years ago are irrelevant to today's market. Sales from 6 months ago may be irrelevant. Does it matter that a year ago, you paid less than $3/gallon for gas? That doesn't affect things today when you pump $3.82/gallon petroleum into your tank. The real estate market changes rapidly and today's buyers do not care what your neighbors sold their home for in the past. They never knew your neighbors. Like you, they just want to get the best deal possible.
- DID YOU EVER GO INSIDE YOUR NEIGHBOR'S HOME?
Two houses can look practically the same on the outside, yet there can be a world of difference inside. The same square footage, the same number of bedrooms and bathrooms, the same layout -- these are the big things to consider before looking inside the home. Buyers want certain basics and narrow their search based on these broad criteria. However when it comes to buying, it's the little things that matter. Remember when you bought your home? It was the granite counters, the hardwood floors, the remodeled bathrooms, and the fresh paint that sold you. These details can make the difference between a 4 bedroom home for $450,000 and the same model for $569,000!
- IT'S NOT A COMPETITION
Some people view all of life as a competition. Keeping up with the Joneses. Do you want to sell your house so you can move to the next one? Or do you want to impress your neighbors by getting the highest price ever? Why did your neighbor's home sell for the price that it did? How long did it sit on the market? What were the circumstances? Why do you need to sell? What's your timetable? Ask yourself these questions. Maybe you have more equity and can afford to sell for a lower price. It's not a competition. Nobody will think that you are a loser because you sold for less than your neighbor. Even if they do think so, who cares? You're moving away and never have to see these neighbors again!
When interviewing REALTORS to sell your home, you may find that there may be one or two who tell you what you want to hear -- "Sure, we can price your home at $X." You may be tempted to use their services. Pricing your home at $X and selling your home are two different matters. Sometimes, to get your home sold, you need to hear the cold, hard truth.
There are 5 things that are important in a home sale: Location, Location, Location, Timing, and Price.
You can't change the location. Timing is what it is and you may not have a choice.
Concentrate on pricing it right.
Read the following blog posts:
Come on Down! You're the Next Contestant on The Price is Right
If you want my love then take my advice... Adjust Your Price
If you are ready to sell your home, here's a treasure trove of advice: Blog Articles for Sellers
Follow this advice, and soon your neighbors will be talking about how quickly you sold your home in this challenging market.
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