Getting the Highest Price is Simple, but not Easy

Sellers are afraid of "giving their house away" and buyers are afraid of paying too much. Especially in a declining market, sellers need to be smart and help buyers perceive value. The strategy involves two simple ideas, but takes know-how and hard work to implement:

1. Attract lots of buyers. The more people who see your home, the higher your chances of getting a good price. A savvy Realtor who has kept up with the times and has the means to market effectively can make this happen. The right price is essential, especially in a declining market.
2. Give the buyers what they want. Once you get them to the house, give the buyers what they are looking for:

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  • Curb appeal. How Important is Curb Appeal? An attractive exterior that is nicely landscaped will set expectations and either draw them inside or turn them away. This is your buyers' first impression and can make or break the deal. It doesn't have to be professionally done, but does need to look neat and appealing. Exterior of house should look clean and in good repair. Front door and hardware should be in excellent condition.
  • Little or no work. Maintenance should be up to date, especially roof and HVAC. Make the repairs you know are needed.
  • Squeaky Clean and no clutter. House looks deep-down clean, especially kitchen and bathrooms. Consider Professional Cleaning (get references). An excellent professional can work wonders and make a grungy bathroom look like new. Rent a storage space and remove everything but the essentials.
  • Fresh walls and flooring.  Paint or touch up walls - get a professional opinion from a stager on colors. Have carpets professionally cleaned. If they don't look good after cleaning, consider replacing them. Giving an allowance for carpets is not a bad idea, but requires that the buyer go to the trouble and effort of having the carpet replaced. Better to pick a neutral color and have the house move-in ready.
  • Pleasant Aroma. No one wants to smell last night's dinner, especially if it was fish or cauliflower. And worse, a musty smell from a vacant house is a real turnoff. Use the kitchen fan to dispel odors when cooking and use a room freshener - but don't overdo it. You want a faintly pleasant smell, not anything overpowering.
  • Nicely staged for universal appeal.  Each room should have a focal point and obvious purpose. Arrange furniture to make the room look spacious and inviting. Colors and accessories should be relatively neutral, but not boring. Remove photos and other personal knick knacks that you wouldn't see in a showroom or model home.  Hire a professional stager, even if it's for a one hour consultation to get ideas.
  • Help Buyers See the Benefits of Your Home that may not be obvious. Share pleasant experiences and reasons why you have loved living there.  

If you don't or can't do most of these things, you can expect to lower the price accordingly. It's not possible to set an exact amount on what each contributes and each item varies in importance from buyer to buyer.

My experience has been that a (relatively) small amount of money and effort on the part of the seller makes a huge difference to a buyer and can mean getting a much higher price.

This is a simple and effective strategy to get the best price in the shortest amount of time. Since home values are dropping, the longer the house is on the market, the lower its value to a buyer. To get the highest possible price, plan on doing what it takes to sell it quickly.