How to Sell Your House

By
Real Estate Agent with Keller Williams Hometown 0564938

How to Sell Your House

 

 Whenever you hear people discussing real estate you can bet your last dollar that you will hear the phrase "location, location location" mentioned.  I am a firm believer that the location of a home can hinder or help in a sale, but I know the most important aspect when selling your home is PRICE.  If you really want to know how to sell your home, the answer is short and simple:  Set the correct price from the start. 

how to sell your house How do you calculate the "right price"? 

Below are a few tips to follow:

 

 

  • Don't just get a market analysis, trust the results - The market analysis determines the value of a home based on the amount comparable homes have sold within the last year.  Real estate appraisers will look at these recent sales when they determine the value of the property for mortgage purposes.  One of the most important facts about real estate transactions and mortgages to understand is that the mortgage company will not lend above the value determined by the real estate appraiser.  Therefore, pricing a home above the value determined in a market analysis done by a real estate professional will not help you make a greater profit.

  • Time factor: If you need to sell fast, price it as low as you are comfortable with. Typically the lower the price the faster the sale. If a home is priced too high from the beginning, a seller almost invariably ends up with a lower sales price then if the home had been priced correctly from the beginning. The trick in any market is the price.  Homes priced correctly sell.

 

  • You hired a professional... listen to their advice. You are paying for professional advice, don't ignore it. ASSUMING your agent is experienced and professional, they will give you great advice based on market research and experience in sales and real estate. You wouldn't do research to find a great doctor, then after a diagnosis go with your own ideas would you?

 

  • Choose Wisely!   Do not hire the real estate agent who gives you the highest value as a listing price.  There are some agents who will start out with an unattainable listing price and after a few weeks begin to tell you it is time to reduce your price.  How much time is wasted when you are priced too high?  Hire an agent who will base the value of a home on facts.   

 

 

Comments (37)

Iran Watson
Georgia Elite Realty - Marietta, GA
Marietta Real Estate Agent - Photographer

I maintain there are three sliders we all work with: Price, Condition and Marketing.  Price has the greatest impact on the time it takes a home to sell, but Condition and Marketing are important as well.  We have listed homes for the exact same price as the previous agent (and in some cases more) but significantly improved the showing condition and marketing through staging and professional photography only to see more traffic and more interest.  If my marketing and stager do their job and there is still not enough interest, it is much easier to go back to the client to try to get them right on price.  At that point, what else is there to improve upon?

Aug 01, 2010 05:20 PM
Summit Realty Group
Summit Realty Group- The Future of Real Estate Today! - Highlands Ranch, CO

Thank you for the tips and I will be sure to pass these on to my agents.

Aug 01, 2010 05:36 PM
Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

If only ever seller would read and believe this!

Aug 01, 2010 06:10 PM
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

Excellent advice, Andrea.  The hardest homes to sell are those that have been overpriced, then after some time on the market, the price is reduced, but by then the listing is stale, and buyers and their agents figure something must be wrong with the house or it would have sold already.  By that time, it becomes difficult to even get any buyers to look at it. 

Pricing is vitally important, and must be approached as a business decision, even though it is sometimes difficult for the seller who values the home higher because of the memories it holds.

Aug 01, 2010 06:25 PM
Carla Dimond
CATARRA - Mountain View, CA
(Silicon Valley)

Andre, good advice but it is amazing how many sellers do not listen to their agent.

Aug 01, 2010 06:39 PM
Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor, Representing Buyers and Sellers

I agree, Andrea... Price is key. If a home is priced right, not only does the seller increase their odds of getting multiple offers, but with multiple offers, they also increase their odds of getting the Best Buyer, who is well qualified, preapproved, has the cash to close the deal, and is ready and willing to close promptly. Homes priced too high run the risk of letting the Best Buyer slip through their fingers while their home languishes on the market for months.

Aug 02, 2010 01:15 AM
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

Reblogged and added my two cents:

The Market Analysis IS the test for price. Pay close attention to the results and then price your home accordingly. A good way NOT to get showings and NOT to get offers...price above so there is "room to negotiate."

Aug 02, 2010 01:48 AM
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

Some great bits of experience and advise here! It is good that home sellers read this and see the various agents and their experience/advice. These are some basic, important facts you have laid out here and would have any home seller 90% of the way "there" to pay attention to.

Aug 02, 2010 01:53 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Andrea, great advice. Price the home right will surely get the attention of buyers. Thanks.

Aug 02, 2010 02:22 AM
Bruce Swedal
Denver, CO
Denver Real Estate

Some great basics that need to be pointed out.

Aug 02, 2010 02:22 AM
Jennifer Archambeault
Cardani Group, REALTORS® - Austin Texas - Austin, TX
An Austin Texas Realtor

The three amigos must all be considered:  price, staging and marketing. 

Aug 02, 2010 02:34 AM
The 1410 Group of Benchmark Realty, LLC
Benchmark Realty - Franklin, TN

I even try and get an appraisal done BEFORE we list the house. That way the sellers are not arguing with my price... They are arguing with the appraiser. 

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Aug 02, 2010 04:23 AM
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Andrea - I couldn't agree with you more. I have one of these listings and I will print this out to reinforce what is said. In February my client wanted to price their home $625K. I said no. In June they were back and we agreed on the second price $589K. We have been listed over 40 days now and I asked to sit down to discuss our "market position". You told me to list this home at $589K and there is no need to reduce".

So, some of these tips maybe will help point out that we talked and they didn't listen.

Our appraisers only go to 3 months sometimes, if they have to, 6 months.

There is a lot of emotion attached. We shall see.

Aug 02, 2010 05:39 AM
Manuel Monserrate
Raleigh, NC

The key here is 'Hire an agent who will base the value of a home on facts.'

If an agent is not providing you with facts, but simply marketing and hype to try and get your listing, that should definitely be a red flag.  

Unfortunately, a lot of people do not learn until they get burned.

Aug 02, 2010 05:41 AM
Christine Hooks
Pino Agency - Pennsville, NJ
Celebrating 25 Years in Real Estate!

Hi, Andrea!  I like this post very much 'cause it's short, sweet and to the point. 

Aug 02, 2010 08:00 AM
Speed Equity® Mortgage Acceleration System
Speed Equity® - Olympia, WA
We help your clients Own Their Homes Years Sooner

Andrea, thank you for your post. I believe the more we educate clients, the better able they are to make informed decisions. Thank you.

Aug 02, 2010 08:21 AM
Anonymous
Anonymous

It is so true, I myself had fallen into the trap of Oh, I can sell you house at XYZ....amount...I was one that was burned...thanks for the blog.

Gullible

Aug 02, 2010 09:18 AM
#34
Robert Hammerstein
Christie's International Real Estate - Hillsdale, NJ
Bergen County NJ Real Estate

Andrea -Well done. Nicely said and simply put. All the basics in one place. 

Aug 03, 2010 02:12 AM
Dave Sulvetta
Dave Sulvetta, eXp Connection, Gloucester County Realtor - Gloucester Twp, NJ
Realtor

Andrea - Great advice...Your paragraph "Choose Wisely" I call that "buying the listing" YUK!

 

 

Aug 05, 2010 01:45 AM
Diane Williams
Pell City, AL

Andrea you nailed it on the head when you tell your sellers not to waste their time on the market when the home is overpriced.  

Aug 06, 2010 09:33 PM