Sell My Home For More Money Faster! Sounds like every seller's dream, but how many times does it really happen?
This is part 2 of the 7 part series on "Selling Your Home for More Money and Faster".
Part 1 of a 7 part series.
- "Finding the Right Real Estate Agent"
- "Pricing Your Home to Sell", understanding the competition.
- "Stage Your Home to Sell Faster", box, pack, stack and store.
- "How long?" What to do if my home doesn't sell in the First 60 Days?
- "Making Your Home Squeaky Clean"
- "Nose Check", no scary smells
- "Price Adjustments that Work", dropping your sell price.
In part 1 we talked about the qualifications and your requirements for selecting the right real estate agent or broker to help you sell your home. We also discussed why selecting the right agent is so important.
Next on the list, one of the most important aspects of selling your home for more money and faster!
Pricing your home to sell. Remember, as the homeowner, you have complete control over the sell price placed on your home. Pricing is what attracts buyers, marketing is the sizzle to get the to look inside! Real estate agents make recommendations. Agents provides you
Selling information, you still make the final decisions. Armed with the facts and agent suggestions, based on their knowledge and history of sales in your area, you select the sell price.
This is exactly why selecting the right agent, you "trust", is so important. If you do not believe your real estate agent then the information he or she provides you will not be taken as factual. You are selling, in most cases, the most valuable asset you own. Why use someone you do not have complete faith in to do the job? If you were having brain surgery you would not use a foot doctor, because you would not have faith in their expertise. Do not hire an agent without the education, real estate specific background and practical experience you believe needed to sell your home.
Price is the number one factor universally accepted as the biggest mistake made by home seller's, if they do not have a real estate agent. If you do not believe your real estate agent, and price your home differently than suggested by your agent, your chances of being priced wrong go way up. This also means your chances of selling for more money and faster go way down!
Buyer's know value, they study possible neighborhoods before they come for a personal viewing of a home. Buyer's do drive-bys to see what homes look like before making an appointments. Buyer's check out all the homes of interest in a neighborhood on the Internet first. Home buyer's compare prices, square footage, age, decorating, maintenance issues.
We are a more mobile society, painting homes is not what most buyers are willing to do unless they get a "good deal". Just like painting, yards that require the owner to live for the yard may not attract as many buyer's. Weeding or special trimming, leaf raking or gardens may not have the same therapeutic feeling for a buyer as the seller finds in the activity. Just like a pool in some parts of the country is expected other areas find them a detriment reducing the number of buyer's that will view the property. I am not advocating filling in a pool but marketing has to be more specific to attract the right buyer when you have "special features" that require a specific lifestyle and buyer.
Pricing your Home Right Creates Buyer Interest and you Sell Faster for more Money!
Buyer's search in price increment ranges. For example, if a buyer wants a $200,000.00 home, their search may be from $190,000 to $210,000 for location, features, square footage and market comparisons. Most buyer's start in the search stage long before entering the home buy stage. The search stage may be months or weeks depending if they have a home to sell. Other influences to buying can be relocation requirements for employment. This can require a much faster home purchase.
Pricing your home correctly can help you sell for more money faster. Selling for more money means your home is not on the market as long and does not have the taxes, payments, interest or maintenance costs, associated with lingering on the market for months, not selling. Pricing below a incremental plateau can also be of benefit. We discussed how buyers use price segmentation by low and high ranges. If the buyer is looking for a home in the $200,000 price range and the use $190,000 as the low and $210,000 as the high, as the example above, your priced at $199,900 or 209,900 your home will show up in their search. Buyer's use even numbers when searching, as a rule of thumb. Pricing just below impacts your home for sale listing in two ways. Psychologically it feels better than $200,000 or $210,000 and secondly you are competitive with other homes in the price range, except those that are over-priced they are excluded from the must see list right away!
Why are over priced homes excluded? Over priced home usually lack the amenities of homes priced correctly. For example, lot size, location or features. Some prices ranges automatically have a three stall garage. This means if the over-priced subject home does not, it is priced to high to be a comparable to the other homes that do have a third garage. Some homes have solid surface counters and other Formica. Lower priced homes, Formica is expected and solid surface is a bonus. Some price ranges you would expect a master suite, yet in a $100,000 dollar home with a master suite you would think the home has been remodeled to create a master suite and a bedroom or closet has been eliminated.