This weekend, I was touring a home in Maryland with our client. The home was charming and full of potential but needed some work. After carefully examining the home, price and cost for updates our client said,
"I really want to love this home but I just can't."
The home price is too high for the necessary updates. On the market for almost 3 months, the house continues to sit...
What can you, the Seller, do to avoid this situation?
Follow these 5 steps to successfully sell your home
Choose the Best Listing Broker-This is a critical first step. To have a successful experience, choose a Brokerage with an excellent reputation. Ask them to provide you with comps for your neighborhood. This will give you a clear understanding of the value of your home. Finally, have the listing agent provide a detailed marketing and advertising campaign to sell your home.
Please beware of the Zillow Zestimate
According to an LA Times interview with Zillow CEO Spencer Rascoff, the national median error rate of a Zillow Zestimate is 8%. The valuation rates by state and county are shocking. In Manhattan, the median valuation error rate is 19.9%. In Brooklyn, it's 12.9%. In Somerset county Maryland, the valuation error rate is an unbelievable 42%. Just to be clear-that is how off the Zillow Zestimate can be.
Follow your listing agents advice-You may have to paint walls and clear out the clutter in your home. Please work with, not against, your listing agents advice. Consider making easy repairs like; painting walls, buying new doors and door knobs, repairing plumbing & electrical problems. Your listing agent wants your home to be appealing to many potential home buyers.
This might involve toning down your decor' or sprucing it up. If they ask you to take down the curtains you made-don't take it personally. Again-the goal is selling your house.
Consider offering a home warranty- Even with a thorough home inspection, Home Buyers are taking a risk when they buy a used home. You can make your house more attractive if you offer a home warranty. When the major systems of a home are covered by a warranty, the home buyer feels comfortable making an offer.
Make it easy for Buyers & Buyer Agents to see your home You and your listing agent should have set times for showing your home. Make sure beds are made and the house is in order prior to a showing. This can be difficult, especially for large families. If you are a Home Buyer, be considerate and keep your appointments within the designated time. If you're the Seller, make sure Buyers can see your home after work and on the weekends.
Setting Your Sales Price -Carefully evaluate the comps and full listings for homes in your community. After establishing the value of your home, your next consideration is time. If you want to sell quickly, list your home for less than what you and your listing agent determine it's worth. You could possibly receive several offers and have the opportunity to choose what offer works best for you. The offers could possibly escalate past the estimated value of your home.
Victoria Ray Henderson is Vice President and Associate Broker with Buyer's Edge
Marshall Henderson is an experienced Exclusive Buyers Agent with Buyer's Edge
4849 Rugby Avenue Bethesda Maryland 20814 office 301.657.1475 cell 301.922.1677
Members of the National Association of Exclusive Buyer Agents