Setting a realistic price on your home and preparing it to become market ready are two essentials to consider when aiming for a positive outcome in selling.
When assessing a home's value, consider the home's location and the current pace of the local real estate market—yet these two factors cannot be changed or controlled by any individual. So sellers must focus their attention on what can be controlled—two keys that will unlock a buyer's heart and pocketbook—right price and market readiness.
Right Price (Value)
In the world of real estate, right price and value are closely related. Value is defined uniquely by each individual.
When selling a home, setting the right price is essential. Often, a sellers' first wish is to get the most money they can out of a home; therefore, they set their price on the high side of the spectrum—just in case the right buyer walks through the door who will find the home to be as special as the sellers do and be willing to pay top dollar for it.
After all, this does happen from time to time, but in most cases, pricing a home high is not a step forward. Instead, it delays the sale until the sellers are frustrated and the price is eventually reduced. In the worst case, it can turn buyers away, one after another, and prevent the sale altogether.
When setting a value on your home, there is no perfect formula. But it is necessary to be realistic and to place personal feelings aside as much as possible. Your true goal is to sell your home for a fair and equitable price, not to base your price on how much you love your home. Potential buyers do not have the same emotional investment in your home as you do and will likely see things differently.
A potential buyer will set his or her own value on your home. If you can show that your value is in line with market statistics, you will have a greater chance of convincing a buyer that your concept of value is worthy.
Real estate agents are happy to use their resources and pull data on comparable properties that have recently sold to help determine what the market value is for a home like yours. Your agent is an objective party who can help you view your home through a buyer's eyes.
Market Readiness
So you have set the right price. Having your home market ready is the next best thing to help increase the odds of selling. A home's market readiness can be measured by looking at it from a variety of angles. How clean is the home? Is the home well-staged and clutter-free? How intact is the home's physical or structural condition? Is the home updated and cosmetically appealing? How well is the home marketed?
Nowadays with so many reality shows appearing on the subject of home improvement that sellers are becoming better educated and making necessary changes before placing their homes on the market.
One factor that should not be overlooked is a home's physical condition. A colleague once said, "You either pay for your home while you live in it, or you pay for it when you go to sell." Generally speaking, unless you have improved and updated your home while living in it, you will have to get busy before listing it. The home must stand out as a worthy product among its competition.
A great way to improve the condition of your home and also a great way to market it is to get your home pre-inspected by a qualified home inspector. This will enable you to decide what major repairs are needed and take care of them before listing. Having the pre-inspection available on site for potential buyers to browse through is a great asset … and you can share with them all of the repairs you have made to ready your home for its new owners.
A real estate agent or a home staging consultant can offer advice about cosmetic changes to improve the attractiveness of your home. Ideas could include repainting major rooms such as the living room, kitchen, or master bedroom, adding plants and fresh landscaping outside, and even de-cluttering the home of extra furniture and personal items.
If a home is vacant and needs staging, adding a kitchen table with place settings, or flowers in vases placed around the house can give the effect that the home is cared for.
Remember, the trick is to always consider your main goal, which is to get your home sold for a fair and equitable price. The first step is attracting a buyer. Having the right price will bring potential buyers in for a viewing. Then the home must be inviting and stand out among the many other homes they will most likely walk through. Only then will you see an offer to purchase.
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