How to sell your home in ANY market
The real estate market goes in cycles. There are buyer’s markets and seller’s markets. Here are a few tips to get your home sold any time of the year, in any market cycle:
Price it right… The first time: Many sellers attempt to start out with a high price just to test the market and see if they can get a higher price for their home. This is a terrible mistake. Statistically, your home will get its largest surge of interested buyers within the first week or two of listing it. When these buyers see that your home fits their needs AND it’s priced right, they’ll feel pressured to make an offer before someone else does. When buyers see multiple price drops on a property that's been sitting for a while, they generally think “Motivated Seller”. This is like a shark smelling blood in the water. This could lead to low-ball offers. Also, resist the temptation to build in “Negotiation room”. Many sellers know that they’re going to receive offers below their asking price so they decide to price their home just above market value to compensate for this. Again, this is a mistake. Take advantage of that initial surge of buyers. If your home is priced right, just let the buyers know that your price is FIRM. Click here to contact me for a free market analysis of your home.
Gather Informational Paperwork BEFORE Listing: Having information on the major mechanics of the home and also any updates that have been done to the home will be extremely helpful for your Realtor. A great Realtor is not going to just place a sign in the front of your home and wait for it to sell. They should know how to write compelling information about your home to attract potential buyers in addition to creatively marketing it online and offline. Click here to see what paperwork you should gather before listing your home.
Consider Creative Financing: This won’t work for everyone but if you can do it, you’ll probably off-load your property in lightning speed. Two forms of Creative Financing that I recommend to some of my sellers is Owner Financing & Lease Options.
Spruce up the Curb Appeal: First impressions are everything! The first time a potential buyer notices your home, it will be when they drive by, stop, and take down my phone number from the yard sign, or when they see the first photo in an email that I sent to them. Maybe even on a website like Zillow or Trulia. Either way, Curb Appeal is paramount! Click here for tips on how to increase your home’s curb appeal.
Prepare the interior for showings: The details matter! Take a few minutes to walk around your home and take inventory of everything that you no longer need. Make a trash run, donate some items to charity and rearrange furniture to make the spaces feel open and free of clutter. Paint the ceiling & walls. For the ceiling, just regular “ceiling white” is fine. For the walls make sure that you select a nice natural color like “egg shell”. This gives buyers the opportunity to come in and visualize their own colors and decorations. Click Here for additional tips on how to prepare the interior of your home for showings.
Consider a Home Stager: I generally don’t recommend hiring a home stager on moderately priced homes. A home stager is similar to an interior decorator. They have expertise in planning and choosing colors, fabrics, and furniture, and arranging them in a way that makes your home look its best. But a good home stager brings a few extra things to the mix. The stager is not focused on creating a home that suits your personal taste and needs for everyday comforts, but instead on making your home appeal to a broad range of tastes. Livable or not -- probably not, after you've hidden the toaster, toothpaste, and laundry hamper -- the idea is for the stager's work to help people fall in love with your place and want to buy it.
Keep a flexible showing schedule: I strive to make myself available to show properties between the hours of 8am - 8pm Sunday – Saturday. This is to maximize my availability to potential buyers. Likewise, you should keep your home’s showing schedule available. Some buyers work during the day and some at night. The last thing you’d want is to turn away a ready, willing & able buyer only to have them buy the competing property down the street.
Remove Odors: In my experience, nothing turns a buyer off faster than foul odors. If you’re a smoker, consider priming & painting walls and removing carpets before listing your home. After that, you probably should consider smoking outside until your house is sold and you move into your new home. The same applies for pet odors. Clean pets and kitty litter regularly to avoid turning off potential buyers.