You're ready to sell your home, but the market is heading south with no signs of an imminent turnaround. What's a Seller to do?
1. Prepare your property and yourself. If it's been several years or decades since you moved, one of the most profitable things you can do is revisit your property with the eyes of a buyer. Better still, invite a real estate agent to walk through the property with you and make suggestions for maximizing the value of your property. Take notes, this is important and can put thousands of dollars in your pocket.
Once the decision to move is made, emotionally move yourself from owner to seller. It will be much easier to take those faded baby pictures and high school graduations photos off the living room wall. Open the drapes and let the sunshine in. After all you no longer need to be concerned with fading the carpet, but you do want to showcase the view or spacious backyard. If you've got it, flaunt it. This is no time to be modest. You know your properties' best assets; now is the time to show them off!
2. Remove the negotiation opportunities. Cure as many of the deferred maintenance items as possible. They may cost you more at the negotiation table than it will cost to repair them on your own terms.
3. Know the market and do not chase it down. Instead, offer a superior product at market price and buyers will recognize the value. Your home will not languish on the market, and with some savvy marketing you may even lead the comps upward.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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yep, all three of these makes perfect sense. knowing the market is key, and taking as many objections out of the equation before they occur helps that market knowledge work.
cheers
I think this would help getting the house more competitive but I dont see how I would advise to start at a higher price. The higher you move the price up the more properties with more features are suddenly your competitor.
Maybe tips for getting it sold in general but I have to say its important to get it priced correct and not high. Expecting more money seems dangerous.
It's an oxymoron - selling "high" in a buyer's market. I like what you said about chasing the market down. We see it all the time. Homes that have been on the market for a year that sell for less than if they had priced them correctly a year ago. Example, a home at $312,000 that was $364,000 a year ago and would likely have sold for around $340,000 a year ago and now noone even wants it at $312,000.
Gary - Yes, it's impossible to price a property 'at market' unless you follow the market daily.
Shane - My point is not to overprice a house, but rather offer a superior product at market value.
Sharon - Yes, we have to deal with today's market, not last year's, or even last month's market.
All three are extremely valid and valid points. As the LREA, sometimes telling the Seller to "de-clutter" is no good, as their eye has become comfortable to what it sees everyday. Utilizing the Realtor (or a Professional Home Stager) with the RIGHT price can make all the difference.
2 weeks ago we did a Staging Consultation for a LREA who uses us on ALL her listings: with our help and her sorrect pricing, she called me yesturday to tell me the house is already SOLD (in just 10 days). Good post!
Looking at a home with 'new eyes' and presenting a 'fresh face' on day one of the listing is the perfect complement to correct pricing.
Great post. I like the comment about knowing the market and not chasing it down. This is true, but sometimes, if a seller is in a bind they do what they have to do.
PS. Lesson learned about my post today.
It still all is in the basics. To perform the same things over and over and present the same explainations of what needs to be done to every seller.
Your so right.
Richard
You nailed it! Price it right, stage it properly, make it accessible and get it sold.
"do not chase it down"....WISE WORDS Norma! This is a spiral you don't want to be caught up in. Price the home to sell and it will, don't pad the price for "what ifs". These are the homes which are selling in my area.
Tracy - Yes, there are circumstances beyond a seller's control and they must do what they have to do; giving them a true picture of the market is one of the most helpful things we can do for them.
Richard, the basics are the basics for a very good reason--they work!
David - It's a simple premise, but the application can be challenging at times!