The nuts and bolts of selling a home are actually quite simple. You may be stressed to the limit at the thought of putting your home on the market but success is just around the corner if you focus on two straightforward steps.
- Set the Right Price
- Get your home shown to Qualified Buyers
The correct price and adequate exposure. That’s it. That’s all you need to sell a house.
Let’s put it this way: if your Realtor is getting qualified buyers through the door, but you aren’t getting any offers, there is something wrong with your price. It’s that simple, says luxury real estate broker Scott Forman of Royal Palms Realty in Key West, Florida.
Finding the Sweet Spot: What’s my perfect price?
Balancing your wish to attract an offer as soon as possible while maximizing overall profit is a whole lot easier than you might think.
Professional appraisers and realtors aren’t rocket scientists; they simply apply a time-tested methodology for determining market value: “comparables.”
A “comparable” is any other home in the general area of your property that is similar in age, size, condition and amenities. No two homes are exactly alike, of course, but comparables are meant to provide a ball park figure and not the end all be all final price.
Your Realtor will advise you on a course of action but it’s always best to ask for a personal copy of the listings used for their analysis.
You will want to look over “Sold Listings” to find out what homes like yours have sold for recently in your area and to see how long on average properties sit on the market prior to closing.
“Active Listings” illuminate a picture of your current competition. It’s worth your time to take a drive and visit some of the houses on the market at this time to see how your property stacks up mano a mano.
“Expired Listings” are homes that didn’t sell. Period. Use these numbers as a guide for avoiding the dreaded overpricing of your property.
Remember that your final price will also include an “instinctual” element. Ask your realtor about current trends in your neighborhood to determine whether a bump up or a dip down in price is warranted.
Beware: Overpriced Homes Sell for Less
Sellers who fall into the web of an ambitious new agent often wind up listing their property well above the going rate.
How does this happen?
It’s simple. In an effort to win your business a realtor will quote you a very favorable price they’re sure to fetch for your property.
But it never works out – and here’s why:
Buyers and buyer agents are inclined to ignore hot new listings that are clearly reaching with their listing price. This means that overpriced home tend to sit on the market until their listing goes stale.
A stale listing begins to pick up negative energy as buyers start to wonder “What’s wrong with the house that just won’t sell?”
By the time the price is adjusted back down to reality it’s too late. Often home sellers must pull the property off the market to list again in the future or they are forced to actually sell the house for less than they would have brought in had they listed a reasonable price from the get go.
Getting Proper Exposure is as Easy as Hiring the Right Agent
There are a million and one resources out there for maximizing the exposure of your listing. The reality, though, is that even with internet sites, social media and all sorts of other FSBO outlets you’re almost always better off hiring a realtor to sell your home.
A qualified agent with professional contacts and experience marketing your type of property in your specific location is worth his or her weight in gold.
Interview any prospective realtor to find out what their marketing approach would be should they list your home. Does it entail both online and offline strategies? Can they provide evidence of previous listings having sold with similar techniques?
The bottom line is this. Selling your home is as simple as setting the right price and getting qualified buyers to visit your property. More on this topic: http://royalpalmsrealty.com/price-and-exposure-the-two-most-important-factors-in-real-estate-sales/