David Higgins' Blog
Many home sellers face a dilemma. In most instances, it is important to set a competitive price for your property to stir up plenty of interest in it. Conversely, it is essential to explore ways to maximize the value of your residence.
For home sellers, establishing the right price for your house is key. By doing so, you can set a price for your home that meets your needs as well as homebuyers'.
What does it take to establish the right price for your residence? Here are three tips to ensure home sellers are equipped to do just that.
1. Study the Housing Market Closely
The housing market fluctuates constantly. As such, what your home was worth yesterday may not be what it is worth today.
If you study the housing market closely, you can price your residence based on the current real estate sector's conditions. Thus, you'll be better equipped than other home sellers to garner attention from homebuyers and accelerate the home selling process.
Examine the prices of comparable houses in your area, along with the prices of recently sold houses similar to your own. This will make it easy for you to establish "fair market value" for your property and price it accordingly.
Also, don't forget to conduct a home appraisal before you add your home to the real estate market. With a home appraisal, you'll be able to receive comprehensive insights into your home's condition and complete home repairs to boost its value.
2. Set Home Selling Goals
Do you want to sell your house as quickly as possible? Or are you looking to optimize the value of your home, regardless of how long it remains on the real estate market?
Set home selling goals prior to adding your house to the real estate market, and you can establish a fair price for your residence.
For example, if you want to sell your house so you can relocate quickly, you may want to price your residence competitively. On the other hand, if you can afford to be patient, you can always wait out a buyer's market to maximize the value of your residence.
3. Hire an Experienced Real Estate Agent
Your real estate agent will play a key role in your ability to sell your house and get the best price for it. And if you employ an experienced real estate agent, you should have no trouble accomplishing your home selling goals.
With an experienced real estate agent at your disposal, you can receive extensive support throughout the home selling process. This real estate professional will offer expert tips and advice to help you get your property ready for the real estate market. In addition, he or she can offer guidance about how to price your home competitively, whether to accept or reject a homebuyer's offer and more.
Collaborate with an experienced real estate agent, and ultimately, you can simplify the process of selling your home.
As a home seller, it generally is a good idea to consider the buyer's perspective. That way, you can determine why buyers may consider your house over other available properties and map out the home selling journey accordingly.
Now, let's take a look at three tips to help you assess the buyer's perspective before you embark on the house selling journey.
1. Analyze Your Home
Think about why you decided to buy your home in the first place. By doing so, you may be able to discover what makes your house unique from other properties so you can promote your residence to the right groups of prospective buyers.
Don't hesitate to take an objective view of your home's interior and exterior too. Remember, your goal as a home seller is to generate as much interest as you can in your house. If you take a critical view of your house, you can identify problem areas and work to correct various issues as quickly as possible.
2. Review the Local Housing Market
The local housing market may favor buyers or sellers. By reviewing housing market data, you can find out whether a buyer's or seller's market is in place. Plus, if you evaluate the local real estate sector, you can understand how your residence stacks up against the competition.
Analyzing the local housing market also may help you establish a price range for your home. As you check out the prices of comparable houses in your city or town, you can use this information to set an aggressive initial asking price for your residence. And as a result, you may be able to stir up lots of interest in your home among potential buyers.
3. Consult with a Real Estate Agent
If you are unsure about how buyers may perceive your house, it may be beneficial to have a housing market expert at your side. Luckily, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you find ways to generate interest in your residence.
A real estate agent will learn about you, your home and your house selling goals. Next, he or she will craft a personalized house selling strategy designed to help you achieve your desired results. After a real estate agent puts this strategy into action, it may be only a matter of time before you receive offers to purchase your residence.
Let's not forget about the assistance a real estate agent provides after you receive an offer to purchase, either. At this point, you'll have to decide whether to approve, reject or counter a buyer's proposal. Meanwhile, a real estate agent can provide an honest, unbiased recommendation to help you make an informed decision about a homebuying proposal.
Want to streamline the home selling journey? Use the aforementioned tips, and you can incorporate the buyer's perspective into your home selling strategy and increase the likelihood of enjoying a fast, profitable house selling experience.
Adding a house to the real estate market should be simple. However, a home seller must consider various factors before listing a home, or risks missing out on opportunities to stir up interest from potential homebuyers.
Some of the top factors to consider before you list a residence include:
1. Your Home's Interior and Exterior
Ultimately, your home only gets one chance to make a positive first impression on homebuyers. If a home seller dedicates the necessary time and resources to update a house's interior and exterior, he or she may be able to increase the likelihood of a quick home sale.
To improve a house's interior, it is important to declutter as much as possible. Remove any non-essential items from a home; these items can be sold at a garage sale or online or put into a storage unit until a home sells.
Furthermore, to enhance a home's exterior, a home seller should mow the front lawn, trim the hedges and perform assorted home exterior maintenance projects. With a dazzling home exterior, a home seller can help his or her residence stand out from other available houses.
2. The Local Housing Market
How does your home stack up against the competition? Study the local housing market closely, and you should have no trouble establishing a competitive price for your home.
Examine the prices of available residences that are similar to your own. Also, take a look at the prices of recently sold houses in your city or town. With this housing market data in hand, you can understand whether you're preparing to operate in a buyer's or seller's market and price your residence appropriately.
3. Home Appraisal Results
When it comes to getting a home ready for the real estate market, it never hurts to conduct a home appraisal.
During a home appraisal, a property inspector will assess a house's condition. After the appraisal is finished, this inspector will provide a homeowner with a copy of a home appraisal report.
A home appraisal report offers valuable insights into a home's condition and enables a home seller to prioritize myriad home improvement projects. As such, the report may help a home seller find ways to enhance a residence before he or she adds it to the real estate market.
Lastly, if you're looking to list a house in the foreseeable future, working with a real estate agent is key.
A real estate agent is happy to help you prep your residence for the housing market. He or she will offer honest, unbiased home selling recommendations and ensure you can upgrade your house as needed. Plus, this housing market professional will set up home showings and open houses, negotiate with homebuyers on your behalf and do whatever it takes to help you sell your residence.
Get your house ready for the real estate market – consider the aforementioned factors, and you can transform an ordinary residence into an awe-inspiring home.
The home selling process should be quick, particularly for those who offer great houses at competitive prices. However, problems may arise that prevent an individual from enjoying a seamless home selling experience.
When it comes to selling a house as quickly as possible, it generally is a good idea to be proactive. That way, you can resolve any potential home problems before you add your house to the real estate market. A proactive approach to selling a house also may enable you to minimize the risk of encountering time-intensive problems throughout the home selling journey.
Now, let's take a look at three tips to help you avoid delays as you sell your house.
1. Perform a House Inspection
A home inspection typically is requested by a homebuyer after his or her offer is accepted on a house. Conversely, a home seller can perform an inspection prior to listing a residence to identify home issues and fix these problems right away.
During a house inspection, a property expert will examine a residence both inside and out. He or she then will provide an inspection report that offers comprehensive insights into a residence's condition.
A home seller should assess the results of an inspection report closely. By doing so, a seller can prioritize myriad home repairs and alleviate these issues. And as a result, a seller can prevent such problems from potentially stopping a home sale at a later time.
2. Establish an Aggressive Initial Asking Price
The price that a seller sets for his or her house can have a major impact on how quickly the home selling journey progresses. If a seller establishes an aggressive initial asking price for his or her residence, this individual may boost the likelihood of a fast home selling journey.
Remember, homebuyers are searching for residences that deliver the ideal mix of quality and affordability. If you price your residence competitively based on the current housing market's conditions, homebuyers may choose to pursue your house over others that are available. Then, it may be only a matter of time before you receive multiple offers on your house that are at or above your residence's initial asking price.
3. Collaborate with a Real Estate Agent
If you're worried about encountering time-intensive problems during the house selling journey, there is no need to stress. For those who hire a real estate agent, you can get the support you need to address any potential home selling problems.
A real estate agent possesses the skills and know-how to help you simplify the home selling journey. He or she is happy to provide expert recommendations as you proceed along this journey. And if you ever have concerns or questions about selling your house, a real estate agent is ready to respond to them.
Want to accelerate the home selling journey? Use the aforementioned tips, and you can limit the risk of encountering potential hurdles that otherwise could slow you down as you sell your house.
If your home is on the market, you may wonder why it hasn’t moved off the market. There are many ways to make adjustments to the price of your home, but if not done correctly, you could sabotage the sale of your home. Let’s say that you have your home as an FSBO (For sale by owner.) Buyers may wonder what’s behind the price of the house. Does the seller genuinely want to move the home to the sold category quickly? Why has the home been for sale so long?
You could face the same problems if you’re working with an agency. The difference is that s a seller, the agency is by your side, helping you to make the right decisions when it comes to pricing your home.
You need to be realistic when pricing your home as a seller. Of course, you want to make a return on your home. Of course, you think your home has great value. The critical point is that you need to understand the state of the market along with the neighborhood your home is located. So much goes into the pricing of a house.
Along with your agent, you can do some investigating to see where some improvements could be made in marketing your home. Look at the following:
How has the house been received on the MLS?
Are the significant benefits of the home highlighted?
How many open house opportunities did buyers have?
Are there good pictures of the house online?
Do the signs leading to the house stand out?
Can you add anything to the marketing of the home like a virtual tour?
While real estate agents have general guidelines as to how a home at a certain price point should be marketed, you can always be your own advocate.
The Consequences Of High Pricing
If you price your home too high, there are some consequences. Your home will stay on the market for an extended period of time if it's overpriced. Buyers will wonder why the house has been listed for so long, wondering if there’s something wrong with the property. Buyers will wait even longer to bite on the home in these circumstances because they are waiting for a price drop.
The best thing you can do in this circumstance is to take your home off the market. Work with your real estate agent. He can let you know whether it’s a good time to re-list the home. Perhaps you can make some improvements to the property in the meantime. A fresh listing and a clean look at the house may help buyers to find the property more easily at a price that pleases them!