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Getting the Highest Price in
the Shortest Time In
order to get the highest price in the shortest time, you need to
know how to market your home. The better you market your home, the
more offers you will get. And the more offers you get, the more
choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it
right. Your price should be adjusted to reflect the market, and
the property's worth. The key is to get many people checking out
your property at a fair price instead of having no buyers because
your price is set to high.
Another important factor is the condition of your home. Make sure
that your home looks ready to be sold. Fix any defects (peeling or
faded paint, cracks, stains, etc.) Condition alone can sometimes
prompt fast buying decisions. Not only should you fix any defects,
but consider upgrading your home by making major repairs and
cosmetic improvements before selling. A nice looking home triggers
the emotional response that can lead to a financial response.
Learn how to negotiate the best terms for all parties involved.
Terms are another factor which may be adjusted to attract buyers.
If you insist on getting your asking price, think of what you can
offer to the buyers, for example, improvements you've made, or
even offering seller financing at a lower than market interest
rate on a portion of the sale price. Convince them why they should
be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a
hot agent that ensures your house is listed on the MLS and on the
Internet. On your own, get the word out. It should be visible to
passerby’s that your house if for sale, whether it be signs, local
advertisements or you telling friends, family, and acquaintances.
Making a Good First
Impression
If you want buyers to be
interested in your home, you need to show it in its best light. A
good first impression can influence a buyer into making an offer;
it influences a buyer emotionally and visually. In addition, what
the buyer first sees is what they think of when they consider the
asking price.
A bad first impression can dissuade a potential buyer. Don't show
your property until it's all fixed up. You do not want to give
buyers the chance to use the negative first impression they have
as means of negotiation.
Ask around for the opinions others have of your home. Real estate
agents who see houses everyday can give solid advice on what needs
to be done. Consider what architects or landscape designers have
to say. What you need are objective opinions, and it's sometimes
hard to separate the personal and emotional ties you have for the
home from the property itself.
Typically, there are some general fix ups that need to be done
both outside and on the inside. As a seller, you should consider
the following:
- Landscaping - Has the front
yard been maintained? Are areas of the house visible to the
street in good condition?
- Cleaning or Redoing the
driveway - Is your driveway cluttered with toys, tools, trash
etc.?
- Painting - Does both the
exterior and the interior look like they have been well taken
care of?
- Carpeting - Does the carpet
have stains? Or does the carpet look old and dirty?
Setting the Price
The price is the first thing buyers
notice about your property. If you set your price too high, then
the chance of alienating buyers is higher. You want your house to
be taken seriously, and the asking price reflects how serious you
are about selling your home.
Several factors will contribute to your final decision. First, you
should compare your house to others that are in the market. If you
use an agent, he/she will provide you with a CMA. The CMA will
reflect the following:
- houses in your price range
and area sold within the last half-year
- asking and selling prices of
houses
- current inventory of houses
on the market
- features of each house on the
market
From the CMA, you will find out
the difference between the asking price and selling price for all
homes sold, the condition of the market, and other houses
comparable to yours.
Also, try to find out what types of houses are selling and see if
it applies to your area. Buyers follow trends, and these trends
can help you set your price.
Always be realistic. And understand and set your price to reflect
the current market situation.
Finding the Right Agent
Not all agents work the same way.
The most important attribute of an agent is that he/she is well
connected to the real estate industry. He/she should know the
market and provide information on past sales, current listings,
his or her marketing plan, and at least 4 solid references. In
addition, you also want to look for an agent that is honest,
assertive, and one that best understands your needs.
Try to go with a local agent. They can better serve your needs;
they are familiar with what the local market condition is, the
local prices are, and what's hot or not in your community.
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