MLRealtyNE.com 800-510-SOLD
5 Industry Secrets to Selling Your Home for the Most Money
1. Pricing: How to Get Over Your Asking Price To successfully sell your home, an accurate pricing plan must be in place to complement your Marketing Strategy. Study after study proves that the longer your home is on the market the less your home is worth. So it’s imperative to set the right price at the beginning. How do you decide the right price? See what price homes like yours have sold for in the past 6 months. Look at the overall condition of these homes: amenities, number of bedrooms and bathrooms, as well as the age of the homes and make sure the comparables are similar to your own. The same style homes should be used in your comparison whenever possible. As an example, if your home is an 1820’s colonial, then other 100+ year old colonials should be used. The same holds true if you have a condominium that is less than 10 years old; comparables of a similar age should only be used in the analysis. Get information on how long the homes were on the market and take note of any price adjustments as well to get a better idea of the current market. Keep in mind prices can differ greatly not just by town but by neighborhood. Examine only homes that have sold in your neighborhood for the most accurate pricing.
If the price is accurate: bull’s eye! An offer will be made on your home!
Once you’ve determined your range, set your price. Remember, buyers know what homes like yours sell for too, so you want to price your home competitively to attract them and get the most money.
2. Staging: Do’s and Don’ts Staging a home improves your home’s chances of selling for the best price. According to a survey done by HomeGain, staging a home increased the selling price of a home $3000-$4000 and had a higher return of investment compared to updating the kitchen or bathroom. Homes also sell faster than nonstaged homes so it’s well worth your time! Do View Your Home as a Buyer Would: Buyers decide if they will buy a house in the first 8 seconds of seeing it. So be critical when you view the front of your home. During the winter, yard waste needs to be raked up and snow needs to be neatly shoveled. (continued on next page)
Flowers should be planted and fresh mulch laid for the spring market. In summer time create patio furniture arrangements and a nicely mowed lawn. And last but not least, the fall requires leaves to be raked and bushes trimmed. Don’t Do Major Renovations: Spend time and money fixing or replacing what’s old or broken in the home, not redesigning a new kitchen or bathroom. Replace old or dated light fixtures, door hardware, light switches and outlets. Change cabinet fronts, knobs and drawer pulls. Get the Windex out! This is a simple inexpensive way to bring more light into rooms and make even older windows look new again. Wash curtain sheers. Shampoo rugs. Dust shelves. Counters, sinks, tubs, and appliances should sparkle. A bright, spotless house will appeal to buyers.
Buyers want to be able to picture themselves living in the house, not feel like a guest in your home
Do Keep It Cozy: You want home buyers to feel right at home when they view the house. Before showing your home, fill the home with pleasing aromas by burning a scented candle or baking brownies. Make sure your home’s temperature is comfortable. If it’s cold outside make sure it’s warm in your house. And if it’s a hot summer day, have the air conditioner on, or if you don’t have air conditioning, open windows and have fans going to circulate the air. Another way to emphasize comfort in your home is to use decorative fabrics such as a satin table cloth, or have plush towels displayed in the bathroom. Don’t Show Your Personality: Buyers want to be able to picture themselves living in the house, not feel like they are a guest in your home. Store family photos, sports trophies, and personal collections. Remove your kids’ artwork from the refrigerator. Bedrooms can be difficult to depersonalize so try to arrange it so it looks more like a hotel room: with neutral bedding and wall colors. Remove any personal items from bureaus and bathrooms. Do Cut the Clutter: Since getting Buyers into the home is half the battle, make sure they don’t lose interest because your house is brimming over with stuff that could easily be placed in a closet or drawer. De-cluttering doesn’t mean getting rid of everything, but it definitely means organizing and removing your stuff. Remove notes and postcards from the refrigerator, reduce the amount of books in shelves, and remove vases, statues, or clocks from tables. Don’t Forget: Less is More! Most rooms have too many pieces of furniture. Remove at least one of them to thin the room out. Move furniture away from walls. Buyers should be able to freely move around the rooms, not bump into end tables and ottomans. Less furniture makes rooms look larger. (continued on next page)
3. Marketing What’s your marketing plan for your home? It’s not enough to just list it on MLS. Online marketing should be the heart of marketing. The more buyers who see your home, the more offers you’ll get, which will drive up the price and get you the most money for your home! The first step in online marketing is taking many high quality pictures of your home. The more pictures, the more views, and the more views the more interest in your home. Use a high quality camera to take several pictures of each room and area of your home. Angles and lighting can make a profound difference in how a Buyer perceives your home. Another absolute must is getting a floor plan of your home to post online. Don’t forget Social Media. Each year Facebook, Twitter and popular blog sites gain more and more traction with how we buy products. Real estate is no exception. Posting your listing on Twitter, Facebook and other channels is key to getting more views of your home.
Once you do get a Buyer interested in your home, you still have to make sure you know how to negotiate to get the most money
4. Negotiating Once you do get a Buyer interested in your home, you still have to make sure you know how to negotiate to get the most money. Do you know how to handle a Buyer who comes in with a lower offer? This is where knowing how to negotiate is crucial. Will the Buyer ask you to pay for closing costs? Will they want you to pay for a new furnace? Work out different scenarios with your listing agent when an offer comes in and have an answer for each one.
5. Providing Information to the Buyer Make sure your Buyers have all the information they need to know exactly what they are getting so there are no surprises that could delay or threaten getting the most money for your home. Sellers should have their septic system tested prior to listing their home for sale. Know the boundaries of your land. If you notice some evidence of either active termites or past termite damage, don’t wait until a Buyer is interested to get a termite inspection. Getting an inspection now will allow you to address the problem and fix it so that it doesn’t become an issue at the time of the sale. Arm yourself with as much information about your home so that you will be protected as a seller.
Questions? Call Us!
800-510-SOLD
MLRealtyNE.com
