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Pricing your home for Sale
Today’s consumers are comparison shoppers. Although eager to achieve the best possible return on their hard earned investment dollars, they will shy away from properties that are listed too high or too low.
If you price your home above market value you will more than likely sell your neighbor’s house instead of yours, or at the very least, risk dissuading potential purchasers from visiting your home. By listing too low, you create the impression that you are desperate for the sale, or perhap give the impression that something is seriously wrong with your home's structure.
Your realtor will provide you with a comparative market analysis( CMA) that includes information on competitor listings, properties that have recently sold, and those that are currently pending. In addition, your realtor will:
- evaluate your property's location and size
- appraise your home's condition, size and age, and any improvements you have made
- review the assessed value of your home, taxes, and utility costs
- help determine what are the best selling features of your home
Buying or selling property in today’s fluctuating and competitive marketplace takes industry knowledge, a prove track record and expert opinion. It also takes dedication, commitment and the ability to stay on track in order to meet your goals. When discussing the critical factors in the sale of any property, your realtor’s expert opinion will guarantee that your home is accurately positioned in the current real estate market.
In the end, the listing price of your home is your choice. However, do take into consideration your real estate agent’s knowledge and factor it into your selling price decision.
Disclosing the Facts
No home is perfect. In one way or the other, they all have defects to some extent. However, concealing problem areas can result in costly lawsuits….at your own expense.
The horror stories come in many forms. During the height of purchasing excitement not everyone will notice the cracked foundation, or the roof that leaks only when it rains, turn on the hallway light to experience the electrical gymnastics, or even flush the toilet to watch it overflow. Undisclosed defects can come back to haunt you and possibly destroy what you originally considered protected…your pocketbook and your peace of mind. The golden rule for all home owners who are going to sell their home is "When in doubt...Disclose".
Repair Priorities
You consider your home one of your most prized possessions. You have lavishly decorated to individual taste using paint and wallpaper as an expression of your personality. Eyes glued to yet another magazine, you finally found the perfect window treatment. Your furniture reflects the colours and textures that have become important to you over the years. And don’t forget, you DID spend hour after weekend hour bent over your magnificent garden. However it will decrease in importance once a potential buyer comes along. The paint, drapes, and decorating may mean little to them. And that lovely tile you imported from some exotic land may go unnoticed.
The answer is simple…..your potential purchasers are not emotionally involved in your property. Unlike you, they see the flaws you have come to ignore over the years, and may not see the value in all your decorating. They would rather do their own thing. They just see the added expense of what they have to fix, and will use that to compare to other properties on the market.
The marketability of your home will increase if you take the time and effort to view your home through the eyes of a potential new owner. One way of guaranteeing that your potential purchasers can see themselves enjoying life in your new home is to make it as presentable and uncluttered as possible. What is known in the industry as curb appeal may become the difference between sold and continued showings. Make sure the windows sparkle, and remember paint is often a quick and inexpensive fix . Remove the clutter. People want to see as much space as possible. Most people size up a home in the first 3 minutes they are in your home so use that knowledge to your best advantage. There’s nothing more unappealing as the sight of your “stuff’ heaped everywhere. And finally, try to fix all those little minor repairs you somehow haven’t had time for. In the long run a few dollars spent improving the look of your home could add up to thousands when you sell.
When preparing your home for viewing, finishing touches should include soft music, tidying up the bathroom with toilet lids down, making the beds and, if possible, open the windows and let in some fresh air and avoid harsh cooking odors. Pretend you are the purchaser and be meticulous. You will feel proud........and your bank account will be happy!
Also see the Sellers Guide
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