Keys to Selling

Our booming residential real estate market has shifted into a buyer's market where sellers are faced with high inventories and very few buyers.  As a result, sellers now need to be more aggressive and to take action so that they standout in the market.

  1. Price your home competitively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. When things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying, If your home is priced too high, you many never get buyers to even consider looking at your home.
  2. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn’t stand out from the rest then it’s time to get to work.
  3. Consider home staging. You may want to consider home staging. Either do it yourself or hire an outside firm to do so. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. I am also available to make recommendations on changes and enhancements that you can make in order to make the best impression on potential buyers.
  4. Make repairs. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don’t have the time or skill, find a handyman to go through your home and make repairs. Sellers sometimes offer a cash credit at closing to replace the roof or carpet. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.
  5. Offer flexible terms. Flexibility is the key now. You’d like to close in two months, but the buyers might be in a hurry and need to close sooner. You may want to find a way to make it happen in order to keep the buyer. You were planning to take the appliances to your new home, but the buyers make a bid near the asking price – including the appliances.  You may want to leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). Competition between home sellers is high – you will want to maximize every opportunity you have when buyers express interest in your home.