Once people decide to sell their homes, they usually don’t want the experience to last too long. Here are some tips for selling your home quickly. Some may surprise you.
Choose a good real estate agent
While it may seem selfish to suggest hiring a real estate agent as the first order of business, I do so in good faith. Even those who do not benefit from this recommendation agree with me.
A real estate agent will help you assess the market value of your property; advertise your property locally, online and through the Multiple Listing Service (MLS); share information about your property with other real estate professionals; coordinate inspections; and guides you through the process to avoid costly mistakes. Remember that a real estate agent has a fiduciary responsibility to deal honestly and in your best interests. This is not just an ethical responsibility, but a legal one.
Set the right price
Many sellers have the mistaken impression that if they set the listing price for their property high, it doesn’t matter because buyers are bidding them down. Paradoxically, homes that are priced too high often end up selling for less.
The vast majority of buyers work with real estate agents who know the market. When real estate agents think a property is too expensive, they are less likely to show it and the listing becomes outdated. When a property stays on the market for too long, buyers start bidding on low prices because they assume the sellers are eager to sell.
On the other hand, when you value your home at market rates, you can inspire a bidding war between buyers, which is more likely to increase the final sale price.
In a competitive market like the one we find ourselves in today, it is extremely important to increase the visual appeal of your property as much as possible. Replace the old carpets. Paint the walls with neutral colors. Update outdated fixtures and appliances and spruce up the yard.
If you live in the house while it’s on the market, declutter by removing at least one-third of the furniture and cupboard contents. Then clean the house until it sparkles before each showing.
If the house is vacant, hire a professional staging professional (your real estate agent can recommend one). According to a Homelight.com survey, 83% of top agents agree that staged homes sell faster, with 71% saying they sell at least 6-10% faster than vacant homes that don’t go on stage.
Talk to your real estate agent about performing all relevant inspections as soon as you put the property up for sale, including a home, pest and fungus, roof, heat / air, well inspection and septic tank, and depending on your property, maybe a few more (natural hazards and flood certifications come to mind).
Consider all costs
To sell your home quickly, your real estate agent will almost certainly recommend some upfront expenses. Sometimes salespeople balk at this because they ignore the cost of NOT doing these things. In economics, there is a term called opportunity cost, which describes the cost of the abandoned alternative. What do you give up when you choose to invest (or not invest) in a given activity?
For example, imagine that your house is on the market for $ 500,000. It’s vacant, so you want a quick sale. If you don’t have a loan on the property, the opportunity cost of having that home on the market is around $ 40 per day. So the question is whether it is worth spending a few hundred dollars for good photos taken by a professional photographer who has the skills and experience to keep the 1984 van and your neighbor’s trash out of exterior photos, someone who knows how to photograph a bathroom without making the toilet the centerpiece? I would say yes, especially considering that most people narrow down their home buying selection based on their online research i.e. photos of your property.
Spending a little money up front can actually save you money (or earn you money) after the transaction is completed.
If you have any questions about property management or real estate, please contact me at [email protected] or call (707) 462-4000. If you have an idea for a future column, please share it with me and if I use it I will send you a $ 25 gift certificate to Schat’s Bakery. To view previous articles, visit www.selzerrealty.com and click on “How’s the Market”.
Dick Selzer is a real estate broker who has worked in the field for over 45 years.