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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. Listing above market value, you will more than likely sell your neighbor's house instead of yours, or at the very least, risk a lack of potential purchasers visiting your home. By listing too low, you create the impression that you are desperate for the sale, or that something is seriously wrong with the structure. Your Real Estate Agent will provide 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 Real Estate Agent (R) will:
In the end, it's still your choice as to pricing. However, by taking into account years of professional experience and real estate wisdom, you increase the possibility of selling your home within the critical first 30 days for the highest possible sale price, or achieving a fair market price for the home you are purchasing. Disclosing the Facts No home is perfect! In one way or another, they all have defects to some extent. However, concealing problem areas can result in costly lawsuits....at your expense! The horror stories come in many forms. During the height of purchasing excitement, not everyone will notice the cracked foundation or faulty roof that leaks only when it rains, turn on the hallway light to experience electrical gymnastics, or even flush the toilet to watch it overflow because the septic lines are blocked. Undisclosed defects can come back to haunt, destroying what you originally considered protected....your pocketbook and peace of mind! It is in both your best interest and that of your purchaser to obtain a structural inspection during contract negotiation. Settlement and legal fees cost far more than if you had agreed to a price concession or repaired it yourself!
You consider your home one of your most prized possessions. You have lavishly decorated to individual taste, using paint and wallpaper as expression of your personality. Eyes glued to yet another magazine, you finally found the perfect window treatment. Your furniture reflects the colors and textures that have become important over the years. And don't forget, you DID spend hour after weekend hour bent over that magnificent garden. However, it will cease to matter once you sign the "For Sale" agreement. The paint, the drapes and the carpeting mean nothing to those outside the family. And that lovely bathroom tile you imported from some exotic land isn't even mentioned. How could they NOT notice that you spent a great deal of money and months waiting patiently for it to arrive at the shipyards? The answer is simple... your potential purchasers are not emotionally involved in your investment. Unlike you, they see the flaws you have come to ignore over the years. They will notice the carpet your cat has used as a scratching post, the tap that drips incessantly, and the ugly stain in the kitchen caused by the leaky roof. To them, it's nothing but added expense, and probably not worth the effort. After all, there are many, many more properties on the market other than just yours. However, the marketability of your home WILL increase if you take the time and effort to view it through their eyes, and take extra care in ensuring that minor things are attended to. One sure way of guaranteeing that your potential purchasers can see themselves enjoying life in your 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". The tiny handprint that adorns the front door is cute only to you. To the other side, it's a combination of filth and downright laziness. Despite the cost of a can of paint, your family room should NOT resemble a mud-room. And remember the sun shining through the windows? A little bit of elbow grease goes a long way! When the time comes to list your home for sale, take into account that your potential purchasers are searching for new roots. They need to be enticed, enthralled and enchanted at first glance. It needs to feel like THEIR castle, THEIR history, THEIR love story the moment your home comes into view. If expense is a concern, do it yourself. If there's litter in the front yard or the grass needs cutting, hire the teenager next door. Five dollars a time REALLY CAN make the difference! If not, there are numerous contractors, painters, decorators, cleaning services, and landscaping firms that your Real Estate Agent can recommend. For the more major repairs including replacement roof, flooring or structural defects, etcetera, you can opt to invest in the repair, or you can choose to disclose this information in the Listing Contract. Also pay attention to the "finishing touches" - the serene background music, the tidy bathroom , the made beds, and the bouquet of flowers. Open a few windows, the air will be fresher. A welcome mat at the front door is inviting, and please, no laundry running in the machines while you attempt to catch a few more minutes of lost time! By being ruthlessly honest in your evaluation of your home prior to listing, you will:
And remember - REMOVE THE EMOTION.
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