If you're under pressure to sell your home quickly in a challenging market, you may have to swallow a large dose of reality and take some radical steps to increase your home's visibility. While making concessions can seem difficult, please consider the following proven suggestions to produce a quick sale.
Remember that there are myriad possibilities for exposure in today’s internet-driven society. In addition to your agent’s traditional print and online marketing tools, use social networking sites like facebook and Twitter to promote your listing to younger first-time buyers.
When setting your price, place it ten to fifteen percent below your competition. All other things being equal, your home will readily appear as the best value.
Also consider the price "range" your home will fall into, and make sure you're on the lower end of that range. For example, a $299,000 home falls into the upper end of the $275,000 to $300,000 range, but that same home priced at $301,000 is in the lower end of the $300,000 to $350,000 range. Buyers tend to look in ranges of prices, so again, make yours look like the best value.
Finally, talk with your agent about incentives you can offer, like paying buyer closing costs or a decorating allowance. If you have a strong need to sell quickly, any or all of these suggestions should produce results.
Showing posts with label sell. Show all posts
Showing posts with label sell. Show all posts
2/19/10
2/5/10
Devils In The Details
When you receive an Offer To Purchase, you are likely to focus on the price. You might be ecstatic over a full price offer, but you should be aware how "contingencies" could affect the likelihood of success.
Almost every offer has a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term. Make sure these factors are realistic. A buyer seeking a 30-year loan at 4% with no points may be hedging their bets if your agent advises that these loans are typically written at 7% with 1.5 points. Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer.
Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours. There has to be a realistic time limit, so the buyer doesn't tie up your listing.
It's wise to respond with a "Hubbard" clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.
These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.
Almost every offer has a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term. Make sure these factors are realistic. A buyer seeking a 30-year loan at 4% with no points may be hedging their bets if your agent advises that these loans are typically written at 7% with 1.5 points. Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer.
Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours. There has to be a realistic time limit, so the buyer doesn't tie up your listing.
It's wise to respond with a "Hubbard" clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.
These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.
9/18/09
The Goose & The Gander
When facing a mortgage default, most homeowners try to sell their home - fast. The technique that works in these stressful situations also works for the rest of sellers - namely, aggressive pricing.
As a seller, you control the three factors that determine how quickly your home will sell: marketing, condition, and price. Let's focus on that last element.
First, be clear about your goals. Can you hold out for the highest price you can get, or do you want to move on quickly? Unfortunately, the fact that you paid more than what homes in your neighborhood are selling for is irrelevant in today's market.
Forget about salvaging equity, and price your home aggressively against the competition. Overpricing keeps many buyers from even seeing your listing in their affordability zone. They'll see lower priced homes as a better value, while you'll wait until the lowballers come out of the woodwork.
Start your pricing decision with a Comparative Market Analysis (CMA) performed by your real estate representative. If you're truly motivated to sell quickly, price your home 10% lower than the selling (not asking) prices of other homes in your area.
Now your home becomes a bargain, and it will attract the attention of other agents and their qualified buyers. An attractive price, good condition and savvy marketing will result in offers and ultimately, a sale.
As a seller, you control the three factors that determine how quickly your home will sell: marketing, condition, and price. Let's focus on that last element.
First, be clear about your goals. Can you hold out for the highest price you can get, or do you want to move on quickly? Unfortunately, the fact that you paid more than what homes in your neighborhood are selling for is irrelevant in today's market.
Forget about salvaging equity, and price your home aggressively against the competition. Overpricing keeps many buyers from even seeing your listing in their affordability zone. They'll see lower priced homes as a better value, while you'll wait until the lowballers come out of the woodwork.
Start your pricing decision with a Comparative Market Analysis (CMA) performed by your real estate representative. If you're truly motivated to sell quickly, price your home 10% lower than the selling (not asking) prices of other homes in your area.
Now your home becomes a bargain, and it will attract the attention of other agents and their qualified buyers. An attractive price, good condition and savvy marketing will result in offers and ultimately, a sale.
7/6/09
The Difference Between Selling & Dwelling
There is a special mindset associated with "staging" your home to sell in a soft market. Staging refers simply to the act of improving your home's appearance in order to appeal to the widest segment of potential buyers. The approach you must adopt is to see your home with an objective eye.
Stop looking at your home as your "home," and start visualizing it as the "product" it becomes when it enters the market. Both a real estate agent and a professional home stager can help to market your product successfully by highlighting positive features and downplaying less attractive aspects.
Since you may have a strong emotional attachment to your home, you may not fully appreciate hearing about a better way to show your offering, but try to recognize that the way you decorate to SELL may be quite different from the way you decorate to dwell. The appearance of a space often trumps its functionality when impressing buyers.
Your goal is to sell quickly at a fair price. A survey by a large national real estate brokerage showed that staged homes sell in half the time, and another survey of REALTORS® showed that a $500 “staging” investment recouped 343% of that cost. So be prepared to swallow a little pride, move some furniture, and field better offers on the road to your successful sale.
Stop looking at your home as your "home," and start visualizing it as the "product" it becomes when it enters the market. Both a real estate agent and a professional home stager can help to market your product successfully by highlighting positive features and downplaying less attractive aspects.
Since you may have a strong emotional attachment to your home, you may not fully appreciate hearing about a better way to show your offering, but try to recognize that the way you decorate to SELL may be quite different from the way you decorate to dwell. The appearance of a space often trumps its functionality when impressing buyers.
Your goal is to sell quickly at a fair price. A survey by a large national real estate brokerage showed that staged homes sell in half the time, and another survey of REALTORS® showed that a $500 “staging” investment recouped 343% of that cost. So be prepared to swallow a little pride, move some furniture, and field better offers on the road to your successful sale.
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