How To Sell Your Home For The Highest Possible Price, Fast!
To sell your home for the highest possible price, you should implement several proven marketing strategies as well as avoid several common mistakes. Simply follow my guideline below, and you should be able to sell your home for the highest possible price!
1. Understand that Supply and Demand ultimately determines your selling price. It's common for sellers to believe their house is worth more, but the price is mostly a function of supply and demand. How many homes are for sale in your neighborhood? At what price, and have you been in them? How do they show? Furthermore, what are you doing to generate DEMAND for your house? Newspaper classified advertising often isn't enough. Most qualified, active buyers are working with real estate agents-make sure you create demand for your home by marketing it to the Real Estate Agent community.
Absolutely crucial: Know Your Market. What are similar homes selling for in your neighborhood? Have there been any price reductions? Talk to your Real Estate Agent to keep a pulse on recent market activity, which can be gleaned from the Multiple Listing Service.
2. "Packaging" your Home For Sale Is Critical. Like any product or service, you need to "package" your home to maximize its appeal.
The Exterior. This is the first place to start. Maximize curb appeal by keeping your lawn cut, shrubs trimmed, and flowerbeds looking neat. Remove loose articles from the yard, including toys, tools, garden hoses, etc. Also, make sure your front door is in good condition. Keep it clean. Make sure the doors are tightened on their hinges. And if it's close to a holiday, put an ornament, like a wreath, on the door to create a feeling of warmth.
The interior. Remove excess furniture to make the interior appear larger (many sellers rent storage units to store excess furniture). Fresh paint, and removing stained or worn carpet, are some of the best investments you can make. Remove clutter in every part of the home. Thoroughly clean your home…especially bathrooms and appliances. We recommend hiring a professional.
Appeal to the senses. Inviting potential buyers into your home is akin to inviting them into your "store". Appeal their senses! First, appeal to their sense of smell. We recommend using a vanilla air freshener that you can attach to the air filter (available at Home Depot). Secondly, keep ALL the lights on in your home during the evening or during open houses. This makes the home appear larger and more inviting. Finally, leave your stereo on, set to classical music or jazz, at soft levels.
Is it possible to over-improve our home?
Yes. You should accomplish the above to maximize your investment, but there is a "cap" on how much your home will sell for. Consult your real estate agent to determine if added improvement means added marketability.
3. Marketing Your Home: The Most Important Factor!
Many home sellers are surprised to learn that more than half of all buyers come from referrals between brokers and their vast network of contacts. About 25% of the rest come from aggressive promotional efforts, and the small remainder comes from a yard in the sign.
Multiple Listing Service Computer. Your real estate agent enters a profile of your house in the multiple listing service. Now your house description is instantly available to the entire MLS membership (MLS is a membership available exclusively to brokers belonging to the Boards/Association of Realtors). Typically agents from other offices will "tour" new homes entered into the MLS for their buyers.
Agent Networking. In addition, most real estate agents will market your home to their network of agent contacts.
Advertising. To maximize exposure, make sure your home is advertised in local home journals, the internet Realtor.com is the most highly trafficed website in the world. It is essential you advertise there, along with several other leading websites), other real estate offices, direct mail cards targeted to specific neighborhoods, and newspaper classified advertising.
4. For Sale By Owner:
Many homeowners try to sell their own home, believing they can save the commission paid to the agent. However, the amount of time and effort required to sell a home often surprises the For Sale By Owner. Furthermore, many mistakes can be avoided with the professional guidance of a Real Estate Agent. The home selling process can truly be a grueling ordeal.
As your neighborhood real estate expert, I wrote this report to help educate you and help you avoid many of the mistakes that many home sellers make. These ideas are based on my collective experience. I hope you found them to be valuable, and if there is ever any way I can be of service to you or anyone you know, please contact me. Our initial meeting is free of charge, and of course you are under no obligation of any kind. I'd love to hear from you!