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ALL ABOUT SELLING A HOME
There's more to it than placing a sign in the yard and waiting for the right buyer to come along and make an offer on your home.
Seven ways to a smoother, faster home sale
1. Find out about current market conditions, other homes like yours that may have come on the market recently, how many homes comparable to yours have been sold recently, how long has it been taking to sell, how close is the sale price to the list price. Examining comparable listing and sale information will help you to determine if your price is right to achieve a sale in the time frame you need. If a house sparkles, if it is looking as good as possible, if it shows really well, sellers will get the best price for their home in the shortest amount of time. Your agent can be invaluable during this home selling process and will be able to advise you of changing market conditions.
2. An overpriced home has the effect of driving away would-be buyers, often resulting in the property staying unsold for a lengthy period of time. Actually, an overpriced home will often yield lower proceeds by the time it finally sells. Look at it from the buyers perspective. They are looking for a home at "X" price. Yours is overpriced at "X" price, the one down the block is correctly priced and a good value at "X" price. Which do you think the buyer will make an offer on. Buyers will shop and compare, knowing instantly when they walk into the home that it's not what they expected for "X" price, or it doesn't compare with the other "X" price homes they have seen, and they leave disappointed.
For example, for the existing homes sold in 2008:
Homes priced within 5% of their final sale price were sold in an average of 73 days, average sale price was 98% of their original list price, about 53% of the total sold homes were in this category;
Homes priced at more than 5% of their final sale price were sold in an average of 129 days, average sale price was just 85% of their original list price.
Don't waste time by overpricing the home. If the house is priced right from the beginning, normally it will sell without a price reduction. Homes are most salable when they are new on the market. This is when they usually receive the most showing activity.
3. Pricing isn't the only factor to consider in your home selling strategy. You may need to re-think your marketing program. If you haven't wanted to have a public open house or refused to have a For Sale sign in your yard, reconsider. These two marketing tools have worked effectively to sell homes for decades and are an expected part of a good marketing program.
4. Start early to save money on improvements to your property. Fix and maintain, don't over-improve. Get your real estate agents opinion on what really needs to be done and how doing it -- or not doing it -- will affect the price.
5. Realize that being a "do-it-yourselfer" could be counterproductive. Are you skillful enough to do professional-looking work on such basic home improvement jobs as exterior painting or redoing a kitchen floor? A botched handyman's job can have discouraging results and end up costing more to have the work redone or allowing a reduced price for the home. Potentially hazardous projects, and project that will affect the long-term quality of the home, such as electrical or plumbing, should also be professionally done.
6. Free your place of unnecessary items early. If your 3-car garage is so jammed with belongings that you are no longer able to park there, then it's time to clean and de-clutter. And if your basement is so filled with "stuff" that you can't find the furnace, it's time to "clean house". It can take many grueling weeks to go through years of accumulation. Have a garage sale, bring it to a resale shop, donate the stuff to charity, you will probably never miss it.
7. It's not a good idea to put your property up for sale prematurely. Discuss your goals with your real estate agent early on and allow lots of preparation time for home improvements and just getting ready. Normally, two to three months is all you need to go from listing to closing. Work with your agent to determine how long you will need for your home in today's market, and how soon to get started looking for and purchasing your next home.
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If you are THINKING OF SELLING YOUR HOME
email or call 815-381-6850 to find out
what the current market value of your home is
and what I can do to successfully market and sell your home
–quickly and for top dollar.
(This market analysis and consultation is Free -- no charge and no obligation)
Rockford home source information is provided as a service to help you better understand issues related to the process of buying or selling real estate, especially in the Rockford Illinois area. The accuracy of content is not guaranteed, nor is it intended to replace the advice of an attorney, financial advisor, accountant, tax advisor, lender, home inspection service, building contractor or other real estate professional. This site contains links to other real estate related internet sites. These resources are selected on the basis of ease-of-use and helpful content for owning, buying, or selling a home, and no information, product, or service has been endorsed or approved by us. Privacy Statement: We are dedicated to protecting your privacy and handling your information in a secure and confidential manner. We know that having trust and confidence in the people you work with is important to you and we value the trust you place in us to protect your information. We do not permit list brokers, mail-order businesses, telemarketers, or other marketing companies to contact you to promote their products or services, and we do not sell, lend, or give out your information for this purpose. We use your information only to help us provide the home buying or selling real estate services you request. Bill Marek is a residential real estate agent with Dickerson & Nieman Realtors in the Rockford area of Northern Illinois, and, as a REALTOR©, is a member of the National Association of Realtors©, Illinois Association of Realtors©, and Rockford Area Association of Realtors©.
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