Preparing Your Home to Compete and Sell in 2010

Step back and look at your home, first from the street, around the outside, at the front door, and as you enter. Really look at it, not as your home, but as you would look at a home you were visiting at an open house. What do you see? A first impression will be remembered and can make the sale. Walk thru each room. Can the qualities of the home be seen, or are they obscured by too much furniture and clutter? Will a potential buyer be able to see the value of the home? Value in real estate is a combination of location, features, condition, and price. You control the condition and the asking price!

How Do You Come Up With An Asking Price

An asking price that is too high will not get showings, will disappoint potential buyers at open houses, will take longer on the market, and will end up selling for less than it would have if properly priced to begin with.

Ideally, the asking price should be as high as possible so your home sells quickly with the maximum financial return on the sale. But it must also be attractively priced for today’s market, competing favorably with other similar homes, so that we can hit our target market and obtain showings to qualified buyers.

It must allow some “wiggle room” for negotiation with an interested buyer. Buyers have compared other homes and prices. They have been shopping, they know the market, and are more committed to the purchase when they feel their decision to purchase will get them the best home at the best price.

The home must also appraise satisfactorily. This is an important issue today because of increased pressure from lenders to be sure the home is not overpriced in today’s real estate market and will be a good lending risk for the future.

As your professional real estate advisor I provide you with a Comparative Market Analysis for your home which reflects my experience and knowledge of local real estate and the current real estate market.

The Condition of Your Home and Property

Once again, first impressions can make or break a sale.  A home that is well kept, free of clutter, and in “ready to move in condition” will get better buyer interest--unless, of course, you are selling an “as is” fixer upper at a low price.

You may have painted or decorated your home to suit your tastes, but now it must appeal to a majority of potential buyers. In today’s buyers market the competition is fierce. With so many short sales and foreclosures at seemingly low prices, and the media telling buyers they can buy homes way below market value, your home must stand out.

Something else to consider is inventory. If 12 homes are currently on the market in your area and statistics show 6 homes have sold in last 12 months -- then we have 2 years worth of inventory.

Your home must show well, making the buyer feel it has been properly maintained, is in good condition, and is a good value for the price asked. To answer many of the questions a buyer might have about your property, the State requires you to fill out a disclosure form. There is also a radon disclosure and there may be a lead based paint disclosure as well if your home was built before 1978.

Obtaining Showings

Assuming you’ve priced your home competitively, your homes listing description, advertising, and marketing materials will attract potential buyers to see your home. Your job is to keep your home ready to be shown, and make it available when buyers want to see it and for scheduled open houses.

A company tour of your home will show it off to other Realtors and will generate interest that often leads to showings.

Negotiating The Offer

Having an offer presented is both exciting and a bit scary. Will it achieve your goals? Is the buyer qualified and able to complete the purchase? Are the contingencies, terms, and conditions reasonable and acceptable? Is the price a good one, should you make a counter offer, should you wait for another offer?

Closing The Sale