It has been said that what makes a property sell is location, location, location. It’s catchy, but only partially correct. There are five factors involved in getting your house sold: LOCATION, PRICE, CONDITION, the MARKET, and the REALTOR® you select. Any Realtor can get your house sold the first time it appears for sale if it is positioned correctly on these factors:
Factor # 1 LOCATION
The location of your house is simply what it is — it cannot be changed. In the buyer’s mind a house on a busy street, near power lines, next to or backing up to a commercial business or perhaps too close to a school is less desirable. Homes located in a quiet cul-de-sac, backing up to a greenbelt, or offering an exceptional view are more desirable.
Factor # 2 PRICE
Every homeowner wants to sell their house for as much money as possible, but if your asking price is too high your house will help sell other houses in your area. Overpricing a property usually has the following effects:
1. Increases the time your home sits on the market, which causes buyers to think you are desperate, and to offer you less than your home’s fair market value.
2. Buyers who should be looking at your house will not see it because it is out of their price range.
3. Buyers who do look at it purchase larger homes that are priced the same.
4. You receive low offers or no offers at all. Remember, a higher asking price does not automatically equal a higher sales price. The more you overprice a property, the more likely you are to eventually sell it at a price lower than it is worth.
You want to price your house to attract appropriate buyers for your neighborhood. The more buyers you come to see your home, the more they will compete for your house, which will drive your sales price up. Competition will result in receiving offers over and above your asking price.
Factor # 3 CONDITION
Buyers want to get the most home for their money and many times are looking at new homes as well as resale homes. Buyers will pay top dollar for homes that are in pristine condition. Your Realtor should be knowledgeable in this area and should suggest minor things you can do to help your home show its very best.
Factor # 4 The MARKET
The real estate market is always in one of three types of markets.
1. A hot seller’s market where there is low inventory and more buyers which, in turn, drives selling prices up.
2. A normal stable market where there is an equal number of buyers in proportion to the number of homes for sale. The result is home prices remain stable.
3. A buyer’s market where there are more homes for sale than buyers who want to buy. This causes home prices to decline.
Factor # 5 The Realtor you choose
Any Realtor will show enthusiasm and want to list your house for sale. Unfortunately, many Realtors still cling to ineffective marketing ideas that do little to sell your home, which means that you miss out on the best buyers. Choose your Realtor based upon
1. Experience at listing and marketing houses for sale;
2. Ability to use technology to market your house world wide to buyers 24/7, and to communicate with you;
3. Reviewing with you a comprehensive Comparative Marketing Analysis of home sales in your area;
4. Ability to offer a step-by-step marketing plan that will get your house sold at the highest possible price, within a time frame that best works for you;
5. Contractual expertise and the ability to negotiate and resolve problems which arise during your escrow.
Working with a full-time professional Realtor is a must. Choose your Realtor by asking her questions. Find out how knowledgeable she is about houses currently for sale in your price range and also of houses that have recently sold. Does your agent work with a good lender that can assist your new buyer to obtain financing? A good listing agent can get your house sold quickly at top dollar and help you find a new home.
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