Selling in a buyers market can seem intimidating at times. With these 7 simple steps, you can walk into the sale of your home feeling prepared and confident.
1. Know Your Homes Worth
Before you consider putting your home on the market, you need to know where your house stands. This is where comparables do all the talking. It is crucial that you don't price too high, as buyers will look for other options,
or too low, as we don't want to be 'giving away' your home. I offer potential clients a complimentary market evaluation using true market statistics such as the SOLD homes that are most comparable to your own. Having over 100 years of local real estate in my family I also have a wealth of knowledge at my fingertips and credible second opinions of price points in tricky markets like we're in now. Be sure to invest in a good realtor who will offer you accurate pricing and advice.
2. Keep a "Business-like-Mindset"
Selling your home can be as emotionally exhausting as it is mentally and physically. Saying goodbye to a home can make selling a very sentimental process. None the less, buyers will come in and pick apart tiny details, list the things they would change, and offer you less than you may think its worth. I like to remind my clients that keeping a Business Mindset can help keep this journey a little more stress-free. Remember that there are lots of options out there and if you are motivated to sell you must beat the competition and make your investment the obvious choice.
3. Set Your Home At A Reasonable Price
Tyng a little bit into point 1, reasonable pricing is KEY to having your house sell. Make sure your realtor is someone you trust to know the market. Upgrades can add real value to your home, but some upgrades or renos (although they may be important to you) won't matter when it comes to your properties' worth. Your Realtor will give you insight on a price fair to the market. If you feel this price is not right, don't be afraid to ask for a second opinion. Most realtors will be happy to reach out to a mentor or co-worker to ensure they are in the ballpark. The bottom line is, listening to your realtors' advice is important but ultimately you decide what price you are comfortable with.
4. Set Your Home Up For Success (Staging)
Staging, Staging, Staging! Think of this step as an early (or late) Spring Cleaning Session. It is not only important to keep your house clean, but actually decluttering your home! I often advise clients to rent out a pod if they don't already have additional storage space. During this step, you will take everything that isn't essential to your everyday life, and remove it from your home or eyesight. A good goal to keep in mind is that you are trying to show off as much space as possible. My rule of thumb is to keep everything outside of furniture, off the ground. This also applies to counter space and table tops. If you are hesitant or unsure of what you can move, fix, or clean out of your home look to your realtor for his/her guidance. I make a point to go through each clients' home room by room with them, advising them on what things can be removed or changed within the home to show it off best.
The two pictures below are of a new home that was staged when we went onto the market. Which picture looks more inviting to you?
5. It's All In The Details
This step will take your house from 'Well Lived In' to 'Well Taken Care of'! Cleaning and decluttering play a huge role, but it doesn't stop there. This next step is much more tedious, and will not affect things directly, but will give buyers overall confidence that your home has been well taken care of over the years. Take this opportunity to fill any cracks, scrapes, or holes in your walls. Try giving your walls, doors, door handles, light switches, and railings a good wash. Never underestimate what a fresh coat of paint can do. Fluff up your furniture and spot clean if needed. These little things like having nail marks in the walls may not affect a buyer's feelings towards your home directly, but the list starts adding up. Those nail marks, scuffed walls, and chipped railings may be the tipping point of finding a better option. This step is crucial.
6. Invest In Professional Photography & Videography
Having a professional capture your house is the best way to ensure buyers can see its full potential. I provide a professional photographer and videographer for all my clients as it gets more traction with my Big Brand Online Marketing plan, and presents your home in the best possible light... literally. Take a look at the photos below to see for yourself what a drastic difference in hiring out a professional makes.
Click here to view walk-through videos
7. Accommodate Potential Buyers
Accommodate Potential Buyers! This means making yourself as available as possible to accommodate showing requests, keeping the house staged and ready (review points 4 & 5), and taking in showing feedback. Other ways to keep a buyer happy and ready to choose your home, is in the negotiation process. Often we run into buyers who would like a number of things fixed with the house before they agree on any set price. There are a couple of ways to handle this. If you have more cash at hand and would rather keep the price of the house where it is, you can offer to do these things for the buyer, or pay the buyer (based on a quote) to fix the problems themselves. This also works vice versa. If you don't want to handle the issue yourself or give up any change in your pocket you can offer to minus the quoted price from the sale of the home.
In a buyers market we must do everything we can to stand out against the competition. Selling a home is just as much of an art, as it is a science.
For a free, no obligation market evaluation and consultation call me directly at (780) 886-0294.
