While home sales are on the rebound after several bad years, there are still strategies sellers are encouraged to explore of to increase the odds of a fast sale. If you’re currently considering marketing your home, take advantage of the tricks suggested by home marketing experts when setting a price.
Research the Market
It always pays to carefully research the market when determining an asking price for your home. Real estate agents are always willing to do some of the legwork but taking the time to look at past sales in the area yourself is always helpful.
There is a lot of sales data readily available at online real estate sites, and you may well spot better comparable properties than a real estate agent. Study all past sales in a neighborhood to see what other properties have actually sold for. Be conscious of the condition of those homes, as recent remodeling or neglect both impact sales prices.
Look at Sold Homes in the Area
If you’ve got time, don’t be afraid to drive by sold homes to better evaluate the neighborhoods and access to roads, schools, and other amenities. Doing so makes it easier to understand why homes sold for specific prices. As much as possible, consider the differences between the comparable properties and your home when arriving at an asking price.
Curb appeal, or how nice a home looks from the road, dramatically impacts a home’s value. If the yard looks unkempt or the trim needs painting, prospective buyers will notice. Home interiors should always be decluttered before listing the property for sale, as cluttered spaces appear smaller. If your home needs sprucing up, those issues will make buyers less willing to pay a higher asking price.
Leave a Little Room for Negotiating When Setting a Price
Buyers will almost always offer less than the asking price. Unless however a home is in a high-demand neighborhood with few homes for sale. That doesn’t mean a home should be significantly overpriced. Remember that higher-than-average prices tend to discourage potential buyers, and they may not even bother to look at the home.
Pay Attention to Prospective Buyers’ Comments
If your home isn’t priced appropriately, prospective buyers and agents alike will almost certainly make comments suggesting the price is not appropriate. Act fast rather than waiting to reduce the price. Delaying a price reduction and simply hoping a buyer will come along who is willing to pay the price may leave your home sitting on the market for far longer than necessary.
Timing is Always Important
Virtually every market experiences peak sales periods during the year. If possible, time your marketing efforts to match those peak sales times. If you’re not sure when the peak times are in your area, look at the sales data online or discuss the issue with a real estate agent.
The first couple of weeks after a property is listed will generally allow a seller to know what the market conditions are. If changes are needed in the asking price, it will generally be obvious within a short time. To get the best possible price, work closely with experts to make sure the asking price is appropriate for the home and the existing market conditions.
Since 2010, Laura Lahti has been helping the people of Southern Wisconsin find their dream home or sell their existing home. Through the years, she has build up an impressive repertoire of clients and other realtors, giving her access to the best information to suite your needs. If your looking to buy and/or sell a home, call her at 608-239-3469 or reach out online.