Efficient House Selling

The time has come to sell your home. For whatever the reason, the home no longer suits your needs. Maybe you have a growing family and you need something bigger, maybe you’re an empty nester and need something smaller or maybe you’ve had some financial difficulties and can’t afford the expense of this particular property. You’ve made the decision now you need to get the job done.

Regardless of whether you are going to hire a real estate broker to market the home or you plan on doing it yourself you goal should be to sell your property faster for the best price in the most efficient manner. You can only do this by separating your emotional attachment to the home from the realities of the marketplace.

The home you’re living in has a special value to you. You decided to buy this home, you decorated it, it has been a part of your life and you may have even raised your family in it. No potential buyer is going to have these attachments to the property. A buyer, just as you did when you bought this home, will be comparing this property to everything else he’s seem. If he likes the property and it suits his wants and needs an offer will be presented. This offer will be based on the buyer’s personal evaluation of the marketplace and his evaluation of your home. In order for you to be equipped to respond to the offer you need to have a working knowledge of the local housing market.

You need to know which houses in your neighborhood have recently sold, for what price and when the closing occurred. You need to discover which other homes in your community are on the market and at what price. You want to be as knowledgeable as the buyer and recognize the fact there is no special add on to market price because your home is special to you.

It’s based on your knowledge of the market that you will negotiate. The only way you can properly negotiate the terms of an offer is by putting yourself in the potential buyer’s shoes. You need to know where he’s coming from. Without doing the necessary research you home will not sell at the proper price or worse, never even get an offer because your expectations are out of line with the market.

Once you have done your research you are now prepared to market your home. Keep in mind that this is going to be a job, it is going to be a major distraction in your life and it is going to require an investment on your part. You are going to be investing your most valuable asset, your free time. This is why it is important to sell your home in the most efficient way possible.

Once you have calculated a price that you can reasonably expect to get for your home you need to decide on an asking price. The theory that you should start high because you can always lower your price doesn’t work. You end up wasting time on the market and the longer your house in on the market the more likely buyers will assume there is something wrong with the property. This results in fewer buyers viewing your home and encourages them to make lowball offers, neither of which is a path to selling your home at the best price.

Let’s say that your research supports a sales price of $500,000 and you decide to put your home on the market for $700,000 figuring that you can always reduce your price and hope for the best. Think about it, individuals that can afford a $500,000 home aren’t looking as high as $700,000 and people looking to buy a $700,000 house are expecting more house for the money. When you overprice your house, you are marketing to the wrong set of potential buyers.

The closer to your targeted price of $500,000 you start your marketing at, the more activity you are going to get. The activity you get will be from buyers who are interested in buying in your price range. Now you are marketing to the right people.

You have also earned the right to be firm when you are negotiating with a buyer. Any serious buyer will recognize that you have priced the home properly and therefore expect to settle on a number that is close to your asking price. You have no reason to talk to any one presenting a lowball offer because you have the data to support your numbers. You have the freedom to pick and choose which offers you are willing to entertain.

After you’ve determined your asking price, the next step is to prepare your home. You are dealing with a buyers’ market. Meaning that there are a lot of homes on the market and buyers can be more selective in making their decisions. There are things you need to do to make your house more appealing without spending a lot of money or drastically changing your lifestyle.

There in no reason to take on major remodeling projects, bring in an interior decorator to stage your property or totally depersonalize your home. Variations of these approaches are being suggested in “how to” books and the news media. My theory is “less is more”. The less you do to the home the more attractive it is to a buyer.


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