Tips for Selling Your House in Today's Market: Step 1 - Hiring a Real Estate Agent
By Nyla Young, REALTOR, QSC, ABR, LHP, CDPE
In today's buyer's market, it's more important than ever to be sure your house is ready to sell and shows better than the competition. Here are some helpful tips if you're considering selling your house.
By Nyla Young, REALTOR, QSC, ABR, LHP, CDPE
In today's buyer's market, it's more important than ever to be sure your house is ready to sell and shows better than the competition. Here are some helpful tips if you're considering selling your house.
Step 1: Interviewing real estate agents: It's more important now than it was even a few years ago to acquire professional guidance to get your house sold for a reasonable amount in a resonably short period of time. Finding that top agents is critical. Here are a few questions you should ask before listing with any agent:
- Are you a REALTOR (member of the National Association of Realtors)?
- How long have you been selling real estate in Colorado Springs?
- What designations, experience, education do you have that gives you an edge over other Realtors?
- Can you give me references / contact information for people you've sold homes for in Coloraro Springs?
- What was the average selling price of those homes in relation to the list price?
- What is the process for selling my home?
- What do I need to do to my house to prepare for potential buyers?
- What can I do to make my house sell quickly?
- How many houses like mine are currently for sale and how much are they listed for?
- What is your marketing plan to sell my house?
- How will you determine the list price of my house?
Rising mortgage rates are lowering the affordability of homes and increasing numbers of sellers looking to cash in on the rapid price appreciation over the past few years has led to a dramatic reduction in buyers and a rapid increase in the number of homes for sale. These factors have led to too few buyers looking at too many houses, putting buyers back into the driver's seat. Here are some tips to help you gain the edge over the competition and sell your home more quickly:
1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. In today's market, pricing is absolutely critical. Instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes because with few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying. If your home is priced too high, you many never get buyers to even consider looking at your home. A
2. Quickly cut the price if you don't get action. Everyone wants to sell their home for as much money as possible. Nobody wants to "give" their home away. But homes that languish in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a buyers' market you may want to cut the price to more quickly make the sale.
3. Find the right agent — it's critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. The right agent will help with everything from pricing to advising you on where to spend your "fix" dollars to get the most bang for your buck, and how to stage your home, improve the curb appeal, and depersonalizing, and should even take you out to SEE your competition.
4. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it's time to get to work. Fresh paint on the house and fence, clean walk-ways and windows are those "can't put my finger on it but it makes a difference" touches that help sell. Recently mowed and edged yards are a must. Bright flowers (when in season) and neatly trimmed bushes/trees are a nice finish. A new, perfectly sized Welcome mat adds just the right touch.
5. Consider home staging. A home staging professional will come in and advise you on what to take away / rearrange to make your home show better; most will also offer rental services for furniture or accessories to help the home show as appealing as possible to the widest range of buyers. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. In today's market, more sellers find home staging professionals to help them prepare their home to make it home more appealing to ALL prospective buyers.
6. Fix it! The loose railing or broken pane of glass, the closet door off of its track, leaky faucet, or botched paint job all need to be fixed BEFORE the house goes on the market for sale. If you don't have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old furnace or water heater that will likely be an issue at time of buyer's home inspection, and consider having your own home inspector come in before listing the home so that you don't have any unpleasant surpises. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house for sale.
7. Offer flexible terms. Flexibility is the key now. You'd like to close in six week, but the buyers might be in a hurry and need to close sooner; find a way to make it happen. You were planning to take the appliances to your new home but the buyers make a bid near asking price - but with the appliances; leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have great sentimental value, make sure they are removed prior to any showings; it inevitably happens that the buyers also love it and feel "jilted" when you refuse to leave it. Competition between home sellers is high - you don't want to lose the only buyer who has looked at your home in a month.
1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. In today's market, pricing is absolutely critical. Instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes because with few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying. If your home is priced too high, you many never get buyers to even consider looking at your home. A
2. Quickly cut the price if you don't get action. Everyone wants to sell their home for as much money as possible. Nobody wants to "give" their home away. But homes that languish in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a buyers' market you may want to cut the price to more quickly make the sale.
3. Find the right agent — it's critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. The right agent will help with everything from pricing to advising you on where to spend your "fix" dollars to get the most bang for your buck, and how to stage your home, improve the curb appeal, and depersonalizing, and should even take you out to SEE your competition.
4. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it's time to get to work. Fresh paint on the house and fence, clean walk-ways and windows are those "can't put my finger on it but it makes a difference" touches that help sell. Recently mowed and edged yards are a must. Bright flowers (when in season) and neatly trimmed bushes/trees are a nice finish. A new, perfectly sized Welcome mat adds just the right touch.
5. Consider home staging. A home staging professional will come in and advise you on what to take away / rearrange to make your home show better; most will also offer rental services for furniture or accessories to help the home show as appealing as possible to the widest range of buyers. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. In today's market, more sellers find home staging professionals to help them prepare their home to make it home more appealing to ALL prospective buyers.
6. Fix it! The loose railing or broken pane of glass, the closet door off of its track, leaky faucet, or botched paint job all need to be fixed BEFORE the house goes on the market for sale. If you don't have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old furnace or water heater that will likely be an issue at time of buyer's home inspection, and consider having your own home inspector come in before listing the home so that you don't have any unpleasant surpises. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house for sale.
7. Offer flexible terms. Flexibility is the key now. You'd like to close in six week, but the buyers might be in a hurry and need to close sooner; find a way to make it happen. You were planning to take the appliances to your new home but the buyers make a bid near asking price - but with the appliances; leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have great sentimental value, make sure they are removed prior to any showings; it inevitably happens that the buyers also love it and feel "jilted" when you refuse to leave it. Competition between home sellers is high - you don't want to lose the only buyer who has looked at your home in a month.
For further assistance or questions, please feel free to contact me. I'm here to help!
Nyla Young
RE/MAX Properties, Inc.
719-660-2811 nyla@nylayoung.com
Nyla Young
RE/MAX Properties, Inc.
719-660-2811 nyla@nylayoung.com
More helpful tips for preparing your home for sale:
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