Elisa Spence's Blog
If your home is on the market, you may wonder why it hasn’t moved off the market. There are many ways to make adjustments to the price of your home, but if not done correctly, you could sabotage the sale of your home. Let’s say that you have your home as an FSBO (For sale by owner.) Buyers may wonder what’s behind the price of the house. Does the seller genuinely want to move the home to the sold category quickly? Why has the home been for sale so long?
You could face the same problems if you’re working with an agency. The difference is that s a seller, the agency is by your side, helping you to make the right decisions when it comes to pricing your home.
You need to be realistic when pricing your home as a seller. Of course, you want to make a return on your home. Of course, you think your home has great value. The critical point is that you need to understand the state of the market along with the neighborhood your home is located. So much goes into the pricing of a house.
Along with your agent, you can do some investigating to see where some improvements could be made in marketing your home. Look at the following:
How has the house been received on the MLS?
Are the significant benefits of the home highlighted?
How many open house opportunities did buyers have?
Are there good pictures of the house online?
Do the signs leading to the house stand out?
Can you add anything to the marketing of the home like a virtual tour?
While real estate agents have general guidelines as to how a home at a certain price point should be marketed, you can always be your own advocate.
The Consequences Of High Pricing
If you price your home too high, there are some consequences. Your home will stay on the market for an extended period of time if it's overpriced. Buyers will wonder why the house has been listed for so long, wondering if there’s something wrong with the property. Buyers will wait even longer to bite on the home in these circumstances because they are waiting for a price drop.
The best thing you can do in this circumstance is to take your home off the market. Work with your real estate agent. He can let you know whether it’s a good time to re-list the home. Perhaps you can make some improvements to the property in the meantime. A fresh listing and a clean look at the house may help buyers to find the property more easily at a price that pleases them!
Looking to add your home to the real estate market sooner rather than later? Ultimately, you'll want to look beyond the potential price of your residence as you get your house ready for the real estate market.
For home sellers, price is one of several factors to consider before they list their houses. In fact, some of the top home selling factors to evaluate beyond price include:
1. A Home's Location
A home's location may dictate how quickly you're able to sell your residence. And if you understand the benefits associated with your house's location, you should have no trouble promoting your residence to the right groups of homebuyers consistently.
For example, a home that is located near a big city may prove to be an ideal choice for those who work in the city. On the other hand, a house that is located near top schools could prove to be an ideal option for families.
2. A Home's Condition
Although you've tried to maintain your house's interior and exterior over the years, you may still be uncertain about how your residence will stack up against other houses in a competitive real estate market.
Fortunately, a home appraisal can help you take an in-depth look at your house's condition and map out your home selling journey.
During a home appraisal, a property inspector will examine your residence. The appraisal may take several hours to complete, as a property inspector will investigate your house's interior and exterior.
When a home appraisal is finished, a property inspector will provide you with a detailed report that describes his or her findings. Then, you can use the home insights contained within this report to prioritize myriad home improvements.
With a home appraisal, you can gain deep insights into your house's condition. That way, you can better understand your house's strengths and weaknesses prior to adding your home to the housing market.
3. The Current State of the Housing Market
The current state of the housing market may impact your ability to sell your house, and for good reason.
For instance, if you're operating in a seller's market, there may be an abundance of homebuyers and a shortage of top-notch houses. This means there will be high demand for the best residences, and you may attract plenty of interest in your house as soon as it becomes available.
Let's not forget about a buyer's market, either. In a buyer's market, there are many home sellers and few homebuyers. Therefore, a home seller may need to allocate significant time and resources to stir up interest in his or her property.
For those who are unsure about how to navigate a seller's or buyer's market, hiring a real estate agent usually is an excellent idea. A real estate agent can teach you about the current state of the housing market so that you can get the best results possible during the home selling journey.
Look beyond price before you list your residence, and by doing so, you can boost your chances of a fast home sale.
Whether you plan on selling your house in the next few years, or if you just want to make some much needed updates to your home, renovations can be a great way to increase the value of your property.
However, not all updates will pay for themselves. Some upgrades that we want for personal reasons, such as building an addition for more space, could come back to haunt you if it isn’t to the taste of potential homebuyers in the future.
So, in this article, we’re going to talk about five simple updates to your home that have the best chance of increasing its selling price. That way, when you do finally decide to move on from your home, you can sell for the price you know your home is worth.
Improve your lighting
You don’t have to be a carpenter to increase the value of your home. When a potential buyer enters your home for the first time, two of the first things they’ll notice are the lighting and the spaciousness of the room.
Since lighting is an essential part of creating spaciousness, increasing the former will also increase the latter.
So, what are some ways you can increase lighting?
Add recessed lights to the ceilings of your home. It will open up space in the ceiling and allow for a greater number of lights overall.
Add lighting under the cabinets in your kitchen
Use large mirrors for decoration to increase lighting and create the illusion of spaciousness in smaller rooms
Painting for the modern homeowner
Home decor trends come and go. Not long ago, wallpaper was the go-to choice. However, the surest way to increase the value of your home is to use bright and neutral colors since, statistically, these appeal to the largest number of people.
Fresh paint and good lighting work together to make your home seem more polished and modern. And, for just a few hundred dollars, you can paint your whole home.
Remember, however, that it is easy to scuff up the walls in your home. So, it’s a good idea to paint closer to the date you think you’ll be trying to sell.
Low maintenance landscaping
While there are people who enjoy mowing the lawn on Saturday morning, those people tend to be few and far between. One thing potential buyers will consider when viewing your home is how difficult it will be to take care of the yard.
Adding an irrigation system, removing unnecessary obstacles, and planting hardy bushes and plants will woo potential buyers.
Upgrade the most outdated room in your home
If your home is in need of serious upgrades, it’s best to start with the room that needs it the most, especially if that room is a bathroom or kitchen. Replacing an old vanity or putting new tile down can be simple ways to spruce up a bathroom that’s looking dated.
Fix the little things
If you have a couple of years before you plan to sell, that gives you time to fix the small issues that you’ve noticed and will continue to notice. Maintaining your home now will give you less to worry about when the time comes to sell, and you don’t want to be dealing with leaking faucets when that day arrives.
For those who want to enjoy a fast, profitable and seamless home selling experience, there is no need to worry. In fact, there are many things that you can do to minimize the risk of a home selling fiasco, and these include:
1. Conduct a Home Inspection
A house inspection usually is completed after a seller accepts a buyer's offer to purchase a residence. At this time, a buyer typically requests an inspection to identify any underlying house issues. If a buyer is satisfied with the inspection results, he or she likely will proceed with a home purchase. Or, if a buyer encounters myriad home problems, this buyer may reconsider his or her offer to purchase a residence.
By conducting a home inspection before you list your house, you can immediately identify any underlying home problems. You then can work to correct various house problems and avoid the risk that such issues could potentially slow down or stop a home sale in the near future.
2. Perform Home Upgrades
When it comes to selling a house, it generally is a good idea to be proactive. And if you allocate time and resources to upgrade your house now, you may be better equipped than ever before to stir up lots of interest in your residence as soon as it becomes available.
To enhance your house's exterior, you should mow the front lawn, fix any cracked or damaged home siding and perform assorted home exterior repairs. By doing so, you can improve your house's curb appeal.
Furthermore, don't forget to devote attention to your house's interior. If you can clean every room of your home and eliminate clutter, you could boost the likelihood of a successful home selling experience.
3. Collaborate with a Real Estate Agent
Getting the best results – and avoiding potentially time-intensive and costly problems – is paramount for any home seller. If you collaborate with a real estate agent, you can get the help you need to quickly sell your house and maximize your earnings.
A real estate agent is happy to help you kick off a successful home selling journey. First, a real estate agent will meet with you and learn about your house and home selling goals. He or she next will help you craft a home selling strategy based on your residence and the current real estate market's conditions. Then, a real estate agent will promote your residence to buyers and host open house events and home showings. And once you receive an offer to purchase your residence, a real estate agent will help you review this proposal and make an informed decision.
Let's not forget about a real estate agent's industry expertise, either. If you ever have questions during the home selling journey, a real estate agent will instantly address these queries.
Reduce the risk of encountering problems when you sell your house – consult with a real estate agent today, and you'll be able to receive comprehensive assistance at each stage of the home selling journey.
Selling a home can be challenging, even for an individual who is laser-focused on getting the best price for his or her house. Fortunately, we're here to help you achieve the best-possible results during the home selling journey.
Now, let's take a look at three tips to help you obtain the best price for your residence.
1. Study the Prices of Comparable Residences in Your Area
Your home may seem like it is one of a kind, but there likely are comparable houses in your city or town. If you take a look at the prices of comparable houses in your area, you may be better equipped than ever before to establish a competitive initial asking price for your residence.
Also, studying the prices of comparable residences in your area enables you to see how your house stacks up against the competition. And if you find your home pales in comparison to its rivals, you may want to dedicate time and resources to upgrade your house. That way, you can help your house stand out to potential buyers.
2. Conduct a Home Appraisal
A home appraisal commonly is requested by a buyer after a seller accepts his or her offer to purchase a residence and a property appraisal has been completed. However, it may be beneficial for a seller to conduct a home appraisal, especially if this individual wants to get the optimal price for his or her residence.
By conducting a home appraisal, you can receive expert insights into how much your house is currently worth. Then, you can use your home appraisal results to set an aggressive initial asking price for your residence.
3. Collaborate with a Real Estate Agent
If you are unsure about how to price your residence, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can quickly and effortlessly accomplish your property selling goals.
First, a real estate agent will meet with you and learn about your residence. This housing market professional next will help you establish a competitive initial asking price for your home that accounts for the current state of the real estate market. A real estate agent then will list your home, promote it to potential buyers and set up home showings and open house events. And if you receive an offer to purchase your residence, a real estate agent can help you review this proposal and decide how to proceed.
Of course, a real estate agent will do everything possible to help you maximize your house sale earnings too. He or she will negotiate with a buyer's agent on your behalf and ensure you can get the best price for your residence – regardless of the current housing market's conditions.
Don't wait to list your home and maximize your home sale profits. Instead, take advantage of the aforementioned home selling tips, and you can boost the likelihood of a fast, profitable property selling experience.