Owner Resource |
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ASK TOO MUCH RECEIVE TOO LITTLE
On average, homes that are on the market for 4 weeks or less, actually sell for near or above full price. As the length of time a home is on the market increases, the difference between the asking price and the selling price also increases. A house that is on the market for 4 to 12 weeks, on average, sells for 5% less than the asking price. If a property is available for 13 to 24 weeks, the
selling price on average is 6.5% less than the asking price. If a home is "For Sale" for more than 24 weeks, the owner can expect to receive only 90% or less of his asking price.
OVER PRICING = LOWER NET PROFITS
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% of Value Lost |
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10 %
Less |
With Market Time |
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6.5
% Less |
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5 % less |
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Full Price |
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Less
Than 4 weeks |
4-12
Weeks |
13-24
Weeks |
More
Than 24 Weeks |
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THE SIGNIFICANCE?
It's simple! A homeowner who prices his property competitively, at the beginning of the marketing process, usually receives a greater net profit A property owner who wants to start high to see what happens or to leave room for negotiating, often receives less than the property's actual market value.
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THE HAZARDS OF OVERPRICING INCLUDE:
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Lowers agent and buyer response.
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Minimizes offers.
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Creates a "reputation" problem.
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Increase risk of appraisal problems.
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Lengthens marketing time.
- Reduces net profits.
- Limits financing.
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Causes Frustration, false hopes and inconveniences
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MAXIMIZING YOUR HOME'S APPEAL
Once you have committed to selling your borne, there are a number of things you can do to help get the best possible price in the shortest amount of time.
Your Realtor is an expert in marketing homes. However, selling your home is a joint effort with you playing an important role in the final results. Your major role is to make your borne as attractive as possible to potential buyers.
Remember that first impressions count. You should do everything you can to make that first impression a positive one. People who consider buying your
home will be as critical as you are in searching for your new home.
Take an inspection tour of your home, observing it as a potential buyer would. Take note of any minor repairs and painting that need to be done.
Here are some tips from your Realtor which have proven valuable to homeowners in preparing their homes for
showing
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EXTERIOR
Since the exterior of your home will be the first thing a prospective buyer sees, it is very important to create a good first
impression
- Keep the lawn
trimmed & ed~ Weed & cultivate flower gardens. Trim shrubs & eliminate dead trees or branches. Pick up any debris, toys, & lawn
equipment.
- Repair any fences or gates. Give them a fresh coat of paint, if necessary.
- Is the exterior well painted& the roof in good repair? Are gutters and down spouts in good working order?
- Wash down driveways and
sidewalk Check them for cracking and crumbling
- Replace any cracked windows and torn screens.
- The entrance should be clean and in good repair. The doorbell and front light must be in good working order.
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INTERIOR
Start with a full housecleaning from top to bottom Don't let dirt & clutter obscure your home's good points. Discard unused & unnecessary items in storage areas & closets.
Eliminating clutter will give your home a more spacious look
- Walls should be clean & free of smudges, fingerprints, & dents. Consider a fresh coat of paint. inspect woodwork & wallpaper for problems.
- Arrange furniture to make each room appear more spacious. Store badly worn furniture.
- Wash windows &
sill Launder curtains & drapes. CI Shampoo mgs and carpets. Floors should be
waxed CI Repair loose doorknobs, sticking doors & windows, & warped drawers.
- Fix leaky faucets and eliminate water discoloration in sinks.
- Tighten loose stair banisters, & be sure steps are free of objects.
- Light fixtures should be in good repair. Replace discolored or cracked switch plates.
- Clean out closets to display their roominess. Be sure clothes are hung neatly & shoes & other objects tidily
arranged.
- Bathrooms should be sparkling
clean. Repair caulking in tubs & showers.
- Bedrooms should appear neat with
attractive spreads & curtains.
- Clean & organize the basement, attic, & garage.
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DON'T OVER IMPROVE
Many families tend to learn to live with a broken doorknob & cracked window. all of these little things should be fixed because no prospective buyer wants to do the maintenance you have
deferred.
Use caution in planning major improvements that you think will enable you to get more for the house than you paid for it. Of course, an investment in paint where it's obviously needed will be well worth the cost. The same is true with carpeting shabby enough to be a
turn off.
Most people out shopping for a house would rather plan their own major changes, & you are usually wiser to sell to them the potential at a price they can afford.
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SHOWING THE HOUSE
- The TV & radio should be turned off. Let the salesperson & buyer talk, free of disturbances.
- Send children & pets outdoors to play. This will eliminate confusion & keep the prospect's attention focused on your home.
- Leave drapes open for light & airiness. All
lights should be turned on to give the rooms a larger appearance & cheerful effect.
- Be sure the kitchen sink is free of dishes and rooms are uncluttered.
- Be courteous but don't force conversation with the potential buyer. They want to inspect your
house, not pay a social call
- Never apologize for the appearance of 'our home.
After all, it has been lived in. Let the agent answer any objections.
- The salesperson knows the buyer's requirements & can better emphasize the features of your home
when you don't tag alone You will be called if needed
- Let your Realtor discuss price, terms. possession & other factors with the customer.
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Your Realtor is an experienced professional who will be able to view your home objectively and make
suggestions that will improve the appearance of your home and it's marketability.
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Request a
Home valuation |
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