Establishing an Asking Price
No matter how attractive and polished your house may be, buyers will be comparing its price with everything else on the market.
Your best guide is a record of what buyers have been willing to pay in the past few months for properties comparable to yours in your area.
Improper pricing is the most common mistake that costs home sellers thousands of dollars. It’s simple. Overpriced homes are not as competitive as those that are well priced. In most cases, the higher the asking price, the longer it takes for the home to sell (and in many cases, the lower the final selling price). On the other hand, price it too low and you may give away thousands in profits to a total stranger.
The value of a home is determined by supply and demand. If there are a lot of sellers and few buyers, prices tend to go down and homes take longer to sell. This is referred to as a Buyer’s Market. When the opposite is true, and there are many buyers but few homes for sale, prices will rise and homes will sell quickly. This is a Seller’s Market.
Proper pricing sets the stage for the entire selling process. Be objective and remember that selling your home is a business transaction. Keep in mind that potential buyers are not looking to buy your home – they are looking to find a house that they can make their home.
Preparing Your Home – Some useful suggestions
We are in a Real Estate Market where potential buyers are expecting a lot from a home. In order to attain top dollar for your home there are a few things that should be done to prepare your home for sale.
The most important point is a clean home with clutter and excess removed from the premises prior to sale. If there are a lot of excess items – a storage unit can be rented in the interim.
Absolute must be done items:
- Professional cleaning of windows, carpets and drapes
- Have your handyman through to fix any broken cupboards, doors, windows, lights etc. You get use to all the little idiosyncrasies of your own home, but potential buyers could be turned away.
- Beds must be made.
- Closets cleaned out, clothes neatly hung and folded.
- Kitchen counters should have all excess removed; any small appliances should be put away. Tidy cupboards and clean appliances, especially the fridge.
- Clean bathrooms with little evidence of personal hygiene and care products. Empty out excess in medicine cabinets, cupboards to show more storage space.
- Have nice soaps out, along with clean and neatly folded towels.
It would be appreciated if…
- You the homeowner depersonalize your space so potential purchasers can visualize living in the home. Please remove excess family pictures and decorative items that are taste specific.
- The family pet was able to find alternate accommodations during open houses and showings. It is unfortunate to say but not everyone is a dog or cat lover and there are pet allergies and fears to consider. It is also highly stressful for the pet.
- Pet toys, beds etc. be removed or put away during this time as well.
- Staging your home. The degree of staging varies from home to home. We have a comprehensive list of companies that can provide a quick freshen up to a total head to toe.
- Paint – touch ups or freshen ups. Neutral colors and décor work best for resale; it becomes a blank canvas for potential buyers.
- We strongly suggest a pre-home inspection be done for the home prior to listing it. It is a great marketing tool to put buyers at ease prior to making an offer as well as removing the “condition” on offer day. There are a number of home inspection companies that we can recommend.
Click here to download the listing checklist.