As the market continues to improve, buyers are coming out in droves. This is great news for everyone, especially those selling a home right now. In some places, demand now exceeds supply and many homes are being purchased within days of going on the market. Beyond getting a great Realtor with expertise in your area, what else can you do to make your home stand out from others for a quicker sale? Here are some lesser-known tips from the experts (continued from part 1):
5. Lower your sights to make more money
Rising prices breed rising hopes: In a recent poll, brokers complained that 75% of homeowners think their agent’s recommended listing price is too low. Pricing your property above recent sales to cash in on the momentum may slow down deals, and sitting on the market too long can stigmatize a house.
Catch buyers’ attention — and get multiple offers — by pricing your home in line with comparable sales, says Rick Turley, president of Coldwell Banker San Francisco: “Then let the market take it higher.”
6. Moving on up? Do it fast. Downsizing? Go slow.
It’s tempting to postpone selling to hold out for a better price, but if you want to upgrade to a larger place, act sooner rather than later. Higher-end homes aren’t rising as quickly, but the gap is small. So while you’ll be able to sell your home for more if you wait, the appreciation on the trade-up home will be greater.
When you’re downsizing, the math works the other way, so it pays to wait.
The case for these strategies should strengthen as gains slow for cheaper homes. “Investors are driving the lower end of the market, and there is a point when the investor opportunity becomes less attractive,” says Richard Green, director of the University of Southern California’s Lusk Center for Real Estate.
7. Smooth out the rough spots.
Repair that leaky roof and address other obvious structural problems, or you’ll have to subtract the cost of doing so from your price. “In today’s economy, many buyers don’t have as much savings left over after their down payment for improvements,” says Teri Herrera, a broker in Bellevue, Wash.
Smaller fixes that pay off the most, according to a HomeGain poll of real estate professionals and consumers: cleaning and decluttering, brightening (adding lamps and clearing window obstructions), and solving electrical and plumbing problems.
8. Give em what they’re looking for.
Investors amounted to one-fifth of all homebuyers in January, but are a much larger share of some markets; 38% of deals in Sacramento and 45% in Orlando, for example, involved absentee buyers. Signs of an investor market: a steady stream of resales of foreclosed homes and the conversion of many homes in your neighborhood into rentals.
If your area fits the bill, choose an agent experienced in investor sales; she should create a flier that highlights how easy it is to attract tenants, the rents that nearby homes command, and other pertinent bottom-line info. Says Charlotte Sears, president of Coldwell Banker Residential Brokerage in Atlanta: “All investors want to know is what their margins look like.”
These and many other things are considerations you should be taking if you are looking into selling your home soon. Trust us, this gets complex. The most important step you can make, in our humble opinion, is to get yourself a Realtor with experience, knowledge, and the right tools to get the job done. You can find a few right here. We’ll take care of you, simple as that!