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Seller's Guide

Pricing Your Home

The Benefits of Proper Pricing

There are several benefits of properly pricing your home. They include:

  • When your home sells faster, you save on carrying costs, which include mortgage payments, taxes, insurance, and maintenance.
  • A quicker sale creates less inconvenience to you. If you have moved before, you know the energy it takes to prepare for a showing: keeping the home clean, arranging for pets, children, and altering your lifestyle.
  • Proper pricing creates less demand on you, by helping your home sell faster.
  • At market value, your home will gain exposure to more prospects who can afford the price.
  • Sellers who list at that high price are looking for that one buyer who will pay it. Sellers often do not realize that they have discouraged many potential buyers who could have afforded the home.  
  • The final sales price is probably one that will be affordable to more purchasers.
  • Sellers often accept a much lower price at a much later date since that one buyer willing to pay the higher price never comes, costing you more in time and carrying costs.
  • The three major things that affect a sale are location, condition, and price. You can not control the location, but you do control the condition and the price.
  • When sales people are excited about a home and its price, they make special efforts to contact all of their potential buyers. Knowing that it is priced properly for its market, they expect it to sell soon and encourage their prospects to act quickly. Their excitement is contagious!
  • Ad calls and sign calls to Real Estate Agents or by owners turn into showings when the price is not a deterrent.
  • Serious prospects are well educated about asking prices in the areas they are seeking.
  • Serious prospects do not waste their time on a home they consider overpriced.
  • Buyers fear they might lose out on a good home when it is priced right.
  • Sellers are less likely to receive “low-ball offers.”
  • Better pricing attracts multiple offers, too!
  • If a home is priced right, the excitement of the market produces higher sale prices.
  • Sellers net more in terms of actual sale price and with less carrying costs.
  • The things that affect a sale are location, condition, and price. You can change two out of the three of these. You cannot change the location. You can control the condition by how you maintain your home inside and out. Good maintenance shows pride of ownership and gives a possible buyer a comfortable feeling about the condition of the home. Price should be determined by recent sales of comparable homes in your immediate area. Pricing a home right at the time you first put it on the market is important since that is when it will get the most attention from buyers. You may think you want to start higher and test the market, but this usually results in you losing buyers that may have been interested from the 1st day on the market, not 6 weeks down the road. Think of it this way, for every month that your home is not sold due to being priced too high, you have lost money due to another mortgage payment, taxes, utilities, possible association fees, insurance, and maintenance, and by not being able to make the move you want to make. A quicker sale can save you thousands, so being priced right at the beginning is very important.

Preparing Your Home to Sell

Exterior:

Interior:

Additional Tips if you are going to have an “OPEN HOUSE”:

Making a GREAT first impression

In today’s age of consumerism, every buyer is a comparative shopper. Making a small investment in time, money, and effort in your home will give you a solid advantage over competing properties. Pay attention to detail now because first impressions count with buyers, and you have one chance, and it starts with curb appeal.

  • Keep lawns cut: An uncut lawn will make a buyer feel there are other things about the home that are also neglected, which could lead to not wanting to see the home.
  • Trim hedges and shrubs: As with the lawn, this affects the curb appeal when left neglected.
  • Weed and edge gardens: What is the point in having a garden if it doesn’t add beauty to the home and yard? Freshen up the plants by taking off any dead leaves and flowers, weed & edge the area, and add some fresh mulch to add a new fresh feel to the garden.
  • Clear driveway and clean up oil spills: Make sure the driveway is always clear of toys, bikes, trash cans, and other items. If there is oil on the driveway, clean it with some solvent from an auto store or K-mart, then wash it so it is clean of all spills.
  • Clean out the Garage: The garage should be viewed as a garage to be able to put a car in, not a storage shed. When a buyer sees that the garage is used for storage, they will assume the home to too small and has a lack of storage. It will also free up your driveway, making curb appeal better if the car is in the Garage and the garage door is closed.
  • Touch-up paint: If the exterior of your home, garage, or any other outbuilding is in need of paint or repair, do it before the home goes on the market. Again, first impressions are everything!
  • Repair leaking taps and toilets: If not, when a buyer is looking at the home for the first time, when they choose to purchase and have an inspector check out the home, these little things will be brought up and asked to be repaired. Addressing now is better than later.
  • Clean the furnace and filters, and if you have an Air Conditioner, do the same. Doing this should be done as normal maintenance yearly to add to the life of these expensive items. The working condition of these items will be a major concern for any buyer.
  • Tighten door knobs and latches: Double-check interior and exterior knobs and latches so that they are not loose and in good working order.
  • Repair cracked plaster: If your home has plaster walls and needs repair, you may want to consult a plaster expert for a price and have it professionally done.
  • Clean and repair windows: Make sure all windows are clean and replace cracked or broken glass. If you have slider windows, make sure the tracks are clean and oiled so that they slide easily.
  • Repair seals around tubs and basins: If this is needed, you can purchase caulking at a Hardware store and replace and repair where needed.
  • Replace defective light bulbs: If the home is shown when lights are needed, you want to make sure all bulbs are in working order. Bathrooms and other smaller areas need to be well-lit.
  • Oil squeaking doors: Check all the doors in the home, including the closets, for any squeaking that there might be. Use a little Oil to correct the squeaking.
  • Repair squeaking floor boards: Repairing squeaking floor boards can be difficult, depending on what you have for floor coverings. If you do not want to attempt it yourself, we suggest you call a professional flooring company.
  • Clean and freshen bathrooms. Kitchens and Baths should be clean and spotless. These are two rooms that Buyers will pay a lot of attention to, and when clean and bright, they will make a great first impression.
  • Clean fridge and stove (in and out): Even if the appliances are not included in the sale, they should be clean and in perfect working order. Odors come from a dirty stove or fridge and can leave a poor first impression.
  • Clear halls and stairs of clutter: Halls and stairs that are blocked by clutter will cause the buyer to feel the areas are small and may not be comfortable walking over items to get to another area of the home. There is also a safety issue.
  • Store surplus furniture: This will make the rooms seem more spacious. Try not to store these items elsewhere in the home, garage, or basement. Renting a storage unit for unused items is worth the investment. If these are not items you plan on moving, you may want to have a pre-sale garage sale.
  • Clear Kitchen clutter off the counters and stove top: Buyers want to have a kitchen that feels spacious and appears clean and fresh. The stove top should never have items piled on it. It not only looks like there is no counter space, but also is not a safe practice.
  • Remove empty boxes and containers: These items should also be placed in a storage unit until ready to use.
  • Clean porch and foyer: This is the first thing the buyer will see when entering your home. Make sure the porch is free of clutter and swept clean of dirt, and (if you are in a snow or ice climate make sure it is shoveled and salted). The foyer should be clean and is a good location for a small table with fresh flowers if there is room.
  • Ensure doorbell is in working order: You will want to test your doorbell and make sure it is working so you can hear it ring when a buyer or real estate agent comes to the door.
  • Repair the screen on the door or other outdoor areas with screening: All screens should be repaired before the home is on the market. Screens help bring the outside indoors, and many buyers want to be able to open windows and doors when the weather is nice.
  • Fresh paint or varnish the front door: The front door is always the door to have a prospective buyer comes in. It should look inviting and have a fresh look to it.
  • Repair door locks and key access: Like the front door, this is what the buyer will see when entering the home. If the door locks and hardware are not in good condition, they should be replaced. Make sure the key works easily in the lock if your home is going to be shown by real estate agents.

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