Tips on Selling a Home

Buyers Always Determine Value!

FACTORS THAT DON'T AFFECT THE VALUE OF YOUR PROPERTY

The value of your property is determined by what a BUYER is willing to pay in today's market based on comparing your property to others SOLD in your area.

Activity Versus Time

  • Timing is extremely important in the real estate market.
  • A property attracts the most activity from the real estate community and potential b~yers when it is first listed.
  • It has the greatest opportunity to sell when it is new on the market.

Key Market Factors

How long does it take to sell a home?

There is no easy answer - some homes sell in a few days, other may take several months. Recognizing the key factors influencing a sale can give you significant control over market time. The proper balance of these factors will expedite your sale:

LOCATlON...

  • Location is the single greatest factor affecting value.
  • Neighborhood desirability is fundamental to a property's fair market value.

COMPETITION ...

  • Buyers compare your property against competing properties.
  • Buyers interpret value based on available properties.

TIMING ...

  • The real estate market may reflect a seller's market or a buyer's market.
  • Market conditions cannot be manipulated; an individually tailored marketing plan must be developed accordingly.

CONDITION ...

  • Property condition affects price and speed of sale.
  • Optimizing physical appearances and advance preparation for marketing maximizes value.

TERMS ...

  • The more flexible the financing, the broader the market, the quicker the sale, and the higher the price.
  • Terms structured to meet your objectives are important to successful marketing.

PRICE...

  • If the property is not properly priced, a sale may be delayed or even
    prevented.

"My Price is High, But Bring Me an Offer!"

  • Serious buyers look in the price range that has been pre-determined by their down payment and monthly payment ability. Unless your property is priced correctly, the down payment and monthly payment requirements will not be competitive.
  • Buyers who are seriously looking soon become very knowledgeable in their range. An unreasonable asking price only discourages them from looking and considering your property.
  • Buyers purchase by comparison and a property priced above the competition does not"compare" favorably. Inviting a buyer to make an offer could indicate that a fair price has not been established.
  • If you plan to adjust your price at the time of a sale, it is better to adjust the price now and attract serious buyers. This often places you in the favorable position of having more than one buyer interested in your property.
  • It is very difficult to obtain a reasonable offer on an over-priced property. Buyers feel they should be just as unreasonable in their offer as the sellers in their asking price. By contrast, offers are much easier to obtain on a reasonably priced property. You can then choose which offer to accept with no obligation to one that does not meet your requirements.
  • It is a mistake to believe that you will get more for a property by asking more. You usually get less because fewer buyers will consider it when it's placed on the market. The right buyers will not see it, and it usually stays on the market so long that it tends to become "shop worn."
  • To obtain proper market exposure, it is an absolute necessity to be competitive in price, terms, and condition with similar properties that are selling in the area. If you are a serious seller, price your property at market and attract serious buyers. You will stand a much better chance of getting full-market value and your property will sell
    much faster.

Helpful Links For Sellers