Despite weather, it really IS spring and before we know it, summer will be right around the corner! Everyone will be itching to dust off their grills and head to the lakes. Which also means, leases will be ending and potential buyers will be doing some ‘spring cleaning’ of their own. What does this mean for sellers? It’s a huge opportunity to attract the right buyer at the right time. While the market is starting to turn around for sellers, research and developing a strategy with your REALTOR® is essential to setting a competitive market price for your home.
Read on to develop your strategic price, with these 5 guidelines:
1. Start with your own market research. Don’t be shy about attending open houses in your own neighborhood or others close by. This will give you a unique opportunity to view houses that are comparable to your own in price, location and character. This isn’t a time to critically assess the differences between your home versus the others, but rather to obtain competitive information in order to set a sound price.
2. Assess your home’s strengths and weaknesses. We understand how significant your home is to you, and how precious the memories you’ve made there are. However, buyers aren’t interested in learning personal details about sellers (unless they are celebrities), so leave the personal details out. This doesn’t mean you should leave out your proximity to your local favorite restaurant—use it! Sell the benefits of your home: location, proximity to major amenities (e.g. airport, school systems and attractions), ambiance of your neighborhood and those surrounding, and who your builder was. These types of details are necessary and vital to presenting your home to potential buyers. It’s also important to include any major restorations or updates recently done to your home (e.g. granite counter tops, wood floors, new hardware, lighting, and any energy efficiency improvements).
3. Engage an independent company for an appraisal. There are several companies and methods to chose from when selecting an appraisal. Be sure to do your research to ensure the company has certified appraisers who are experienced in your market. There are three main methodologies for determining property value: cost, sales comparison and income. Based on your property and goals for selling your home, discuss which option(s) would make the most sense for your best outcome with your appraiser.
4. Ask for a comparative market analysis (CMA) from your REALTOR®. While appraisals can offer what your home is worth, only CMAs can let you know the exact prices of homes currently on the market, recently sold and homes that were on the market but never sold. This can help you better understand what drove a seller to take their home off of the market or possibly why a home was sold for less than the asking price. All of this helps to better gain insight into your potential buyers’ shopping habits, and how you can cater your home to pique their interest.
5. Compile your facts and discuss a strategy with your REALTOR®. Once you’ve obtained all the necessary facts and analysis to prove your price, the work doesn’t end there. Talking with your REALTOR® about timing and bottom selling price are important to setting the final price of your home. Every seller has a different agenda and goals in selling their home, and by letting your realtor know your objectives will help them show your home to the right buyers.
When you’re ready to sell your home, or if you’re curious about the current market, give any one of our Roger Fazendin agents a call and let us know how we can help. Our experienced REALTORS® can make the difference in order to sell your home, together.