Selling or sitting? That’s a real good question. Is your home priced at fair market value? The highest probability for a home typically not selling is due to price. As a seller, we all want to get the highest value we can and sometimes we let our emotions confuse us with why our home is worth more. So you did some Stucco work to the entertainment center, re-grouted some tiles and painted yourself; that doesn’t make your house worth $50,000.00 more!
The market is dictated by what someone is going to pay for it. Supply and Demand is also a big factor associated with the right calculated pricing strategy. You the buyer are looking for a home with good bones and potential appreciation. You see a few houses, but one really catches your eye. The big difference is that this house has a fresh coat of interior paint that you prefer as well as brand new appliances. You then ask your realtor, why is this house $50,000.00 more when in truth the appliances and Paint should cost no more than $10,000.00. Your realtor replies, well, let’s look at the Days on Market first. I see it’s been on the market for 120 days with no price reduction whatsoever. My take is that the seller is either not being advised correctly from their real estate professional and or is not motivated to sell! If you’re a seller that understands market condition and are motivated to sell, then you have to be realistic by pricing your home to reflect market value.
Below are 9 steps to “Selling or Sitting” and actions you might what to take before and after listing your house to ensure better success:
1. Establish if it’s a buyers or sellers’ market; we need to know who’s got the leverage first.
2. Evaluate the condition of your home in comparison the some of the other homes around you.
3. Repair any and all items that are crucial and obligatory to the seller on the Arizona Association Realtor Contract; this shows pride of ownership and will convey a positive message to the buyer(s). This will additionally expedite the inspection period by not having complications during the negotiations period and thus validating a strong contract and closing percentage.
4. Spruce up the curb appeal of your house; by doing so you’ll attract many more potential buyers driving by your home showing an interest by calling your For Sale Sign.
5. Paint your home both interior and exterior as well as lay some fresh carpet. Paint and carpet are one of the most inexpensive ways to give a facelift to a home.
6. Stage your home so that it shows well. You want to make sure that when buyers come through your home that they can envision themselves and there surroundings. This will give them a better layout knowing how their furniture is going to fit and be arranged.
7. Add some color to the backyard with a few landscaping techniques. One suggestion is to buy some trellis and put it on your exterior block walls and complement it with some Bougainvillea’s.
8. Update the Kitchen and bathrooms to the neighborhood standards. Have 75% of your neighbors updated their Kitchen and bathrooms? If you haven’t, make sure that you price your home accordingly as you’ll get many showing due to the price but no offer or low-ball offers.
9. Price drop as accordingly if you assess many showing and no offers. If the showings are steady and now one has written an offer, that’s a good indication for a price reduction.
Selling your home should be relatively easy if you follow these 9 steps. Don’t let your emotions get the best of you! Be methodical and realistic and know yourself by knowing your motivation and end result. If you’re not motivated to sell, then your home shouldn’t be on the market. If you’ve made up your mind and you’ve identified that this is the best solution for your needs then let’s get packing and get your house sold!
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