Whether or not you decide to put your home up on the market, it’s typically not a quick decision. There are many factors you will want to think through before putting your home up for sale. The MAY GROUP is here to help out and answer any questions to make sure you have the best experience moving out of your home. If you don’t find your answers here, feel free to reach out to the team.
Get your home in “ready to sell” condition before it goes on the market
It’s important to present your house in the best possible condition. This may or may not require you to make improvements. If you decide to make improvements, make sure they are going to be costs that you can recoup when selling your home. The wrong kind of improvements can cost you money and won’t get you a return. Painting, replacing carpet (if needed), and updating the kitchen and baths are a few things you should be able to recoup. In most cases you’ll have some work to do to sell your home. This could be as little as moving some items into storage and putting up some fresh paint. Not every buyer is going to love your favorite green sun room but a neutral color can be more enticing to buyers. The MAY GROUP has a great list of recommended providers to help you get your home ready. This brings us to the next tip of staging your home for the buyer.
Staging your home for the buyer
The first impression is the most important one so make sure it is favorable. Your home should be clean and clutter free. Start packing things that you don’t need. This will allow the buyer to visualize their things inside your home. The outside of your home is as important to keep up as the inside. Be sure your home looks inviting and well cared for from the street. If you are competing with another home, most likely the one that is the neatest and cleanest will get the offer.
Pricing your home correctly
The pricing of your home will strongly influence how long your home is on the market. This is why you need a firm idea of your home’s market value which is how much buyers are willing to pay. If you set a price that is too high and your home has been on the market too long, then home buyers may assume that something is wrong with your home and you will potentially receive less than what you would have if the price was more accurate. We can put together a comparative market analysis that is an in depth analysis of what your home’s worth is in today market. In addition, see below for what factors affect and don’t affect your asking price along with dangers of overpricing.
Factors affecting your asking price
- Location, square footage and condition of your home
- Level of demand for homes in your area
- Amount of competition in your price category and area
- Recent sale prices of homes of similar size and in a similar location
- Availability of financing and interest rate levels
- How quickly you need to sell
- Whether you need to sell in order to finance the purchase of another home
Factors that don’t affect your asking price
- What you originally paid for your home
- The cost of improvements you have made to your home
- What it would cost to build your home today
- How emotionally attached you are to your home
Dangers of overpricing
- Qualified buyers won’t consider your home as it might be out of their price range
- Your home is on the market a long time, growing stale, and increasing the perception that there is something wrong with it
- The highest and best offers occur in the first 30 days of listing your home. An overpriced home misses out in this crucial time period
- Your home helps similar homes that are priced more competitively to sell faster. It demonstrates these other homes offer a good value
- Lowering your price later on gives the impression that your home is unwanted
Do not bypass the first offer without serious consideration
Frequently, sellers reject any first offer, believing that subsequent offers are bound to be higher. However, experience shows that the first offer can often be the best. This is especially true if the buyer making the offer has already looked at numerous homes on the market. If at all possible, consider the offer and see if you can make it work.
A brief overview of what you can expect when selling your house with the May Group Team