Maybe you’ve read lots of advice on selling a house. But do you know the biggest mistake many people make when selling a house? Not understanding real estate value.
You see, it doesn’t matter what you think your home is worth. It doesn’t matter what you did to make in nicer for your family. The value of your home is determined by buyers. What you enjoyed about your house may be irrelevant when it’s time to sell. Think in terms of what buyers want, and use some of the following advice on selling a house.
1. Know the market. What other similar houses have sold for? Have those examples ready to show potential buyers.
2. Decide on a minimum price – the price below which you just won’t move. Don’t tell your agent what this minimum is, but negotiate with any buyers who make an offer near or above it.
3. Concentrate on the visible things first. A new mailbox is often a good idea. When buyers fall in love with the house before they even enter it, they forgive a lot of problems.
4. Clean the neighborhood. If a neighbor’s yard is a mess, give their kids $10 to pick up the yard. Spend $20 to put flowers in any common-areas, and buyers will have a better first impression of the neighborhood.
5. If you or your agent aren’t getting many calls, try something new. Is more advertising necessary? Is the price too high? If price is the problem, drop it fast. That perfect buyer might pass on by while the the home is still over-priced.
6. Listen to prospects. They’ll be more objective than you. If you hear several times that the kitchen is dark, get out the white paint.
7. Find the average sales time for your area. If your house is taking longer than average to sell, there’s a problem, and usually it’s the price.
8. Ask your real estate agent what she plans to do – before you sign a listing agreement. Write down what she says, and hold her to her promises.
9. If there are known problems, such as an old roof, get an estimate for repairs. The sellers may want a $7,000 allowance for a new roof – until you show them your $4,000 estimate.
10. Do improvements that can realistically get you at least a two-to-one return on investment. If $300 to seal the driveway is likely to add $600 to the sales price of the home, do it. Always consider first those things that are most visible.
There are dozens of things you can do to sell your house faster, and get a better price. Start with the ones that will get the most “bang for your buck.” Also, read and USE good advice on selling a house.