Low interest rates coupled with a lack of inventory are causing home prices to rise making it an excellent time to sell. We all know that in this market sellers are in the driver’s seat but does that mean they can kick back and relax? Why not capitalize on the current market conditions and employ these 3 strategies to hit a home run or even a grand slam?
1. Thorough property preparation – It’s important to put your best foot forward when selling your home so walk through your property as if you are a buyer and take an assessment from front to back and top to bottom. Ask your realtor to do the same and create a checklist. In addition to the basics such as decluttering and cleaning think about replacing older appliances, flooring that may show wear and tear and outdated light fixtures. Stainless-steel appliances add instant value with their timeless and finished look. Floors in a home are important because they take up most of the space and making simple updates can make a big difference in creating a sense of value. Consider professional staging if your furniture is dated or too bulky. In a recent blog I discuss the Top 10 Tips to Stage Your Home. Potential buyers will appreciate a ‘turn key home’ and will pay more when the work has already been done.
2. Pre-sale Inspections and disclosures – One of the most important things you can do when selling your property is to obtain pre-sale inspections – pest, home, roof and if you’re selling a country property – septic and well. The advantage of obtaining these prior to hitting the market is that it gives you the opportunity to correct any deficiencies that may be discovered during the inspections thus eliminating or minimizing further negotiations once in escrow. Thorough disclosures are also one of the key components in selling so make sure you are as detailed as possible including dates of repairs and any historical information you may have about the property. Providing a potential buyer with inspection reports and thorough disclosures communicates that you are serious about selling and that you have taken the steps to show your property in the best possible light. This gives a potential buyer the confidence to proceed with the sale.
3. Underpricing – I know that you’re wondering what underpricing has to do with obtaining top dollar. Pricing your home is one of the most critical components in obtaining top dollar and a fast sale. There is an art to pricing a property and it begins with a thorough understanding of what other properties in your neighborhood and adjacent areas are selling for. Your realtor will provide you with a CMA – Comparative Market Analysis – which includes are the current active listings, pending sales and Solds. Make sure you go over this in detail and understand how your property compares with those in the CMA in terms of size, amenities and upgrades. Look at photos, visit open houses and if possible tour some of those properties this way you can get an accurate assessment of how your property stacks up. If you price too high, your home could languish on the market and may not sell at all. Meanwhile, pricing low can have major upsides, resulting in multiple bids that could ultimately jack up your price. If your property is in show condition and properly marketed this strategy works. This is especially true in a seller’s market where demand is high and supply is low. So, do your homework and reap the rewards.
As experienced realtors we are dedicated to helping our clients maximize the value of their home which will result in getting top dollar. We use these techniques with great success. Let us show you how – it would be an honor to represent you!