Setting your price too high is the biggest mistakes home sellers are making in this market. Your Realtor may give you a price that they feel the homagic.com should sell for that is higher than what it is likely to sell for. Some Realtors inflate their estimate so that the prospect of selling your house is more attractive. There is more incentive to sell your house.
Make sure you have a good idea of what other similar houses are selling for in your area. You should be comparing houses with the same number of bedrooms and bathrooms, size that is within about 300 square feet of the size of your house, and similar amenities. Other factors that should be taken into consideration is the amount of time the houses sat on the market before they sold. This brings up another point in that you really should focus mostly on houses that have already sold. Anyone can ask anything they want for a house. What someone is willing to pay for it is an entirely different story.
If you want to sell a house fast, you should price your house slightly lower than the others that are on the market. Evaluate your competition. See what their houses have that yours doesn’t.
This one is an extension of the last mistake. If you do not know what you are competing with, how are you going to know if you are priced right? Your house needs to priced lower than a house that has more upgrades. These upgrades include things like granite countertops, hardwood floors, new energy-efficient windows, new mechanicals, and just about anything else that buyers will find more appealing. You can compete by offering your house at a more attractive price.
Visit open houses to get a sneak peak at your competition. Take note of anything they’ve done to make the house more appealing that you might be able to incorporate. If there are not a lot of open houses taking place, you can have a Realtor show you the houses.
Do not be the seller that is unwilling to negotiate or give concessions. Buyers want to feel like they are getting a great deal, especially these days. It is a buyer’s market and if you don’t accept that, you shouldn’t be selling your house.
Even if you feel like you are giving them a good deal, you have to be willing to give a little. It doesn’t have to be price that is sacrificied, you could offer to throw in some appliances or furniture that they might like. Get creative.
If you are not getting showings and you’ve done your homework and know the house compares favorably with your competition, your best bet is to reduce the price. Do not be stubborn and refuse to budge. Your house will just sit and the costs you accrue while your house is the on the market will likely exceed what you would be giving up with a price drop.
Buyers are extremely picky these days because they can be. With a high number of houses for sale and lenders tightening their lending criteria, this is inevitable. You will need to make sure that your house is in move-in condition. Replace rotted wood, repaint inside and outside, update anything that is dated (including 90’s style wallpaper and fixtures). You will need to make your house stand out and make the people viewing it feel like they can see themselves living there.
Some things can be done relatively cheaply that will provide big improvements. Paint is the cheapest thing you can do that will bring the biggest returns. You can update cabinets simply by replacing the handles and knobs. Clean the windows. This always helps with the impression the house makes.
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