Sunday, October 24, 2010

The best pricing strategies for home sellers

Home for sale in Gautier, Ms that qualifies fo...

Selling your home in a down market is a scary thought. Home listings are everywhere and the competition is at an all time high nationwide. If you have made all the upgrades and your home screams of curb appeal and you are still not getting any bites it may be the price that is hurting your chances.

Coming up with an effective pricing strategy will assure that you have not only a good start to your home getting sold, but will expedite your buying the next home.  There are lots of errors people make when pricing a home. Most often it is pricing the home above current market conditions. These strategies will help you price your home well, especially if you have opted to sell your home independently of a realtor.

1. Do your comparison homework-
Check current real estate websites in your town and do a run down of what the comparables are in your area.  To get the best overall idea, use homes that are in a five mile radius of where you live. Pay attention to square footage, number of baths, number of bedrooms, size of the lot, year the home was built, and whether it has a garage. These are key factors most people look at primarily when purchasing a home.  Gather the data, and list down each homes price. Add all the prices up and then divide by the number of homes for sale, including your own. This gives you an average price of the homes in your area. Is your home above, below or right on target?

2. Strategy-
If you are selling your home yourself, you need to use every possible available resource to your advantage.  Price your home just under what the average home is for sale for to give your home that little edge and then let the bidding begin. Use free advertising where you can get it. For instance, Ebay has a classified section online that will let you post anything you have for sale. Since it is free and you can write up your own home advertisement, do so, what do you have to lose? Utilize sites like Zillow will let you post your home on their site and you can list, and include the best photos of your home on the site to generate offers. Place ads in the paper on a regular basis stating your open house dates and times. Remember you are competing with real estate agents so be aggressive in your selling strategy. Pass out flyers in your neighborhoods as well as have your friends post them in their place of work.  A viral marketing strategy can  only help.

3. Know your competition-
Knowing what the other homes have to offer in your area is important. You can usually highlight whatever attributes your home has above the competition. Point out your updates, and make sure to convey all of your homes pertinent information at all Open houses.

4. Create a home facts sheet- 
Print up copies of you home facts and info sheet that includes home square footage, yearly taxes, insurance, home owners fees, lot size, special features, number of bedrooms, and make sure the home fact sheet you create includes great photos of your homes kitchen, bedrooms, walk in closets and bathrooms. Try to anticipate what buyers questions will be and include that in the fact sheet. List recent replacements and updates.
5. Have a plan-
If your home doesn’t sell in a months time, 3 at the most, you may have to come up with a new plan. That plan can be in the form of a price reduction, or it may be finally calling in the realtors to have them put their resources to work for you. Once you commission a real estate agency, there is no reason you have to sit back and wait, you can still actively pursue your home selling. It simply means that regardless of whether you found your buyer, or the agency does, you will still have to pay them their commission. However, you will increase your odds by actively finding buyers yourself. Just remember to them the name of your listing agent to let them show your home to the potential buyer. The end goal is always to get the home sold as fast as possible.

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