What are the 3 Factors To Consider Before Selling Your Home?
There are three universal factors to consider before you sell your home, and these factors hold true whether your home is an older but impressive beachfront property in Hawaii or at the top of the Plano, TX luxury real estate market.
It also makes no difference how you “list” your home for sale either–choosing the DIY method of taking out classifieds ads, getting a real estate agent to help you put your property in the local home listings, or just putting up a red “for sale” sign–these factors must still be taken into consideration.
Factors in Selling Your Home: The Big Three
There are many factors that should and should not be considered in pricing a house to sell. What you paid for your home, assessed value, how much you want or need to get out of it, the cost for custom items added for your specific pleasure or desire, what your neighbors say and the price of homes currently on the market are things that should not be factored in.
Far too often sellers go with gut feelings or subjective reasons when pricing a house to sell, rather than available statistical data. Many homes are priced so high that they have limited chance for selling. Over-priced properties often end up selling below market value because they stay on the market for a long time, they become “shopworn” and buyers tend of offer very low prices. Valuable marketing time is lost and opportunities to purchase a new home dwindle. Fewer showings occur because agents are not enthusiastic about the property. Marketing dollars and advertising efforts are wasted. Sellers become angry and frustrated. The tendency is to blame the listing agent and the marketing when the problem lies in the pricing.
The best chance of selling your property is within the first five weeks. Research shows that the longer a property stays on the market, the less money the seller will make. Your price should be based on SOLD properties rather than current listings. It should be priced to compete with – not sell – competition. Remember, the first offer is often the best! Buyers actually determine the value of a home. When pricing a house to sell, neither an agent nor any buyer/seller is smarter than the market!
The competitive intensity of today’s market dictates that the properties that sell the quickest are those that are clean, uncluttered and show well, have been well maintained, offer numerous updates and a neutral décor. Try to do whatever you can to make a favorable impression on a potential buyer so that your home will be remembered among the many homes a buyer will likely visit.
The location of your property “is what it is” and is one of the variables that cannot be changed or adjusted. Factors such as a busy street, a quiet cul-de-sac, nearby railroad tracks, gated or non-gated community, views of power lines, lakes or ponds, accessibility to amenities, highways, etc. are all issues that can and should be considered in the listing price discussions.
The Jan Richey Team is here to help. Based in Frisco, TX, the Team has over 110 years of extensive experience in the Frisco, Plano, and Far North Dallas real estate markets. Call (972) 742-0177 for more free advice on selling your DFW home today.