In today’s tough real estate market, you must do things to make your home stand out from the crowd. Home Staging has become a popular way to make your home stand out from the crowded listing inventory.
When we hear the word “Staging”, we tend to automatically think that means we need someone else to come in and decorate, and add even more costs to the expense column when it comes to selling a property. But this is not the case. You can do some things yourself to improve your chances of selling your home.
- Set your listing price by utilizing area comparables, not based upon what you need to get for your home.
- Repair squeaky doors, chipped or smudged paint as well as broken fixtures and fittings that you’ve neglected.
- Get rid of worn carpets, and consider refinishing shabby hardwood floors. An inexpensive new area rug is a quick fix and can disguise the look of old floors.
- Invest in a fresh coat of paint and get 150 percent green back on your investment.
- Fix all running toilets, or risk flushing profits down the drain.
- Remember that “outside” is the new “inside.” Show off all of your living spaces. It’s your first chance to make a good impression, so you’ve got to make it count.
- Renew the look of rooms by replacing old or dated light fixtures, door hardware, light switches and outlets.
- Grind a lemon in the garbage disposal – it smells great and it’s cheaper than air freshner.
- Display the kind of plants that aren’t injection-molded and painted in a factory somewhere.
- Make things sparkle. Remember that people will look in your cupboards, under your sinks and in your closets. Mop, dust, vacuum, wash windows, baseboards, and anything else that a potential buyer may see as a turn-off.
Paying attention to these few things will help you be ahead of the crowd when potential buyers compare your home against others for sale.
Although nobody’s perfect, it’s important to be as perfect as possible when selling your home. That will increase the likelihood that you can have success selling it. Here are some helpful tips to give you the best chance to sell your Columbia SC area home:
- Never avoid doing necessary repairs
You won’t necessarily need to take out a second mortgage to fix up your home before putting it on the market. However, you can certainly do some basic home improvements to enhance your home’s condition. That includes new carpeting, new gas or water pipes, interior or exterior paint, and so on. Speaking of the interior and exterior of your home, remember that both are important when you put your home on the market. Increasing your home’s curb-side appeal will make it more marketable.
. - Never set the price too low
This is yet another mistake that homeowners often make when they put their home on the market. The problem is that taking this step could significantly reduce your profit margin. In fact, if you set the price too low you’ll have no profit margin at all. The best way to avoid setting your home’s price too low is to find out its actual market value before you put it on the market.
. - Never hire an inexperienced real estate agent
It’s important that the real estate agent you pick has a reasonable amount of experience. He or she doesn’t necessarily need 20 years experience selling homes. But you should also probably avoid hiring a newbie. One effective method is to get personal referrals for real estate agents. Whichever method you take to find a the right agent, always compare a minimum of three. That will help to increase the likelihood of finding the right one. You should also check the credentials of a particular real estate agent before choosing him or her.
. - Never set your home’s price too high
Many experts say this is the biggest mistake you can make when putting your home on the market. It’s a particularly bad idea today due to the amount of information that’s available to home shoppers. Here’s what often happens. If a shopper knows your home is much higher than its market value, then he or she will offer an extremely low price. That will likely anger you, which will likely result in the home not being sold. When pricing your home, it’s important to consider several factors to calculate its market value. That will help to determine an accurate price for your home.
. - Never market your home inefficiently
Setting the right price for your home is a crucial step for selling your home. But that won’t mean much if you don’t market it effectively. The good news is, you can use several effective methods for maximizing the chance of selling your home. Talk to us about some of these marketing methods. Also, keep in mind that the process of marketing lasts until you actually sell your home.
Avoiding the above mistakes will help you sell your Columbia SC area home sooner rather than later (or never).
In the process of selling a home, the single most important item to address is pricing. Pricing a home has several factors which must be addressed in order for the outcome to result in successfully attracting a buyer. This is especially true due to the fact that most local markets are experiencing what is termed a “buyer’s market.”
A “buyer’s market” is, in simple terms, one in which there are more homes for sale than there are buyers for those homes; basically a glut on the market. This can occur when the banking industry experiences a record number of homes they have in foreclosure. In this case, these foreclosed homes have saturated the real estate market, increasing inventory beyond the market. Another factor may be that people who are currently renting are hesitant to commit to a long term mortgage, even at lower interest rates, because of job instability.
What this means to someone who is attempting to sell a home is that the asking price must fall within the range of what a buyer will pay for a home in a specific location. This “magic” price is determined by the following statistical facts:
- comparison of asking price of other, similar and non-similar, homes that are in the vicinity of the subject home
- comparison of actual sold price of other similar and non-similar, homes in the vicinity of the subject home that successfully closed escrow
- how many homes are currently on the market that are comparable to the subject home
- how long other homes in the vicinity of the subject property have been on the market
- location of the subject home
- condition of the home
A seller’s true competition is the other homes on the market. By looking at the asking price of other homes, it can be determined what the current competition is. Upon analyzing competition, whenever possible it is best to come in slightly under asking prices of the other homes if at all possible. This places the seller’s home in the primary position when buyers are making their lists of the best priced homes. It is a mistaken belief that buyers and sellers are in an adversarial position. In actuality, a buyer and a seller want the same thing.
The actual sold price of other homes provides guidance as to how much the market will bear for the property. It is best to look at homes that are the same style, similar amenities, and within the same area as the subject home, but not absolutely necessary, especially in today’s market. Buyers are looking for the best deal, not necessarily a particular style. The actual sold data is the strongest indicator as to how to price a home to sell.
There are a couple of helpful pointers when reviewing how long other homes have been on the market: those that are currently active on the market, those that have received a contract on them but have not closed escrow, and those that have closed escrow. This number, termed “days on market” or “DOM,” provide information on an estimated time it will take to sell the home. This figure needs to be analyzed with the asking price history.
The location and condition of a home are generally the easiest to consider. If the home is located in a desirable area, but is in poor condition, or vice-versa, it will have an impact on the price.
In essence, you need to tie the contributing facts together, starting with the hopeful sale price based on other listings, then what they are actually selling for, and the volume of houses in your price range, and neighborhood. Then, throw in the desirability and condition of your home, and your price will finally be set. This takes some patience and courage, but the final result will be more showings which means more potential for a successful sale.