Pricing your home accurately is one of the single most important decisions you can make as a seller. An overpriced home will receive less interest and experience longer days on market leading to price reductions and ultimately a lower final sale price. The market value of any given property is directly correlated to a series of decisions starting well before your home is introduced to the market. Let’s explore the three elements determined for you along with five important choices sellers have to make.
3 Predetermined Factors
The factors impacting real estate values outside of a seller’s control are location, marketplace competition, and macro/micro market conditions. A property’s location on the parcel and in the community is understandably fixed. Marketplace competition, related to the total amount of active properties for sale in your price range, impacts supply and demand ratios. Economic factors such as the stock/bond market, interest rates, wages, unemployment and migration patterns play a large role in shaping market conditions and consumer choices. Fortunately, there are several creative decisions sellers can make which have a positive influence on the sale price of their home.
5 Seller Choices
Pricing real estate is a multifaceted endeavor and must be custom tailored to each individual property. The market changes daily and so do the active, pending, and sold statuses of comparable properties. Homes in Anacortes sell on average at a rate of 1 per day providing consistent fresh data to analyze. Savvy brokers are continually networking with their fellow agents, synthesizing this changing information and providing feedback recommendations to their sellers. The season in which you list also plays a role. Winter months see different inventory counts and sales patterns than spring or summer months. Ultimately, there is no fixed price for your home. Instead, there is a range of value determined by what a buyer is willing to pay (given their options) in the open market.
You only get one shot at making a first impression, so make it count. Selling “as is” does not increase your return on investment. You wouldn’t sell a car unwashed with a flat tire and expect top dollar. Real estate is no different. Take time to address general maintenance items inside and outside the home which conveys pride of ownership. Free up counter and floor space, which makes any home look larger and highlights the home’s architecture. Remember that you’re selling more than a house; you’re selling a lifestyle. Spend money on highlighting your home’s strong suits. Invite people to specific areas with flowers by the bed, an open cookbook in the kitchen, or wine and wine glasses near chairs soaking in the view. Help buyers envision what living life there would feel like. Making necessary repairs will decrease friction points with buyers, giving you the competitive edge to ensure that you don’t leave money on the table.
As a seller, it’s vital that you negotiate the strongest possible contract terms prior to accepting any offer. Pay close attention to closing and possession dates along with inclusions/exclusions and critical contract milestones. You have the authority at this stage, so be intentional and take your time. Once a contract is mutually signed, the power shifts to the buyer who often has the final say in whether the deal moves to close or gets canceled. An experienced broker will explain the possible outcome of any contract contingency with an emphasis on preserving your seller net proceeds.
Homes that are hard to show are hard to sell. Accommodate showings to the best of your ability. This ensures the broadest audience of qualified buyers through your home and increases your odds of an offer. Take time to discuss the best schedule for showings. If you work nights and sleep during the day, consider staying in a hotel for the first few days on the market. Sleeping babies, pets, and tenants all need to be accounted for. Selling a home can be very disruptive, so plan ahead and stay proactive in your communication.
Who represents you matters. In this fast paced real estate market, professional representation has never been more important. Your selection of a real estate broker can have a profound impact on your desired outcome. An experienced broker with proven systems and strategies will educate you on your best options, reduce stress and help you achieve your goals.
Rob Skelton is a top ten agent at Windermere Anacortes. He is an Anacortes native and has been in the real estate field for over 15 years.