Don’t let your home sit, let it stand above the rest of the competition and be noticed. If there’s one thing we counsel our clientele on today, it’s making a distinction between their home and others “on the market, not selling.” What are the unique selling points of their home? What is the state of the market, even as granular as their neighborhood? What are comparable properties selling for now? Putting together a vivid picture of the subject property and how to elevate it above other similar homes could mean the difference between less time on the market and maybe even a multiple offer situation.
But before you get carried away, here are five ways to position your home for a quicker sale:
This is the obvious. The elephant in the room. We’d be deceiving ourselves if we didn’t mention this one first, because it’s the most important and for good reason. Remember, the whole process for a buyer begins (or should begin) with an honest assessment of what they can afford and tailoring their search around that benchmark. The buyer consults a mortgage lender, discovers how much they’re pre-approved for, compares that to their financial situation, determines their must-haves when previewing homes and investigates the market. Homebuyers, especially if they’ve been searching for some time, have an eye for present circumstances and how compatible properties have fared.
Sellers, who better understand what buyers are witnessing in terms of pricing, will be better able to estimate and position their property for its initial release. This is why having a REALTOR® generate a competitive market analysis (CMA) specifically tailored to the seller’s home is ideal for understanding how they should be pricing it. Although we might be in a period of correction, the market still favors sellers. Because of this, real estate professionals are advising some homeowners to set their list price toward the higher end of its range of value.
When an owner anticipates selling their home, they should review all aspects of their property to conclude what’s in need of repair and what could benefit from an upgrade. Ideally, this should be done months ahead of when they plan to sell. They should consult their REALTOR® in order to judge which repairs/updates would help sell their home and which ones should be evaded. Soon-to-be sellers want to avoid alterations that buyers, for the most part, could care less about – repairs or updates that won’t add value, and in some cases might even have a negative impact.
It’s worth mentioning, some homeowners pursue a “pre-listing” inspection, where a professional home inspector evaluates their home and pinpoint areas they might want to address, making the proper repairs, before listing their home for sale. Though this approach isn’t as common as one might think, it can be extremely beneficial to owners in certain instances.
It seems like we overemphasize this point time and time again (because we do!), but we believe it’s that important. Do you want increased engagement and more prospective buyers to see your home? Of course! One of the quickest ways to get more eyeballs on your home, both online in addition to in person showings, is to create an inviting atmosphere that draws buyers in. The exterior facade of your home will either captivate or deter onlookers. It’s that simple. A fresh coat of paint on the front door and front porch, fresh landscaping, cut grass, trimmed shrubbery, new garage door, replacing that weathered mailbox, etc. make a statement and appeal to buyers.
There’s certainly a lot to say about curb appeal as it’s a very effective tool for selling, but homeowners shouldn’t go overboard either. They should refrain from changes, which won’t appeal to a majority of buyers. Sellers might want to consider taking a more simplistic approach to the peripheral of their home in hopes that potential buyers won’t see a yard that requires too much upkeep. As with any upgrade, sellers need to be cautious not to dump money into aspects of the home that have little to no return on investment (ROI).
One way to really make your home stand out is to offer buyers and their agents perks that will truly differentiate your home from the rest. An incentive some deploy is offering would-be buyers a home warranty. In fact, there’s relatively affordable coverage available that will protect the home for the seller while it’s listed in addition to a year from its closing date. Thus, this coverage benefits both the owner and the buyer.
Another incentive to entertain is concessions or a closing credit giving a boost to those looking to purchase the seller’s property. Seller concessions are a portion of the costs the seller has agreed to pay in order to lower the amount the buyer needs to close on the property. This assist or contribution is typically rolled into the buyer’s mortgage. A closing credit can be a great way to attract buyers as well. Usually a percentage of the purchase price or a flat credit is presented to consumers in hopes that it will attract more parties to put forth an offer.
A rare, though effective means of reducing those days on market can also be achieved by incentivizing agents to bring their clients into the seller’s abode through offering a buyer’s agent bonus. Agents make money beyond their portion of their agency’s commission, and thus will be much more eager to bring buyers into that seller’s home.
Finally, investing in a real estate professional, who understands the current conditions and can effectively position a seller’s home for maximum exposure, will reduce market time. Experienced agents know the state of the market and know how to best approach it. How will current trends affect market time? Sellers need to rely on their agent to sift through the data to discover what’s selling, what’s not selling and why it isn’t selling.
Sellers would also be wise to team up with a REALTOR® and brand, who are well versed in exposing their home to the largest pool of buyers. Their agent should be aggressive, regardless of the conditions that exist, willing to go the extra mile for their clients. Their agent should have a drive to succeed, despite the challenges which may exist. Their agent should have a plan on how to elevate their client’s listing to get noticed and shown.
As a homeowner, there are things you can’t change like location or maybe even costly upgrades to a home, but the above five are within your control. Sitting down with your agent and creating a strategy corresponding to these tips, among others, may ultimately reduce the number of days your home is on the market. There’s a lot on the mind of today’s sellers, but having a meeting with your agent will help ease your mind too!
If you’re thinking about listing your home, even many months from now, it’s never too early to create a plan for when the time comes to sell. Contact one of our professionals today to get started right away.