When you're having a garage sale, one of the toughest tasks is pricing your items. If you put a price tag on your old golf clubs that’s too high, no one will buy them. If you make the price too low, they might sell quickly, but you’ll spend the rest of the day wondering if you could have gotten more!
It's similar to selling your home — except with your home, the stakes are much higher.
You want to price your property to sell, but you don’t want to leave any money on the table.
How do you accomplish that?
Setting the right list price for your home requires a combination of skilled calculation and industry savvy.
Let's start with the "calculation" part...
When you work with me, I'll review recently sold properties that are similar to yours in type, size, features and location. Then, using that data, we’ll calculate a range that represents your property's "current market value."
For example, consider a spacious 15-year-old bungalow in a nice neighbourhood. If similar homes in the area have sold for $475,000- $550,000 in the last six months, then it's obvious that your home should sell in that range too. A list price above or below that range would be in the danger zone.
But skilled calculation is only half the task.
Setting your list price also requires expertise in the local market, combined with good old-fashioned gut instinct. That instinct comes from being on the front lines of many property transactions.
That's why working with a good real estate salesperson is so important, when you’re deciding on the list price for your home.
You might naturally assume that it is most important to talk to a Realtor when you’re selling or buying a home. But there are many other circumstances in which it makes sense to give me a call. Here are a few examples.
1. When you’re at the “thinking about it” stage
If you’re just thinking about selling your home, and haven’t made a firm decision yet, you might feel uncomfortable calling a Realtor. Don’t be. In fact, I welcome your call. We can discuss what your current property will likely sell for on today’s market, and determine the type of home you qualify to buy. That way, you’ll have some clarity and be able to make a more informed decision.
2. If you’re nervous about the selling process
If you haven’t sold a home before, you might be concerned about what’s involved in the process. You might even worry that putting your home on the market is going to be a lot of work and create a lot of turbulence for you and your family. Fortunately, selling your home doesn’t need to be scary. In fact, a big part of my job as a Realtor is to make the process as smooth and trouble-free as possible. So if you have concerns about selling your home, you should give me a call.
3. If you have questions
You likely have questions about the local real estate scene from time to time. You might have questions like: “How much did that home around the corner sell for?”; “Is now a good time to make a move, or should I wait until the market changes?”; and, “How much is my current home worth?”
When you have questions like those, you don’t need to dig for answers on your own. You can give me a call. As an expert in the local market, I can give you the answers you need.
Getting Friends to Spread the Word about Your Listing
When you list your home for sale, you want as many buyers as possible to find out about it. So consider how many friends, neighbours and work colleagues you have. Then think about how many people they know. The number is likely in the hundreds. One of those people could be looking for a property just like yours.
That’s why getting your friends to spread the word about your listing is so effective. How do you do that?
One strategy is to have a moving party. This gives you an opportunity to ask your friends, as a group, to tell others about your listing. You can also encourage your friends to bring a guest who is currently in the market for a new home. Another good idea is to put a profile of your listing on Facebook. This is the fastest and most convenient way for your Facebook friends to point others to your listing.
Do you have friends who work at larger organizations like banks and factories? They probably have access to an employee lunch room with a bulletin board. You can spread the word by asking them to put up an information sheet on your listing.
Try one or more of these ideas. Combined with my marketing plan for you, they can help get more qualified buyers to your doorstep.
Want more tips on promoting your listing? Call today.
Do you ever wonder how most people find the homes they eventually buy?
You might imagine them driving by a “For Sale” sign or seeing a home for sale in the newspaper and then calling to enquire. Of course, many buyers find out about listed properties that way. But, according to research by the National Association of Realtors, there are many other — sometimes surprising — ways buyers find their next dream home.
• 88% of buyers find a home with the help of a real estate agent.
• 90% of buyers search online as part of the home buying process.
(Such as viewing a property’s profile on the agent’s website.)
• 69% of buyers searching for a home using Google, use a specific local term, such as “Whitby-south homes for sale”.
• 29-46% of buyers attend an Open House as part of their home hunting activities.
Overall, the research shows that buyers are using a multitude of ways — combining online and offline methods — to find homes.
What does all this mean to you? If means that if you’re preparing your home for sale, you need to ensure your marketing plan takes into account all the ways buyers are finding properties — so you can be sure that they will find yours.
Looking for a REALTOR® who knows how to market your home for maximum exposure? Call today.
One of the most important decisions you make when selling your home is setting the listing price. That can be tricky. After all, if you price your property too low, you leave money on the table — perhaps thousands of dollars. On the other hand, if you price your home too high, many buyers won’t even bother to see it, believing it is too expensive.
Even with that reality, there are some sellers who contemplate setting a high listing price in the hopes of a windfall. They want some unsuspecting buyer to fall in love with the home and buy it — even though it’s overpriced. That rarely, if ever, happens.
Instead, the listing often languishes on the market because its listing price is conspicuously much higher than its market value.
Think about it. If two similar homes, side-by-side, are for sale, and one is priced $40,000 higher than the other, wouldn’t you wonder what was going on? That’s exactly what the market thinks. “Why is that home priced so high?”
Of course, many buyers, who might otherwise be interested in the property, won’t even consider seeing it, simply because it’s outside their price range.
It gets worse. When an overpriced home sits on the market with no offers for several weeks, the price will often need to be adjusted down. That helps the situation a little. However, you’ve lost the excitement created by a “new listing.” Yours is now an old listing struggling to get attention.
There’s a better way…
Setting your list price at or near the market value is much more likely to generate interest from qualified buyers and maximize how much you make on your home. That market value may even be higher than you think!
There was a time when reselling a condo wasn’t very complicated. Most units were similar, and most buyers shared similar interests: proximity to urban activities, worry-free maintenance, and the freedom to come and go at a moment’s notice. In today’s condo resale market, desires and needs have expanded as buyer profiles have changed. Today’s market includes a myriad of demographic profiles, from young families and single professionals to divorced parents and retirees. The specific needs of these buyers don’t necessarily fit the old definition of a typical condo buyer. Resellers, therefore, need to be more competitive when presenting their units. To address the priorities of today’s buyers, creative upgrades to older units, such as kitchens and bathrooms with modern appliances and optimum storage efficiencies are required. Further features like a disappearing wall bed, in-unit laundry facilities, and hall space for a stroller or bicycle are big selling advantages. Another key way to promote a condo to today’s buyers is to invest in balcony furnishings and decor, in order to emphasize available outdoor living space.
Have you ever driven up to a restaurant and your first impression was disappointing? Perhaps the windows looked dark and gloomy, the façade was worn and unattractive or for some other reason it just didn't look like atempting place to eat.
It could still be a fantastic restaurant – a real gem. But, your first impressionhas soured your anticipation. If you still walk through the front door, it will likely be with the expectation of being disappointed.
This scenario often plays out in the real estate market as well.
A buyer drives up to a home for sale and quickly forms an impression basedon what he sees "from the curb". That's why you'll hear real estate experts talk about the importance of "curb appeal". It's one of the most important selling points of a property.
If you plan to put your home on the market, you obviously want your home to look as attractive as possible from the street. Fortunately, there are many simple things you can do to improve curb appeal.
For example, you can trim shrubs and hedges, plant flowers, clean the walkway and driveway, paint the front door and garage door, and clean the exteriors of the windows. All these projects are relatively easy and inexpensive. Yet, each can make a dramatic improvement to how your home looks at first glance.
Don't be like the great restaurant that’s hidden behind an unkept façade. Make sure your curb appeal reflects the overall value of your property.
Looking for more advice on selling your home quickly and for the best price?Call today.
Remember the last time you visited an upscale furniture showroom? The furniture and fixtures on display probably looked great. The colours and textures jumped out at you. It was a feast for the eyes!
There is a good reason for this: lighting.
Of course, the quality of the products has a lot to do with how appealing they look when on display. But smart retailers know that proper lighting is key to making those products look their best. In fact, some retailers even hire lighting consultants!
What does this have to do with selling your home quickly, and for the best price?
Obviously, when showing your property to potential buyers, you want your home to look its very best. Proper lighting can be a big help.
When preparing your home for sale, review the lighting in each room and make sure the space is sufficiently well lit. You want the lighting to be strong enough to prevent dark or shadowy areas, yet not so strong that it's uncomfortable for the eyes.
As a rule of thumb, the total wattage of lights in a room should equal the room's square footage times 1.5. So, if a room is 120 square feet and has three light sources (ceiling light and two lamps) then the bulbs in each should be 60 watts.
Pay particular attention to traditionally dark areas, such as the garage, basement, and closets. Make sure those areas are well lit.
If you have a viewing scheduled during the day, take advantage of natural light through windows. Open the curtains!
Finally, one of the most important areas is the foyer. Always make sure the entrance has sufficient lighting. You don't want buyers to think they've entered the home of classic TV's The Adam's Family!
Want more ideas for preparing your home for sale? Call today.