Keys to Selling in Today’s Market

by Steve Meyers

Even in this tight residential real estate market with low inventories and lot’s of buyers in the market hoping to purchase a single-family home or condominium, there are still properties that are lingering on the market longer than expected and then selling at, or below, market value.  Sellers must do everything they can to properly prepare their property for sale, select the price that will generate the most Offers to Purchase and, then hire the very best real estate agent available.

To properly prepare you home for sale to obtain the highest sales price you must be of the mind-set that this is a “Balanced Market” (4 to 6 months of inventory) and not a “Sellers Market” (30 days of inventory).  To receive the highest sales price you need to paint, shampoo/replace carpet, clean windows, make necessary repairs, replace all light bulbs, de-clutter, de-personalize and, clean, clean, clean.  Engage a staging consultant and do 90% of what they recommend.  If it’s vacant, have the home staged.  Isn’t it  worth spending 0.5% to 1% of the value of the home to increase its’ sale price by 5%, I would think so.

If you price the home at its’ fair market value you’ll generate far more Offers to Purchase than if you overprice your home.  If you overprice your home, buyers will know it.  They go into every home on the market and compare the features and benefits of each home to its’ list price.  If its’ overpriced they’ll let you know by not submit an Offer to Purchase and, it’ll linger on the market and go stale.  If you price your home at its’ fair market value, you’ll generate multiple Offers and ultimately, sell at a higher price.

You get what you pay for.  Discount brokers account for less than 5% of all real estate transaction.  95% of sellers recognize that a professional real estate agent will generate a much, much higher sales price that will offset the lower fees of a discount broker, many times over.  Engage the very best real estate agent possible.  But, their level of experience, skill, and expertise varies dramatically.  If you needed surgery, would you look for the least experienced surgeon or, the very best surgeon possible.

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