Homeowner News Selling your home in any market can be daunting, it is your biggest investment and your family’s haven, but selling your home in today’s market can feel entirely overwhelming.
Selling your home in any market can be daunting, it is your biggest investment and your family’s haven, but selling your home in today’s market can feel entirely overwhelming. Your best tool is an experienced and talented real estate agent who can navigate these waters with skill and look out for your best interests. In any situation, knowledge is power, and understanding what needs to be done to sell your home quickly and for the best price will help you feel more comfortable throughout the process.
Here we break down proven strategies that help to sell your home faster and get you from For Sale to SOLD!
Pricing is the biggest factor.
78% of the buying pool either live in your area or in an adjacent community—so market locally.
Choose an agent that is marketing-savvy and will aggressively market your home
Strategy #1 Pricing is the biggest factor in selling
Buyers want the best deal; and you want the most money.
Timing is crucial. Pricing your home at a fair market value from the start is one of the most challenging but important factors in selling. Statistics show that the greatest number of potential buyers will see your home in the first 2 ½ weeks on the market. Pricing your home too high above market value could cause you to miss this peak interest period and often results in lower final sales prices than those that are priced lower (but closer to market value) when they come on the market.
Since comps have a big sway in determining your home’s value, you want to use them to help determine a price that puts your home in the most attractive light. The general rule is to select comps as close to your address as possible. But there are exceptions; a comp close to you may not be good because it sits higher on the hill and has phenomenal views, or it’s closer to a main arterial or freeway. A house similar to yours could be a mile away and still part of the same market since neighborhoods don’t always have neat boundaries. Homes in developments should be compared against comps from the same development since these homes were built together at the same time, by the same builder/developer.
Accurately valuing price per square foot. While price per square foot is a traditional way for valuing real estate, it doesn’t account for many variables. Similar homes in the same area vary widely in price based on interior finishes. You should also factor in how the property was measured and whether the square footage includes the garage or other detached buildings on the property. Lot size is also a significant factor.
With the increase in the number of short sales and foreclosures in the last few years a real estate professional is crucial in helping to price your home correctly, ensuring that you get top dollar while not letting the home languish on the market. This is their specialty so utilize their experience and knowledge.
STRATEGY #2 YOUR BUYER (MOST LIKELY) LIVES HERE IN THE AREA OR IN AN ADJOINING COMMUNITY
So focus your advertising in local magazines. According to research by First American Title Company here in San Diego, the buyer for your home lives right here or just a few miles away. 78% of the buying pool live within 5 miles, while 15% come from out of state and 6% from out of the county. The point is, most people living in one area tend to move just up the road in the same area. San Diego is a coveted place to live and once they are here residents tend to plant deep roots in the community.
According to the percentages, the most likely buyer for your home is reading San Diego PREMIER (a local magazine) and if your home isn’t being advertised in it, you’re missing a potential buyer.
STRATEGY #3 CHOOSE AN AGENT THAT IS MARKETING SAVVY and will aggressively and effectively market your home.
In choosing an agent, be sure their primary skill (and focus) is selling your home. Before making your choice review their marketing plan and be sure it includes both local print advertising in addition to internet. Beware of agents who rely almost exclusively on the internet for marketing. While the internet is often a free source of distribution, research shows that, when asked, Magazines are the most popular media for those looking to buy their first home, second home or remodel, over both TV and internet. Source: GfK MRI, Fall 2011.
Additionally, according to Nielsen Global Trust in Advertising Survey, April 2012, consumers trust print advertising more than other media: 47% trust ads in magazines, while only 35% trust ads from search engine results.
Knowing the role of a good agent is the best way to sell your home quickly and for the highest possible price. Homes today are selling and many with multiple offers so you can come out a winner in this market! Do your research, hire an experienced and trusted agent, and market wisely and you will go from For Sale to SOLD before you know it.