Pricing Your Home Correctly

Your home's price is the most important factor determining it chances for a quick sale. Many homeowners have wildly inaccurate ideas about what their home is worth. The fact is that your opinion on the listing price doesn't matter. Only an objective analysis of your property and market conditions can tell you how to price your property correctly.

Request a Comparative Market Analysis (CMA) on your home. This valuable report reveals how much your home is worth, what other properties in your area are selling for, and a reasonable estimation of how long it may take your property to sell. CMAs are used by appraisers and real estate agents to determine the true market value of your home.

 

Many Sellers believe the myth that they can "always reduce the price later on." Unfortunately, a home listing gets the most attention from Buyers when it first comes on the market. Buyers and their agents pay attention to "hot sheets" of newly listed properties. Price reductions can also give the impression that "there must be something wrong with that property" and turn Buyers off even more. That's why it is essential to obtain a CMA and listen to your real estate agent's advice on how to price your home right from the start.

Overpricing your home will actually cost you more money than listing it at the correct market value!  While you wait for a miracle Buyer to offer more than your home is worth, you continue making mortgage payments and deal with  the expenses and hassles of trying to keep a home spotless during showings.

Home Condition

• Kill mold and mildew on the house, sidewalks, roof, or driveway.
• Store any garden tools or children's toys.
• Clean windows and gutters.
• Pressure wash aluminum siding and dirty decks or sidewalks.
• Trim vegetation on edges of sidewalks and remove weeds growing between concrete or bricks.
• Mow the lawn, kill or remove weeds.
• Rake and dispose of leaves.
• Trim tree limbs that are near the roof.
• Trim down large shrubbery in front of the home.
  

What about the interior? Carpet and paint are two big items that concern Buyers. A fresh coat of paint in a neutral color is a cheap investment that does wonders for the look and feel of your home.  A neutral light color on the walls  will reflect light and make your home seem brighter and more friendly to Buyers. A house full of busy wallpaper is major turn off to Buyers. You may want to consider removing wallpaper, then painting. Professionally steam cleaning carpets is another "must do" task that greatly improves your home's appeal.

Another instant turn off is a home with odors. Cigarette smoke, pet, and mildew odors need to be eliminated before you show your home to potential Buyers. Damp mildewy smells in a basement throw up a red flag to buyers.  Check that downspouts are aimed correctly so that rainwater is being diverted away from the foundation and that no underground drains are clogged.

Grimy looking bathrooms should be thoroughly cleaned and updated with new shower curtains, bath mats, and towels. Bugs and insects of any kind inside the home are deal killers. Call an exterminator to get rid of any pest problems.

Show your home in its best light. Do a room by room inspection of your home to find areas that might benefit from better lighting. Clean windows and remove heavy drapes to let more light in. Replace dim light fixtures and install additional lighting if necessary.  

Marketing Your Home