As we enter the spring selling season; more buyers generally are out and looking at homes now. Fannie Mae announced the other day their inventory of homes they took through foreclosure nationwide rose 80% last year. Thus with so many homes to choose from how is a seller to get their home to stand out from the others in the area?
First, PRICE. Yes, I wrote it in caps for a reason. Price is still the number one reason people buy one house over another. It does not mean you have to be the lowest priced home. However; you need to competitive with the other homes in your area.
Your Realtor should be doing a market anaylsis every two weeks to see how your home is priced to the competition out there. I am an advocate of sending my listings an updated market anaylsis if I feel their home needs to have a price adjustment. Just telling you to lower the price of your home is not enough. There needs to be a good reason for it.
To many times Realtors take a listing and overprice it for the market. They do this so they can get the listing. it is what the seller wants ot hear for a price and they hope that in time they can get the price lowered to a more acceptable number. But, pricing a home right form the start increases your chances of getting the home sold quickly and for a fair value.
Look at the comparable homes the Realtor has provided for you. Are they a true representation of an equivalent home to yours? Are adjustments minimal to your home? Are they homes that sold within the last three months? or the very least the last six months? these are the factors that determine what soemoen will pay for a house....
If you want to ensure your home will sell this spring make sure it is priced correctly. If your home has been on the market for 30 days or longer ask your Realtor for an update of the market conditions to make sure you are in line with the current inventory of homes. If you are not; your hopes of selling your home will decrease significantly.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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