Spring is finally here and so is the busiest season in the real estate market. Whether you are selling your home privately or with a professional real estate agent; here are a few tips to ensure top exposure as well as a top dollar in your pocket after all is said and done.
Timing is everything, although depending on circumstances, you may not be in control of it. Having completed thousands of home evaluations and spoken to at least as many aspiring home sellers, one of the questions I will get for sure is: “When do you think we should list?” Interestingly when I ask the question back, most if not all homeowners think they should not list before June or July because that is when the yard shows best. In our dreams we picture the flower gardens in full bloom, the lawn cut to perfection and the vegetable garden bursting with goodies……everything looks so much nicer in the summer.
But if everybody waits for the flowers to grow before they finally lost their houses, guess what happens!? That’s right! I have often found that quite a few buyers buy early in the year with a summer possession date, which then in turn allows them sufficient time to sell their own home or finalize any potential lease agreements they may have. Since there are not as many listings on the market in early spring, I have seen sellers consistently put more dollars in their pockets!
I would also caution sellers to watch the neighbourhood before they actually list. It seems like common sense, but if there are 3 more houses listed on your street and you have the luxury of time, I would hold off unless you know beyond a shadow of a doubt that yours is superior and you price it right.
Pricing is such an interesting animal. From a sellers perspective, it can be easy to get lost in the listing “bidding war” among real estate agents. I think it’s not a bad idea to interview several agents unless of course you have a good working relationship with one, or have been referred to one already by someone you know and trust. If you are shopping for a REALTOR® however, watch out…you get what you pay for. I believe that the ‘Choose the agent with the highest list price and lowest commission rate’ mindset is backwards.
The imaginary math on that might look promising but don’t fool yourself. Look for consistent results, rock solid reputation and non-negotiable integrity. Once you find a pearl of an agent like that, then and ONLY then strategize the list price etc and the marketing plan. So to summarize: Don’t choose your REALTOR® based on list price and commission, choose your REALTOR®, and then together determine the best list price based on current market conditions as well as property condition. If you are selling privately, you have some more legwork to do yourself.get latest news at http://www.telegraph.co.uk/finance/economics/11871603/federal-reserve-september-interest-rate-decision-janet-yellen-live.html
Tour as many open houses in your area as you can and try to understand the differences in features and location and how that relates to the individual value. Make sure you compare apples to apples, meaning – don’t determine your list price based on someone else’s. Determine your property value only based on what similar homes have actually sold for.
There are 3 pricing strategies that are most commonly used in the marketplace. I will address those in a future post.
Most people misunderstand marketing. They believe marketing is advertising. I disagree with that. Marketing is a whole lot more than advertising although it certainly includes that aspect. Pay some close attention next time you watch the commercials on TV or youtube. You will rarely see advertisers bragging about themselves.
Marketing doesn’t talk about a product. It talks about the benefit the product will deliver. It’s a whole different perspective. If your REALTOR® and you catch on to its power, you will truly set yourself apart in a busy spring market!