I have never heard someone say, “I am not concerned with selling my home for top dollar.” It makes sense that we never hear this, right? For most, their home is the largest vehicle for retirement saving in their investment portfolio. So, the question you should be asking is “How do I sell my home for the most money possible?”
There are 3 BIG things we can do to ensure that a home is sold for the most money. The BIG 3 are: 1) Price the home accurately, 2) Update the home to an acceptable condition, and 3) Market the home aggressively.
PRICE: Pricing the home accurately is the most important of the three focus areas. Most of the risk is in pricing the property too high. When a person prices their property too high, their home is disqualified by potential buyers before having a chance to display what is unique about it. There are multiple strategies to consider when pricing your home. My personal strategy of choice is leveraging a combination of sold and active property data to derive a list price. Sold property data provides information on the neighborhood’s financial trend. Active properties provide you data about your current competition. If the neighborhood sold prices are trending up and there is little to no competition, then pricing higher makes sense. No need to worry about pricing the home too low. If you price a home too low, then the market will show that by bringing multiple offers for you to consider.
CONDITION: Updating the home’s condition is more important at various times. Consider this: if there are ten buyers looking in the area where your home is listed for sale and your home is the only one available, then all ten buyers are going to come view your home regardless of its condition. It’s likely that one of the ten would make an offer – assuming you are priced accurately. But, what if there were ten homes available in the area where your home is for sale? If your home’s condition is not equal to or better than the other houses, you may have no visitors. In the case that you have a buyer visit, that buyer will likely go see other houses because yours isn’t perfect. When you are competing against other homes, it is imperative that you update your home’s condition to meet or exceed the competition.
MARKETING: Marketing a home for sale aggressively is simple, but not easy. It requires a lot of hustle, particularly upfront. The question you must answer is, “how can I get in front of as many people who want to purchase a home as possible?” According to the National Association of Realtors, ninety-five percent of home buyers used the internet in some way to find their new home. Getting your home where it can be found easily online, priced accurately, and positioned well for potential buyers will generate showings. Use the number of showings in a week as your main key performance metric and tweak your marketing until that number moves high enough to generate an offer. Selling a home is a numbers game. Get enough showings on the home and offers will follow. Get enough offers on a home and a transaction will be the result.
Those of us who make up the Williamson Group Real Estate team are experts at selling homes for top dollar. We understand the BIG 3 and would love the opportunity to explain how we implement each for your home transaction. Feel free to reach out to us anytime!