The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it’s important to remember that, although you set the price, the buyer determines the value of the home. Try to avoid allowing your enthusiasm to impact your better judgment – overpricing is a common mistake that can cost you in the end.

The importance of Proper Pricing

- Faster sale and less inconvenience

- Exposure to more buyers

- Increased realtor response

- More advertising/sign calls

- Attracts higher offers

- Means more money to seller

- Avoids being “shopworn”

Dangers of Overpricing your home

Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.

Buyers who have seen most available homes in their price range are waiting for the “right house” to come on the market. That’s why if a house is priced right, it will sell quickly. The buyers are there waiting for it.

Don’t start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.

A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.

Even if your home is nicer than other homes in the same area, your house won’t be picked for viewing if you set the price too high.

Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property.

- Attracting the wrong buyers

- Fewer potentially qualified buyers will respond

- You might help sell similar homes that are priced low.

You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

THE ROLE OF A REAL ESTATE AGENT IN PRICING

Provide you with a comparative market analysis (CMA).

There is no “exact price” for real estate

I don’t tell you what I think your home is “worth”

The market determines value …together we determine the price

You determine the price based on the factors you control:

- Marketing time

- Financing alternatives provided

- Condition

- Exposure Method

Keep in touch with market trends and keep up to date with market activity of comparable homes.

Estimate your net proceeds

Help to determine offering incentives

An Agent has NO control over the market, only the marketing plan. Never select an agent based on price.

PREPARING YOUR HOME TO SELL

First Impressions are Lasting Impressions. The exterior of your home often determines how buyers will view the interior, so:

- Make sure your front entrance is clean and inviting.

- Paint or replace your front door if it’s faded or worn.

- Add some paint to shutters, trim and any other outside features showing signs of wear.

Beauty is More than skin deep. Buyers often see the surface condition of your home as a sign of what’s underneath, so:

- Keep windows and floors clean

- Replace faded wallpaper and glue any areas that have some away from wall

- Repair worn woodwork

- Repaint scarred or dirty walls in a neutral color.

- Steam clean carpeting or replace it if necessary

- Repair loose knobs, sticking doors and windows, warped cabinet drawers, broken light switches and other minor flaws.

- Check and repair caulking in bathtubs and showers.

ACCENTUATE THE POSITIVE

Open draperies and curtains to let the light in

Remove all unnecessary clutter from your attic, basement, garage, closets. Have a garage sale.

Arrange all your rooms neatly and remove excess furniture.

Keep fresh, clean towels in the bathroom.

Use candles or air fresheners to make the room smell pleasant.

Clear all unnecessary objects from the kitchen countertops, bathroom counters etc.

Review the house inside room by room. Clean windows, carpets and draperies.

OUTSIDE

Trim landscaping

Move all garbage cans, discard wood scraps, extra building materials, etc.

Check gutters and/or roof for dry rot. Make sure they are swept and cleaned . Roofs are very important to buyers.

Clear patios or decks of all small items such as small planters, flower pots, charcoal, barbecues, toys, etc.

Check paint condition of the house - “Curb appeal really works”

IN GENERAL:

Try to look at your house “through the buyer’s eyes as though you’ve never seen it or been there before. Any time or money spent on these items will bring you back more money in return, and hopefully a faster sale.

SHOWING TIPS

Sound - Turn off the television and tune the radio to a soft low volume.

Sight - Turn on every light in the house (day and night) and open every drape and blind (day time only)

Odors: Heat some drops of vanilla on the stove or cinnamon sticks with water.

Kitchen: Wipe counters, place dirty dishes in dishwasher.

Bathrooms: Wipe counters, flush and close toilets.

Living/Family Rooms: Hide magazines, newspapers, and games; remove clutter

Bedrooms: straighten beds, hide clutter under bed (not in closet)

Exterior: Put away toys and clutter, keep walk clear and have someone in house take dog for a walk.

Children: They are a distraction, so send them outside to play.

Goodbye

Sorry, but this is the single most important thing you can do in a showing to help sell your home! Even if the showing agent insists that it is okay to stay, you must leave. Buyers must get emotionally committed to your home to buy it and they cannot become emotional about “their new home” if you, the current owners, are “hanging around”. Please, at the very least, go into the backyard. Even better, go to the store.