Ok you decided that it is time to sell, the market is picking up and you feel that this is a good time. So now comes the challenging part; how do you successfully market your home in today’s market?
I think there are many challenges and considerations that you have to address first:
- How is the market different than when I last purchased?
- What does today’s buyer expect when purchasing a property?
- What does my competition look like?
- Are there factors I should consider to maximize on my investment?
The housing market as we all know is not as it was seven years ago being a seller’s market, now it is more of a buyer’s market and when that is the case the seller has to market their property to satisfy the wants of those buyers. If you do not market your biggest investment properly you stand a chance to lose. So how do you do that?
Consider Price: although the average price per square foot maybe X in my area, you also need to look at the comparable of homes that sold to understand what the best price your property can sell for. Of course we all want to gain the most we can, but with banks now assessing properties with a fine tooth comb, an offer can come in at the high but if the bank’s lending the money feel that is not what the property is worth there is no way you will be able to sell for higher than it is worth.
Consider your Customer: the buyer today’s is interested in top condition product. Obviously the property that has the most bells and whistles for the price will win the bid. Does the house have the “desirables” matched to the others in the same price range? Think of it this way, when you go and buy a used car and find two in the same price range one has leather seats, the other fabric you will probably pick the one with leather because you feel the leather is perceived as higher end and more desirable. Which leads me to…
Consider the Competition: we can thank the internet for giving us ease in finding who it is and what it is! Look up by square footage, area, and other properties that have sold in your neighborhood recently to see where you stand. Again, did they have up grades or do you? Think like a buyer; and this is tough, BE OBJECTIVE. I know, it is hard, this is your “home” but really no more- you’re moving out; now it is a box that needs to sell so how are you going to make your box be more desirable than the others? Think of it as a can of soup on a grocery self. If you make all the labels white how can you make your can of soup stand out? Challenging?
Consider the Factors to Maximize Your Sale: This is where so many properties sell themselves short. You need to create a property into one that is desirable for the purchasing market. This goes back to being objective, you might love your wall paper you hung when you moved in, or the color purple but your buying market does not. They are interested in a property that is “turn key” ready for them to make it their own- not yours again. So if you are challenged in this area call in a professional stager, this is what they do for a living- prepare properties for sellers to gain the most on their largest investment, their home.
Marketing a property today can be challenging but the more objective you are the better chances you have at selling for a premium price and quickly.