Establish a fair market price for your home.
If the price is too high- it will sit unsold and become "tainted", buyers will think something is wrong. On the other hand, if the price is too low, you may give thousands in profit to a total stranger. Either way you lose. Finding the appropriate price sets the stage for the entire selling process. A great benefit to you is to get into the right frame of mind for the sale. Be objective and remember that selling your home is a business transaction, and you need to take your personal feelings and sentiments regarding your home out of the equation. This is critical! Keep in mind that potential buyers are not looking to buy your home - they are looking to buy a home that they can make theirs.
By not establishing a realistic price from the beginning, many home sellers cost themselves thousands of dollars.
The value of a home is determined by supply and demand. If there are a lot of sellers and few buyers, prices tend to go down and homes take longer to sell. This is referred to as a "Buyer's Market." But when the opposite is true, and there are many buyers and few homes for sale, prices will rise and homes will sell quickly- this is known as the "Seller's Market." So how do you know which market you are in?
It is best to access the knowledge of a professional - but you don't need to spend money on a formal appraisal. I will provide a comparative market analysis for you. Then I will determine what kind of market you are closer to. Then based on current data and your needs, we will determine the best pricing together.
Prepare your home for the market and showing.
Take as much time as necessary but as little money as possible to maximize appeal. The best way to do this is to walk around your home with a notepad - paying careful attention to everything; check the walls for chips, holes or uneven paint.
Fix all leaky faucets and make sure they shine- and consider replacing them if they don't. Basically, make sure everything works and is mechanically sound.
This is an area where you can't over do it. Be sure to concentrate on your kitchen and bathrooms. Your buyer will be expecting a used home - but the brighter your home shines, the easier your buyer can 'see themselves purchasing and moving into your property. It's a good idea to box up items that haven't been used for a while. By boxing up your possessions, you will be adding visual square footage to your home - thereby increasing its perceived value. Ask a friend or relative to help you out with this - even consider renting out a storage space to keep your belongings until you sell.
De-cluttering the home is the toughest thing for sellers because they have built so much intrinsic value in the house. Pretend you are walking into your home for the very first time. Or better yet - get an outsider's opinion. Ask a friend to point out clutter. Notice all areas of clutter and begin eliminating it by boxing it up and putting it into a storage unit until you move. Now might be a good time for a garage sale. If you were going to get rid of anything before your move anyway, do it now before the house is even shown.
While I will be doing most of the marketing, it is a good idea to know all the avenues to be used. Today's technology offers many new ways of marketing to give your home exposure to more potential buyers than ever.
To better maximize your potential for success, it's important to market to three tiers - brokers, neighbors, and buyers. To effectively target all three tiers aggressively, the following resources may be utilized: open houses, flyers, newspapers and magazines, e-mail, and the internet. But since all Realtors have access to buyers, they will be especially incorporated into a plan through the local multiple listing service.
Hey! We've got an offer....
A thought to remember, don't get caught up in any games. If you keep your goals focused at all times, you will be better able to respond to offers. You will have three choices when an offer comes in. You can accept the offer, reject the offer, or counter the offer. Keep your goals clear throughout negotiation so that you can keep your decisions objective, and not based on emotion. It is also important to put yourself in the buyer's shoes. A Win-Win works for everyone.
Offer is accepted, now the escrow process begins.
Once the closing date is set, the excitement really grows because you are only a step away from selling your home. Be careful not to go to the table without knowing what to expect.
This concludes the Home Selling Process. If you have any further questions or want to choose me as your Realtor, please contact me
10100 W 87th St., Suite 308 | Overland Park, KS 66212 | Office: (913) 829-8300
9300 E. 63rd St., Suite 203 | Raytown, MO 64133 | Office: (816) 765-5280
Cell: (816) 305-5525 | Fax: (816) 222-0684