In many real estate markets, the biggest problem sellers face is simply a bigger than normal inventory. That means a seller’s big challenge today is figuring out how to STAND OUT amidst all those other homes buyers can look at. Sellers need to act like they’re in competition with every other home for sale in the area. Because they are. As always, what matters are location, condition and price.
A seller can’t do anything about improving the appeal of a location-it is what it is. They can, however, put price in their favor. Sellers need to focus on what comparable homes in their area have actually sold for (not listed at). If they’re under pressure from a job transfer or expanding family, they should probably price BELOW the prevailing range. The idea is to price aggressively enough that buyers have to check them out. That brings us to condition.
Improvements that make sense to do
In today’s competitive market, sellers aren’t recouping the money they put into upgrades the way they did in the past. But there are still areas where a judicious investment will pay out with a timely sale.
Sellers should start with improving their home’s CURB APPEAL. Today, sellers are finding out that anything they do to make the outside of their property look terrific is money well spent. Ideally, people should fall in love with a home between the car and the front door. New windows, doors and siding will help a home look crisp and well cared for from the street. They also make the home more ENERGY EFFICIENT, a big plus in today’s market. Just having freshly painted trim and new hardware go a long way to making a great first impression.
Sprucing up LANDSCAPING is also important today-especially for an older home. Well-trimmed trees and shrubs can do a lot help older homes compete against new ones with sparse foliage.
Inside and out, any repairs the seller has begun must be completed. An unfinished repair usually looks worse than the untreated problem. Inside, sellers should freshen up paint, clear out clutter and hire a professional stager. These things give the impression a home is well taken care of. STAGING doesn’t really cost a lot-smart sellers look at it like having a car detailed.
Anticipate buyer’s mindset
For repairs or upgrades most buyers will want to make, advise the seller to get CONTRACTOR ESTIMATES for the improvement and present them to interested prospects. You might even suggest the seller HIRE A HOME INSPECTOR before they list, make the essential repairs and show the receipts to serious buyers. Many home inspection companies (like WIN Home Inspection Network: www.wini.com) even offer a free 90-day no deductible home warranty in conjunction with using their services for Nashville homes for sale (check with your local rep for confirmation of services offered).
Sellers should also consider projects that can lower insurance premiums. Electrical and plumbing upgrades may cut rates. If a roof needs replacing, have sellers check with their insurer about discounts for wind, hail and fire-resistant roofing. The same may be true for burglar and fire alarm systems.
Some improvements have regional appeal. In the West and Southwest, after a few seasons of extreme weather, homes with backup power generators got very attractive. Homes with steel replacement roofs are now popular in parts of California subject to wildfires. In tech savvy regions, “wired” homes with broadband access already installed have extra pull.
The goal is to create POSITIVE BUZZ around a listing. The ideas I’ve shared here are the ones that seem to be working to create that “buzz” in the market today.
I have a great idea of how to make a home for sale stand out! Offer owner financing. You will have more potential home buyers, you will earn interest from that sale, and you can fluctuate the sales price so that you earn more money than expected from that sale.
Visit my website for additional information: http://www.benedictinvestors.com
This is great information and perfectly articulated. I am a REALTOR in Texas and this information has no boundaries. I will share this information with my clients and colleagues.
Yes, I do agree. If you want to sell your home you have to be competitive with every available home in the area. There are lots of things you can’t change about a home but, plenty you can that will make your home stand out from the others. Don’t forget about the very important “declutter” rule. This is hard for so many people but makes a big difference on how buyers see the home.
If Nashville is anything like the Houston Housing Market then only the best homes are selling and they are selling fast. We are no longer in the days when you could list your home in what ever shape it is in. Now you must make it sparkle. I would say that if you need to sell quickly it is more important to touch up the paint, stage the home, make the landscaping crisp, and possible spruce up the master bath a bit than it is to have a lower price. Now in most of the declining markets it is all about price. Most buyers are trying to prevent losing money when they buy. I just felt it should be noted that there are major differences between markets. And that these differences bring out opposing sets of buyers concerns. You must meet these concerns when marketing our you might as well not bother trying.
Great Post! Very Informative!
This is a very informative post for sellers. It goes back to giving the buyer the most value in this market. Value means more features and benefits for the same price as the homes without all the bells and whistles. Most sellers that the extra features and benefits hike up the price so much that it’s not even a bargain anymore.
This blog was right on the money for preparing a home for selling. In today’s market having your home ready and shining is so important. Good blog.
These are all good points. Sellers who are willing to do the little things that will make their home stand out, reap the benefits of a quick sale.
I have to disagree with a few of these ideas. Respectfully, I think some of the projects listed above are rather expensive and do not bring the type of return most sellers would expect. Simple low cost fixes can work just as well and put more money in the sellers pocket at closing. These days budgets are tight and major changes can really stress a seller. Thin out the furniture and groom the landscape. Take down family pictures. Pay attention to the smell of the home. Think warm and inviting! Most of all keep the home show ready at all times and make it easy to access. If you want to offer a bonus to buyers and their agent it can also help put your home at the top of the list without shelling out for costly improvements that may not pay off. A bonus is only paid if the home sells so its a win win!
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I couldn’t agree more with everything said here…I’d also like to recognize another angle on this same concept: The LOWER end of the market!
There are ALOT more people out there selling versus Foreclosing! This type of seller has a much different mind-set. They need to look at what cheap, fast, DOABLE repairs and enhancements that can get done as they “dump and run”.
I’m a partner in a small business that focuses on that mind set. We are primarily considered a “Foreclosure Clean Out” or repossesed clean-out type of business. However, we have a roster of craftsman that also provide a down-and-dirty solution to repairs and little upgrades. Think of it as “FACELIFTS for HOUSES”!!
I’m interested in exploring the benefits TO THE SELLING AGENT if they could have a quick price sheet to calculate a package of little “Chores” to be done and could build it into the proposal to the seller. Even more common would be auctioned homes.
AUCTIONS:
Soooo many of these don’t sell, or end up a disappointment. It’s amazing to me how frequently a “Facelift” WASN’T done….and the place looks horrible on auction day!!! This is an Emotional and Impulsive type purchase for people. It’s so important to do what ever can be done to foster those feelings on auction day!!
Ok, I’m off my soapbox! Sorry… anyways…I would absoultely LOVE to hear anyone elses comments on my point here. And of course that honestly was a pitch for my little company as well! New site, but check out: http://www.FastForecloserCleanOut.com
Have a beautiful day all!
– Joe
I believe that the internet is a great venue for marketing one’s “products” or “services.” For the real estate industry, sellers should have a good website which is usually being frequented by thousands of clients daily. There are many real estate-related websites out there wherein buyers usually visit at. When it comes to creativity and “appeal” of presentation in the webpage, it is now up to the seller.
HOW TO STAND OUT???
Make a creative webpage that attracts attention, not just on the webpage design but also on the services offered and the houses posted. Of course, it doesn’t mean that too much colors on the site is less “credible-looking.” Still, it is on the marketing strategy where everything counts. Try it on http://www.realestateleadsource.com
How to make a seller’s home standout? Just an input into this article: the house should be uniquely beautiful, not just in facade but also in the interiors. It should possess the qualities of comfort and security by just looking at the photos of the houses. And with the financial crisis, it helps if the houses being sold are at not-so-expensive rates.
Speaking of global recession and financial turmoil around the globe, it is now a big challenge among sellers to do with the flow of time as far as selling houses and other real estate properties are concerned. But as long as the sincerity is there in dealing with clients, one can never go wrong.