In an office of eight, soon to be nine, agents, I am in a unique position to be the fly on the wall from many day-to-day interactions. Each day, I watch and learn as they navigate the market booms, contract terminations and all other variances real estate brings with it. Here are a few of the consistent tips that really get things moving in the market:
Dangers of Overpricing. Pricing a home is a process, not an individual point. To reach the ideal price of a home, the market and the seller engage in a dynamic and vocal conversation back and forth.
If… there is heavy traffic and steady in-person showings
Then… you are in the correct position to sit tight and let the right offer come in.
If… there are sporadic showings and not a lot of follow-up from those interested
Then… a minor reposition may be needed ($5,000 or more).
If… activity is slow or unheard of
Then… strategically reposition your home to the next price range to attract a whole new group of potential buyers.
- Repairs. Every seller should enter the real estate market with the mentality that the buyers coming to view your home have a multitude of options to choose from. As soon as buyers see that money will need to be invested into a space, the competition gets the edge over your listing.
- Staging. Repairs can be costly and some are not worth the expense to fix if the listing is priced accordingly. When one cannot complete the big fixes, you can always work on appearance. Stage is a method that can range from being free to expensive depending on how much of the work you do yourself. Clever design aesthetic helps significantly, but if you are just not one of those people, it is highly recommended that you rent a storage unit or move many of your personal belongings from the main spaces with the home.
Neglecting the fundamental repairs and appearance are easy fixes that, if not done, can really take a toll on the marketability of your home.
FSBO. If you are considering whether or not to use an agent to assist you in selling your home, consider the following statistics.
FSBOs accounted for 9% of home sales in 2012. The typical FSBO home sold for $174,900 compared to $215,000 for agent-assisted home sales.
FSBO methods used to market home:
- Yard sign: 48%
- Listing on Internet: 32%
- For-sale-by-owner websites: 20%
- Sites with real estate listings (e.g. Yahoo!, Google, etc.): 11%
- Social networking websites (e.g. Facebook, Twitter, etc.): 10%
- Video hosting websites (e.g. YouTube, etc.): 2%
- Friends, relatives, or neighbors: 30%
- Print newspaper advertisement: 14%
- Open house: 12%
- Direct mail (flyers, postcards, etc.): 2%
- Video: 1%
- For-sale-by-owner magazine: 1%
- Television: <1%
- None: Did not actively market home: 31%
- Other: 2%
Most difficult tasks for FSBO sellers:
- Understanding and performing paperwork: 18%
- Getting the right price: 14%
- Preparing/fixing up home for sale: 11%
- Helping buyer obtain financing: 6%
- Attracting potential buyers: 6%
- Selling within the planned length of time: 6%
- Having enough time to devote to all aspects of the sale: 1%
Source: 2012 National Association of REALTORS® Profile of Home Buyers and Sellers
If you are struggling as a FSBO and are looking for help, our office offers a free marketing consultation and photo shoot with our marketing director to help talk you through things with no obligation to sign anything. Give us a call today to learn more: 406-556-7188.
Read some more tips here: http://www.maxrealestateexposure.com/top-home-selling-tips-and-advice/