So, you want to sell your home ...
All of these are important questions. This newsletter will give you some answers to these questions.
Reviewing statistics of prior home sales that follow the logic of the Case-Schiller Index, but on a micro level and a town-by-town basis, not the macro level that the Case-Schiller index reports on, shows us that the price you pay, along with the price you sell your home for, often differ from the general market statistics. In a nutshell, you can minimize the impact the general market conditions have on your home based on how well you bought and how well you present and sell your home. The statistics I'm referring to here can be found on the MA Properties Online website under the Statistics tab.
The main goal when you sell your home is to have as many people as possible fall in love with it.
Some people pay a professional to stage their home - the worth of this depends on the price point of the home. If professionally staging a home might result in a $20,000 increase in sale value and the cost has been $10,000 over the period that the home has been on the market then it is worth it, but if the potential increase will only be $5,000 then it will not be worth it.
Presenting your home well consists of:
There are 3 basic strategies for selling your home. Each one of these three will determine the length of time your home remains on the market available for sale. You can list your home above market value, at market value and below market value. First, its important to understand how the buyer pool at any current time works. Within the first 3 weeks of a house being on the market the active, serious buyers will have seen the home. Any buyers viewing the home after this time are educating themselves as to what is on the market - they will be active buyers but at some time in the future when they understand what their money can buy and where they want to buy.
When you list your home above market value, then the serious buyers may view your home but will not see value in your home and will not come back for a second showing. Only after you have reduced the price of your home, significantly, will those serious buyers who dismissed your home initially have their interest piqued enough to reconsider it. Often the price that will re-ignite their interest is less than the market value of the house when it first came on the market. How long your home takes to sell depends on how long before you finally 'reposition' your house to a price that will re-enthuse the serious buyers.
When you list your home at market value you most probably will have an offer within 3 weeks because the serious buyers will make a point of viewing your home, and if it is priced fairly, they will see the value in your home and make an offer.
When you list your home below market value you will most probably generate a competitive situation among the serious buyers. They know when something that is good value comes onto the market and make an offer. Once emotion becomes involved, as it does when making an offer, then if a competitive situation arises then they will be more willing to pay more for the home than they would have originally and often the home is sold for more than market value even when it was initially listed below market value. In this situation your home should only be on the market for a short period of time before it has an accepted offer on it.
If you would like an estimate of what your home would sell for in today's market I would be more than happy to come by, have a look at your home, and then provide a CMA (comparative market analysis) which will provide you with an estimate of what your home should sell for, along with a marketing plan to get maximum exposure for your home.
If you'd like to chat more about the topic presented here, or the Real Estate market in general, then please call me on (617) 997 9145, or email me at Dani.Fleming@MAPropertiesOnline.com.