In this declining real estate market which is coupled with supply that outstrips demand, you can try to sell a house faster by lowering the price. On the other hand, you can try enhancing the attractiveness of the home rather than simply lowering your asking price. When you are looking to sell the home in a cooling real estate market, the most significant thing to do is to first master the following tips that will help you to generate interest in the home and help you to sell it at the best price.
- Making the home unique from its neighbours
This will make the home more memorable and allow it to stand out which will make it an instant positive impact. To achieve this you will need to consider custom additions, alterations and designs like high grade windows, landscaping or even roof restoration. This helps to improve the aesthetics of the home and also adds value to it. Improvements that you make have to be practical and use designs and color that will appeal to a wider audience. Furthermore, the improvements that you make should compliment other amenities in the home like building a patio or a deck adjacent to the outdoor swimming pool.
As much as it pays to spice up the home, guard against over improving it. Lessons from the 2006 articles in the Realtor Magazine show that not all renovations will pay off as expected. Renovations like adding a sun room or a bathroom can cost a lot more than the value that they add. According to the data, the nationwide average bathroom addition recouped amount is around 75%. In the case of a sun room that percentage is even less. This basically tells you that when planning on investing on renovations, you need to do more research and be absolutely sure that the renovations will bring better returns than their cost. Renovations and additions made to the home should be included in the listing of the home’s information. With the down market currently being experienced, it is only reasonable that you take every small edge you can.
- Remove clutter from the home
It is important that you remove any clutter from the home before potential buyers are ushered in to view the property. This will enable the buyers to easily picture themselves in the home space. Whether it is furniture, personal items or photos, the idea is to give the buyers the impression that the space is ready to them to move in and layout as they want and will also help them know how big the rooms are firsthand. Consequently, you can hire the services of a stager. Staging usually costs few hundred dollars for basic consultation and can go up to thousands of dollars depending on the size of the home. Stagers will definitely help make your home more appealing.
- Juice up the deal
To make the deal and the home more attractive to prospective buyers, you can offer special terms for things that juices it all up. For instance, you can offer them few thousand dollar credit in closing costs. Consequently, you can just offer to pay the closing costs. This is actually workable and has helped many people close the deals very fast, particularly when buyers are choosing between similar homes. In a market that is down, buyers usually look for a better deal and your goal is to help them get one.
In addition, you can help them secure a transferable home warranty. This usually costs between $300 and $400 on a one year policy. It covers appliances like refrigerators and air conditioners. There are other warranties that can cover other gadgets and appliances too. This potentially makes the buyer feel more comfortable with the deal. It also gives your home the edge over any competing homes. There are buyers who get motivated by the deal being closed in a short time. For instance, closing the deal in say 30 or 60 days tops may help give you the contract.
- Improving the curb appeal of the home
Sellers normally overlook importance of curb appeal of the home. In most cases buyers will place a considerable weight on the external appearance and how it fits well in the neighborhood. Therefore, it is important to ensure the exterior has a fresh coat of paint. The lawn and bushes should also be well manicured. One of the major things that can really add to the value of a home is its external appearance when viewed from the street and driveway entry. Making the home more attractive and appealing can dramatically increase your chances of getting a good deal.
- Getting your home in move in condition
As much as aesthetics are an important part of the home, there are other things that should not be over looked. For instance, doors, electrical appliances and plumbing fixtures. They have to be compliant with the current building codes and also in good working condition.
Getting the home in move in condition helps a lot as the potential buyers have a clear impression that they can move in immediately. This is as opposed to having to spend more time fixing or replacing expensive items.
- Pricing your home
The home should be appropriately priced regardless of the condition of the home and how many renovations have been done or even the quality of the staging. The services of a real estate agent come in handy in times like this. Moreover, you can read newspapers or even online real estate sites to get a glimpse of pricing of comparable homes in the area.
However, this does not means that you should list the home at the lowest price on the block. This should not be the case particularly if renovations, additions and other aesthetic improvements have been made. The ideal thing to consider here is making sure that the listing price corresponds with other comparable homes that are listed in the area.
Put yourself in the shoes of the buyer when determining the price strategy to use. You can even have some friends or neighbors tour the home and weigh in their views too.
When selling a home in the current real estate market you will need to work harder and do everything possible to ensure the home is in excellent shape. In addition, it should be better off in comparison to other homes in the market. Also, be prepared to make some concessions at closing. Tips such as these in addition to attractive pricing will serve to further increase the odds of the home being sold for a great price and within an acceptable time frame.
Aegis Building Inspections can conduct a building inspection and a pest inspection that will clearly indicate the current condition of the property. Having a building and pest inspection carried out before you put your home on the market can help you achieve much better results. Our building inspectors and pest inspectors will take you through all of their findings and give you advice on what areas you should concentrate on the get the highest value for your home and the quickest sale. To get the best results when selling your home contact Aegis Building Inspections today and book in your building inspection and pest inspection. Call today (07) 3103 3393.