Maximize your chance of a profitable sale by avoiding costly marketing mistakes. If you currently own property and are thinking of placing it on the market, one of the first steps you'll take is setting an asking price for your property, an important move that requires the ability to find the perfect balance between attracting solid offers and ultimately receiving top dollar.
It is good idea to work with a Realtor or other industry professional, who has experience in preparing your home for sale, pricing your property appropriately, marketing it effectively and provide information on fair market value, which typically means the highest value an educated buyer will pay. Fair market value is usually not the asking price.
Pricing is an important component od selling process and finding the best buyer for your property. Most realtors will begin by conducting a competitive market analysis of your house and give you an estimate of the fair market value of your property, which is a range that will fluctuate depending on the housing market in your local area and how much similar homes in your neighborhood are selling for.
Competitive market analysis will also show which properties will be competing with yours for buyers' attention and what's happening in the local real estate market right now. Make sure you know it before you make the most important decision - the listing price for your property. Competitive market analysis will help you to see your property's value from the buyer's perspective - which is what counts when you are pricing your property to sell.
If you're in a hot buyer's market price reductions are becoming more common and sellers are having a tough time adjusting to fewer offers, fewer multiple offers and increased market time to sell. In a hot buyer's market buyers are also less emotional and not afraid to offer significantly less than listing price plus they tend to ask for additional seller participation.
If you're in a hot seller's market, you'll have the advantage because every time the market has been gaining steam, the seller is taking control. Some sellers want to price property higher because they want to have a cushion to negotiate with, but the problem usually is, they don't have anyone to negotiate with. Don't be seller with plenty of cushion and no buyers! So, be careful and avoid overpricing, which is always nonproductive. Find out more about pricing your property to get it sold and the risks of overpricing.
If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about real estate sale process so you can maximize your chance of a profitable sale by avoiding costly marketing mistakes.
Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. This will officially address any questions about your eligibility, rate, terms and it will enable you to better negotiate for the property of your choice.
Make sure your information is up to date. You have to know and be realistic about today's real estate market.
Overpricing helps sell competing homes by making them look like better values.
The list price you select will have a direct effect on how long your property is on the market.
For a faster sale, your property should be priced more competitively.
Keep in mind, the commission is always negotiable upfront, before you sign a contract.
If you are working with agent, make it clear that you want the agent, not his/her assistants, to represent you.
Make sure you read your listing or buyer’s agreement carefully before signing it.