Principles of Home Sales
Four simple principles of selling your home
There are four things that you need to remember to help you to sell your home quickly and for the right price: presentation, price, marketing, and market conditions.
When trying to sell your home it is important that it is in the best condition possible. Minor repairs that you may typically put off for later need to be finished to show potential buyers the home's full value. Nonessential furniture and household objects should be put away to display the true size of the home and meticulous cleaning will invite buyers into the home and make them feel comfortable.
Homes show better when they are warm, clutter free and have a pleasant aroma in the air. However this is not all that goes into presenting a home for sale. It is also important to ensure that your maketing is professional and not gimmicky and that a professional is always answering inquiries about your home in a timely and professional manner.
Presentation also has to do with how available a home is to show. In my experience, buyers are typically understanding of showing restrictions like "no showings after 8pm as we have a small child" but less so with conditions like "viewings only available on Monday and Thursday". Presentation starts after marketing has successfully attracted a prospective buyer and lasts through negotiations until there is a firm deal in place.
This is usually the largest point of contention when selling a house and the reason is the delicate balance between pricing the house attractively enough to encourage a wide range of buyers, while ensuring that we sell the home for the best price possible. It is your Realtor's responsibility to recommend a competitive listing price, not too high that it will scare away potential buyers but not so low that you are no longer achieving your maximum financial payout.
There are only two truths in pricing a home, the market will determine the proper price for the home and as the seller the home is yours and you have the final decision about the final price you will accept for your home.
It is very important that your Realtor takes the proper measures to sell your home or at least introduce it to the prospective buyers that are most likely to purchase it for the best price. There are many types of marketing that can help to sell your home and different techniques work better for different properties. Once again, it is your Realtor's responsibility to establish and present you with a customized marketing plan. When you are evaluating your Realtor's marketing plan you should ensure that there is a balance between traditional marketing such as news paper marketing, professional marketing, such as photography and staging advice, and modern marketing such as Facebook, website and Twitter.
The final factor for selling your home is the current market condition. Listing a home in a seller's market and not in a buyer's market can have a large impact on the sale price of your home. Buyers will be less likely to want to offer you a price of high market value when there are other sellers that may be willing to sell for low market value or need to sell for whatever they can get. The typical rule is that there is a seller's market in the spring and late summer but this is not always the case. Outside factors like mass job losses or changes in interest rates can have an impact that could make or lose you thousands of dollars.
If you have the luxury of time it is always beneficial to wait for a seller's market while continuing to prepare your home by making cost effective upgrades. If you do not have the advantage of being able to wait for a seller's market you need to be savvy about the real estate agent you employ to sell your home as marketing and presentations will be your key tools to sell for the best price.
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These articles are great places to start your general research but they are not meant to substitute meeting with an agent to discuss your personal situation. If you would like to discuss your personal situation I offer to arrange a no obligation consultations where we can start answering some of your real estate questions and begin the process of finding you a home that fits your lifestyle. Ottawa Real Estate Sales Contact Form