If you are looking to sell your house, don’t fall into the trap of hiring a realtor who promises you the world and a sales price that is not on planet earth. It happens more often than you think. In the industry it’s called “buying a listing” –when realtors price a home too high to begin with, then get price reductions from the seller later on. It’s a real shame and something you want to avoid. The reality is the longer your home sits on the market and becomes stale, the more questions you’ll get from buyers. What’s wrong with the house? Why isn’t that house selling?
If you had two identical cars in every way and one was priced for $20,000 and the other for $18,000, which would you buy? Exactly, it all comes down to price. This is the same in pricing a house. Although our market is starting to trend upward, selling your home can still be challenging and you want to be competitive. Here are a few tips to help you along the way:
- Price it just below market value. Find out what all the recent comparable sales are in your neighborhood (your Realtor can provide these for you) and price your home between 1 and 3% below that price. This will ensure a lot of showings on your house and bring maximum buyer interest to your property. Last month I listed and sold two condos in Spring Run simply by pricing them right. They each sold within 2% of each other and their respective listing prices.
- If you’re not getting showings or offers and it’s been at least 3 weeks since you listed your property, chances are you are up to 10% overpriced for the current market. If you’re getting showings, but no offers; most likely you are up to 5% overpriced. Make these price adjustments swiftly before your competition does! Wait another 3 weeks or so and assess your traffic and offers. Make adjustments accordingly.
- Focus on upgrades and value added to the home. For example, oftentimes a home will have hurricane shutters and lighting systems; things that are very expensive but not a “wow” factor. Make sure to point those out to buyers so they realize the value of your house over the competition.
Selling a house can be a lot of fun and when you walk away from the closing table, you’ll be overjoyed! Make sure you price it right to sell it quickly before it becomes the stale house in the neighborhood!
Gabe Mellein was voted a Top Real Estate Agent – Exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012. He is the broker of Gulf Pointe Properties, Inc and has over 8 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Need real estate help? Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com