It use to be said that in selling your house it was location, location, location. Things have gotten a little more complicated these days. Of course in part this is due to the economy but there are other factors that contribute to my new list.
Place: Of course this is still very important but when you go to sell your home that factor is already established and you have to work with where you already are. As neighborhoods change this can be very frustrating as what once was a beautiful place can change over time. There is little we can do about how our neighbors care for their property although it totally affects the sale of our homes. We also have little influence over new construction around us that can take its toll as well.
Price: Many people think they can set the asking price for their home. Actually this is not the case. The comparable sales (comps) in the neighborhood actually set your asking price. If you have a good agent you will not be asking more than what the market will bear. There is a tendency to think our homes are worth more than they are, especially since the bubble has burst!
Sometimes it is not the best idea to go with a friend or relative as your agent, as they may tend to want to go along with your wishes even when the asking price is too high. Sometimes professionalism and friendship do not mix well. If you do use someone you know well make sure there is an understanding in advance of the listing. If you do not like the price of course you do have some recourse, as you ultimately decide to sell at the lower price or remove the house from the market. But if your real estate agent is worth their salt (and many are), you don't get to say, "I want to ask $1,000,000 for my house because I think that is what it is worth!" when the market will only bear $650,000.
If you are over-priced your house will sit on the market for a long time and you will lose the golden opportunity to sell during that incredible first few weeks when the house is fresh on the market. Once your listing becomes stale it is hard to recapture enthusiasm for it in the real estate community. The rule is the longer the house sits~the lower your selling price will be.
Presentation: This is the place where you actually have some real control. The market is very competitive and the expectations of people are high. It is industry standard now to have your home professionally staged for sale. Did you know that homes sales are based on emotional decisions most of the time? People want to improve their lives with a better house, better, neighborhood, etc.
Professionally Staged by Interiors by DesignThe words flooding their minds should be fresh, clean, beautiful, comfortable, inviting. You don't want them thinking, paint, updating required, needs new landscaping, fences are falling, terrible carpeting, etc.
Of the three P's this one is where you can really make a huge difference in the money you put into your pocket as you turn over the keys. Make it shine like a diamond and you will dramatically optimize your chances for a great sale!
