You deserve the facts about selling your home
According to statistics from the London & St. Thomas Association of Realtors, only 60% of homes in London, Ontario sold during the initial MLS listing period in 2009. In other words, 4 out of 10 listings "expired". Granted, marketing programs are sometimes less professional than clients deserve. But more often than not, the primary reason listings expire is because Sellers and their agents ignore key factors that sell a property.
Three key variables sell a house, and all must be taken into consideration if you want your property to sell quickly and for the most amount of money.
Accurate pricing fixes everything!
Don't let anyone tell you differently. When a buyer perceives value for the price, she will buy the home. Unrealistic pricing is the # 1 reason why listings expire and homes don't sell.
Condition and location affect price. If a property's condition is poor, the price should reflect a value where a buyer will be willing to do repairs or cosmetic updates. Location is the toughest variable for which to compensate. Most people have heard the adage "location, location, location". When location is an issue, only price (combined with excellent condition) will excite prospective buyers.
Condition is a key factor in selling a home.
When a property is in good condition, the Seller is much more likely to sell quickly and get top market value. The home in your area in the best condition that's listed at the fairest price will sell first. I often take sellers on tours of active listings in the area to save months of discouragement with their home not selling. When a Seller can compare the competition and look at the market from a buyer's perspective (ie. their home needs to be the best house at the fairest price), their property will sell faster and usually for more money.
Allowances for poor condition usually do not work in selling a home. If the home needs carpet, I encourage sellers to put it in. If the home needs painting, paint it. Many times, relatively small investments in upgrades yield big returns in getting the house sold more quickly and for a considerably higher price.
A picture is worth a thousand words so think about how the property looks and even take some pictures to see what a buyer is looking at. Sellers should look at the pictures like they were a buyer and ask, "Would I buy this house in this condition for this price?" Are the kitchen counters cluttered? Are the closets a mess? What does the front door look like and the yard when people drive up to the house?
When selling your home, first impressions are critical. A prospective Buyer looking at your home often decides within seconds if they really like the house and if it will go on their 'A' list. The Buyer starts the decision-making process while walking up to the entrance of your home and looking at the surrounding properties.
Like some other realtors, I am trained in ‘staging' a home. Professional staging services are also available to help a seller understand what needs to be done to create a marketable product. (Yes, I'm sorry to say but the home where you have lived for so many years is a product in the marketplace.) Please listen to your professionals to get the house sold quickly and at the highest possible price.
As a Seller, you need to detach yourself from your home and see it as an investment or product that you have decided to sell. Sellers should take all the emotion out of the business of selling a home and treat the transaction as an investment decision.
Location is the only variable that cannot be changed.
A bad location is a bad location, so only price and condition are going to help this situation.
It doesn't matter that the same model home across the street sold for a few thousand more if your property backs onto a major arterial road. A seller needs to do a reality check on location and think about when they purchased. If you got a good deal when you bought because of its location, then you ought to expect prospective buyers will also want the same good deal.
As real estate mogul Donald Trump says, "It's business."
I hope this advice is helpful when it comes time to sell your property.
budloughlin@royallepage.ca
Please let me know how I can help YOU by Clicking Here
