Two Steps, For-Sale-By-Owners’ Can Do Now To Sell Their Homes
Selling a home today is hard enough. Just look at the national housing figures for the number of homes currently on the market for sale. Adding to the problem, the ongoing recession and economic woes of the country have caused a sharp downturn in the price of housing in most of the country.
This causes an added burden for those families that need to sell their home, but just don’t have the equity any longer or spare funds to pay Realtor fees, even reduced fees. How are they going to compete?
Although there are many factors involved in selling a home, there are two things, the typical for-sale-by-owner should focus on first, to put them on the right track.
First, they need to consider the price of their home. Most home owners will tell you that they need to get (x) number of dollars for their home. And that sticking point can often be the deal killer. The real estate market that is moving, doesn’t base sales price by what you owe, only by what the market is willing to pay for a house like yours.
This can be a hard pill to swallow for most home sellers, let alone those trying to do it themselves. But a home overpriced can sit on the market for an extended period and never even get a serious look. As a matter of fact, if there are other homes for sale in the neighborhood that are priced competitively, the overpriced home can make them look that much better.
The for-sale-by-owner needs to put their ego aside and do some serious research on homes for sale in their area and come up with a competitive price. You need home-buying traffic to produce sales. And most traffic is shopping price first.
Next, take a serious look at your home. You might even want to bring someone else in on this as a second set of eyes. Here’s the simple question to ask. “What needs repair or painting?” Now don’t start making excuses about what you see. What you’re trying to do is look at your home as someone else, who doesn’t know your home, will see it.
If something needs repair, repair it! If the home needs a washing, wash it! If your home could use a fresh coat of paint consider doing it or having it done. This gives prospective buyers a positive impression about your home and can-and actually has, sealed the deal on many home sales.
Keep in mind, repair and maintenance are not the same as staging. We’ll cover staging in another post.