Tag Archives: tips for home sellers

The Seller Who Tests the Market

When you see the market rising, it’s tempting to price your home even higher than nearby homes that recently sold. So you tell your listing agent that you want to “test” the market to see if you can get even more for your home.

Sometimes, it’s appropriate to choose a list price higher than recent comparable sold homes, but that strategy seldom works unless the market is climbing rapidly. If you’re looking for a quick, hassle-free sale, you need to decide which is more important – getting more for your home or moving on to your new life somewhere else.
Let’s say your neighborhood’s highest, most recent home sale was $500,000, and your agent suggests a listing price of $510,000. You want to test the market at $530,000 – which is $20,000 more than your agent recommends, and $30,000 over the latest comparable.

Your home hits the market at $530,000 and has tons of showings the first week. Your strategy is working, except that you don’t receive any offers. By the second week, there are few to no showings. Agents are reporting back to your listing agent that their buyers said your home “needs work,” or that they “found something more suited to their needs.”

After months of making two mortgage payments, your home finally sells at $518,000. Meanwhile, you paid months of overhead to get $9,000. You actually lost peace of mind and threw away a lot of money.

Overpriced homes simply take longer to sell. If you’re tempted to “test the market”, remember that the market will test you.

For accurate pricing, staging, and home selling assistance, always remember to call your favorite Berkshire Hathaway HomeServices PenFed Realty agent at 703-836-1464.

Advertisements

Quick Tips for Selling Quickly and With the Best Terms

Patience is a virtue for just about any circumstance including selling your home, even in a real estate market when homes are on the market for just a short period of time. Assuming your home is in good condition and you are in a positive equity situation, here are some tips to help you sell your house quickly and for the best price whether your home is in Northern Virginia, Washington, DC or anywhere else in the country!

1. Price your house correctly: Working with your agent, choose a price that is realistic- preferably on the low side of realistic – but not too low that it will send up red flags. Let your agent establish a price he or she feels will make your house the buzz of the neighborhood. The more interest you have the more showing you will have and the better chance you have of being in a multiple offer situation.

Prudential PenFed Realty agents use current market data from the multiple listing service, RBIntel, the National Association of REALTORS’ Realtors Property Resource, and other market statistics to help estimate the price range your home will bring.

2. Be flexible, compromise: know your basement price and don’t be offended by offers within those parameters. Consider negotiating housewares and fixtures that may appeal to prospective buyers, such as those expensive new drapes you just installed, the dining-room chandelier or that slick, washer-drier combo. Conduct a complete inventory of household features to determine what you can and can’t live without.

3. Remove the clutter from your home: This must be done regardless of time frame. Throw away anything you won’t be taking with you and pack in storage items that you won’t miss during the sale process. Consider renting a storage pod that can be picked up and eventually moved to your new home.

4. Offer incentives: One popular incentive for a fast closing is to share or pay for your buyer’s closing costs. You may also offer higher commissions for a fast sale, which may lead to even more showings.

5. Rent to buy: If there’s interest in your home but no one is willing to step up to meet your timeline, offer prospective buyers the chance to rent your property with the right to buy it in six months or a year. Both parties win, as buyers can experience the home and neighborhood firsthand while you transition with cash flow to cover expenses.

Indeed, home-selling requires time and patience yet there are several things you can do to help expedite the process, if necessary. With flexibility and creativity, you can increase your chances of a quick sale.