The media tells us daily that nothing is selling. Home sellers, buyers, and even real estate agents believe it. Why? What is it about us that makes us take what we hear on TV or read in the paper as gospel? The reality is things are selling in Ada County. Why aren’t we hearing about this in the news?
Here are some real facts. The average days on market for Ada County in 2008 (Jan through Sept.) have ranged between a low of 65 and a high of 76. During that same time period, an average of 465 homes have sold each month adding up to an average of $111,791,889 per month in total sales.
Many sellers may wonder, if homes are selling, why isn’t mine? Well, things have changed since the boom of past years. It takes much more that just sticking a sign in your front yard to sell your home. Here are some things that need to be considered before listing your home for sale.
The 80/20 rule is the most important rule to follow. It states that 80% of the real estate equation is pricing your property correctly and 20 % is effective marketing. Pricing depends on many market factors as well as your motivation to sell in a timely manner. It is part science and part art. Your real estate agent needs to help you determine what to ask for your home. She will have real knowledge to share, unlike your neighbor, relative or on-line aggregate site. Make sure you choose an agent who knows the area and understands the market trends.
The right price is not the only factor involved in a successful real estate transaction. Your home must outshine the competition! A professional stager and your agent can walk through your home with a buyer’s eyes to help decide what stays and goes. We live in our homes one way, but we need to show them in a different light when we are selling. We can’t control the location, the competition or the market conditions, but we can control the condition of your home. We need to play up the positive features and downplay any perceived negatives. Staging can be as simple as rearranging furniture or it can include dealing with deferred maintenance, fixing items in need of repair and bringing in new furnishings. A good stager will start at the curb and work all the way through your home.
Many people do not understand the need for staging, but according to the US Dept. of Housing and Urban Development a staged home will sell for more, and it will sell faster. On average, a staged home will sell for 17 percent more than one that is left unstaged. You may need to spend some money on fix-ups, but they will cost much less than your first price reduction. Don’t allow buyers to do their own math figuring out what needs to be done. Their estimates will be higher that actual costs and they will try to take it off your bottom line. You only get one chance to make that all-important first impression.
Another significant issue to consider when listing your home is how to make showings as convenient as possible. The fewer restrictions you place on agents and potential buyers, the better. There is plenty of inventory available, and if your home isn’t easy to preview, there will be another one that is. You can’t sell a house that no one can see. Everyone understands that children need naps and people have busy lives, but you need to do everything you can to make your home available for showings. If you have pets, find a place for them to go to daycare. Make sure you are always ready to clear out for a showing.
Lastly, choose a Realtor® who knows the market. She should know the area as well as the market trends. She should be able to tell you who the likely buyers of your home will be and how she plans to market to them. If you are not comfortable with the first agent you meet, interview a second or a third. The relationship you have with your real estate professional must be based on trust. As a team, you must agree on important decisions to make the process of selling your home as smooth and uncomplicated as possible.
