Monday, March 28, 2011

6 Factors to Getting your Home SOLD By Owner

Getting to SOLD

There are six key factors that determine the sale of your property:
•Supply and Demand

All of these factors add up to getting your by owner property SOLD - period. Let’s take a look at how this works.

If buyers cannot view your property then you cannot sell it. Most buyers will want to take a second or third look before writing an offer. Therefore, you need to have an “open house” twenty-four hours a day, so to speak. This is why it is crucial to have your property listed with MLS and have a lockbox for buyer agents to bring buyers to your home during the times that you cannot be present. The more buyers that walk through your home, the greater your odds for a quicker sale.

Tip: Anytime you are home and is reasonable, place an “Open House” sign in your yard.

Condition/Keeping up with the Jones’s
This is probably the most important factor in this equation. You must have an excellent product to sell. Television shows such as “Flip This House,” and “Extreme Makeover” have educated buyers so much so that they now want “move-in” ready homes. In other words, you will need to spruce up the house and pay special attention to our Showcasing section below. Total Choice Realty has provided a “To Do” list to assist with the details necessary to have your property/product in tip-top shape. We provide the information; you make the choice of what to change. Just remember, the fewer changes you make to position your product to sell, the lower the price.

Price Sells
As a seller you must accomplish several tasks in order to get your by owner property sold. The first and foremost is price. If your property is not priced to sell, it will sit unsold for months or sometimes years.

Therefore, if you are in no hurry to move, you can price your property higher and wait for a qualified buyer. However, if you need to move quickly due to any type of life change, you will need to price your property lower. To familiarize yourself with homes in your neighborhood or community that have recently sold, contact us and we will give you a FREE Comparative Market Analysis. This report will show you recently active, expired, under contact and sold properties in your neighborhood. Then you can make the choice of how you want to price your home.

How motivated are you to sell your property? Are you motivated enough to take the necessary steps to get it sold? Are you going to let negotiations of a few hundred dollars stand in the way? Weigh your answers to these questions heavily. If you are completely motivated then you must do what isrequired to get the property from “for sale” to “sold.” If you are not completely motivated, your home will sit on the market while buyers are placing offers with the most motivated sellers.

When you purchased your current property, location was a factor in your decision making. As a matter of fact – there is a real estate saying, “Location! Location! Location!” Since you cannot physically move your residence, you must take location into consideration. If there have been major changes in your community since you purchased your home, these changes will affect the decisions of potential buyers. Perhaps you are in an area of extreme growth – or you may be in an area that has become under populated. Wise sellers take “outside” factors into consideration for pricing and marketing purposes.

Supply and Demand
If your property is located in a community where many homes are on the market, you must understand that your property may take longer to sell. Buyers with many choices will be much more selective and will be looking for “the best deal.” For those fortunate sellers that must sell when there are already many properties listed face a greater challenge of product presentation and deciding on the right price. Homes are just like any other product. When the supply is higher, the price is lower and when the supply is low, the price can be slightly higher because demand justifies the means.

Just remember, whether your house is listed with a traditional real estate broker, or Total Choice Realty . . 


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