Pricing your home is both an art and a science. Achieving the optimal price is the result both of objective research into comparable properties and a gut feeling about your property and the current market. The right price should:

• Attract buyers

• Allow you to earn the most money possible

• Help you sell as quickly as possible

• Price is the number one factor that most home buyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.

• Faster sale and less inconvenience

• Exposure to more buyers

• Increased realtor response

• More advertising/sign calls

• Attracts higher offers

• Means more money to seller

• Avoids being "shopworn"

• What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing

• Over-improvement

• Need

• Purchasing in higher priced area

• Original purchase price too high

• Lack factual data

• Bargaining room

• Move isn't necessary

• Assessed value

• Emotional attachment

• Opinion of family and neighbors

• Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.

• Buyers who have seen most available homes in their price range are waiting for the "right home" to come on the market. That's why is a home is priced right, it will sell quickly. The buyers are there waiting for it.

• Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.

• A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.

• Even if your unit is nicer than other ones in the same area, your home won't be picked for viewing if you set the price too high.

• Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property.

• Attracting the wrong buyers.

• Fewer potentially qualified buyers will respond.

• You might help sell similar homes that are priced low.

• You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

• There is no "exact price" for real estate

• I don't tell you what I think your home is "worth"

• The market determines value... together we determine the price

• Keep in touch with market trends and keep up to date with market activity of comparable units

• Estimate your net proceeds

• Help to determine offering incentives

• Exposure method

• An agent has NO control over the market, only the marketing plan. Never select an agent based on price.

• Marketing time

• Financing alternatives provided

• Condition

First Impressions Are Lasting Impressions. The exterior of your home often determines how buyers will view the interior, so:

• Make sure your front entrance is clean and inviting
  
  Beauty Is More Than Skin Deep. Buyers often see the surface condition of your home as a sign of what's underneath, so:

• Keep windows and floors clean

• Replace faded wallpaper and glue any areas that have come away from the wall

• Repair worn woodwork

• Repaint scarred or dirty walls in a neutral color

• Steam clean carpeting or replace it if necessary

• Repair loose knobs, sticking doors and windows, warped cabinet drawers, broken light switches and other minor flaws

• Check and repair caulking in bathtubs and showers

• Accentuate the Positive. Try to see your home with a fresh perspective and arrange each room to bring out its best attributes, including:

• "How we live in a home and how we sell a home are often 2 different things."

• Open draperies and curtains to let the light in during the showing

• Remove all unnecessary clutter from your attic, basement and closets to better display spacious rooms (consider storage or a garage sale to dispose of extraneous items)

• Arrange all your rooms neatly and remove excess furniture

• Keep fresh, clean towels in the bathroom

• Use candles or air fresheners to make the room smell pleasant

• Avoid the use of overhead lighting (except recessed lighting with dimmer controls) that makes rooms look washed out and lifeless.

• Be creative and arrange lamps to help smaller rooms seem larger, and large rooms seem more intimate.

• Use lighting to highlight the "living areas" of your home, such as a pair of chairs such as a pair of chairs near a fireplace, or a table in a breakfast area.

• Clear all unnecessary objects from furniture throughout the home. Keep decorative objects on the furniture restricted to groups of 1, 3, or 5 items.

• Clear all unnecessary objects from the kitchen countertops. If it hasn't been used for three months…put it away! Clear refrigerator fronts of messages, pictures, etc. (A sparse kitchen helps the buyer mentally move their own things into your kitchen.)

• In the bathroom, remove any unnecessary items from countertops, tubs, shower stalls and commode tops. Keep only your most needed cosmetics, brushes, perfumes, etc., in one small group on the counter. Coordinate towels to one or two colors only.

• Rearrange or remove some of the furniture if necessary. As owners, many times we have too much furniture in a room. This is wonderful for our personal enjoyment, but when it comes to selling, we need to thin out as much as possible to make rooms appear larger.

• Take down, or rearrange certain pictures or object on walls. Patch and paint if necessary.

• Review your unit inside room by room. Paint any room needing paint, clean carpets or drapes that need it, clean windows.

• Leave on certain lights during the day. (I'll show you which ones). During "showings" turn on all lights and lamps.

• Have stereo FM on during the day for all viewings.

9 Minute Showing Drill
Occasionally you will receive a call to schedule a showing to take place within the next few minutes. The following is a checklist for this type of panic:

• Sound Turn off the television and tune the radio (low volume) to a soft rock, middle of the road or classic rock station.

• Sight Turn on every light in the home (day or night) and open every drape and blind (day time only).

• Odors Heat some frozen pastry slowly in the oven or heat a pan on the stove and then drop in a few drops of vanilla.

• Kitchen Wipe kitchen counters, place dirty dishes in dishwasher.

• Bathrooms Wipe counters, flush and close toilets.

• Living/Family Rooms Hide magazines, newspapers, and games; remove clutter.

• Bedrooms Straighten beds. Hide clutter under bed (not in closet).

• Exterior Put away toys and clutter. Keep walk clear.

• Children & Pets They are a distraction, so send them outside.

• Good-bye Sorry, but this is the single most important thing you can do in a showing to help sell your home! Even if the showing agent insists that it is okay to stay, you must leave. Buyers must get emotionally committed to your unit to buy it and they cannot become emotional about "their new home" if you, the current owners, are "hanging around". Please, at the very least, go into the backyard. Even better, go to the store.

All content and media Copyright © 2001 David Sullivan