|Free Home Evaluation
|| If you would like a free Market Analysis of your property
at no obligation, please give David
Sullivan a call at 615-298-1187
|The List Price
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:
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.
|The Importance of Proper Pricing
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
|Common Reasons for Overpricing
- 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
|Dangers of Overpricing
- 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
- 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
- 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.
|The Role of a Real Estate Agent in Pricing
|| I provide you with a comparative market analysis (CMA), a comparison
of the prices of recently sold homes that are similar in terms
of location, style, and amenities. A CMA is performed by comparing
previously sold units in the area, and currently active units to know
your competition. Interested in receiving a market analysis on your
- 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.
|The Factors You Control
- Marketing time
- Financing alternatives provided
|Preparing to Sell Your home
First Impressions Are Lasting Impressions. The exterior
of your home often determines how buyers will view the interior,
- 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,
Put Your home in the Best Possible Light. Strategically lighting
your unit, even during daytime showings, can create a cozy mood and
highlight positive attributes of each room, so:
Keep windows and floors clean
Replace faded wallpaper and glue any areas that have come away from the
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
Inside the home
- 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
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.
Try to look at your home "through the buyer's eyes" as though you've
never seen it or been there before. Any time or money spent on these
items will bring you back more money in return, and hopefully a faster