by Dan Krell © 2005
It is not unheard of that homes in this market do not sell. Of course your home should be priced according to the comparables in the neighborhood, and progress should be gauged with the other homes on the market in the neighborhood. Before your home goes on the market, you might ask how to make the most of your sale. That means besides pricing according to the homes that are comparable, your Realtor should expect results within the parameters based on those sales also.
There are several aspects that go into a successful home sale. Of course, the first is to price the home according to the comparables in the neighborhood. The second is to consider the condition of the home. The third is to have a marketing plan. And lastly, you should have a close working relationship with your Realtor.
As I have said here before, you, the seller, should set the selling price. Your Realtor should advise you based the comparables in the community. Comparables are homes that match your home in style and size. If you have a three bedroom rambler, you should compare your home to other three bedroom ramblers in then neighborhood.
What does your home look like? Be honest. Although the other three bedroom ramblers sold for $400,000, their condition was in move in condition. Your home on the other hand, needs a lot of cosmetic work. The home needs to be painted, the roof has a leak, and the carpet is thread bare. How do you think this will affect the sale of your home? If you are trying to achieve a new high sale price, I would think again. A homebuyer looks at these deficiencies and thinks how much it will cost them to repair.
If your Realtor has not yet presented you with a marketing plan, ask for one. Your Realtor should have a plan of action to sell your home. Putting a sign in front of your home and crossing their fingers is not enough sell a home. As the market changes and homes are on the market longer, your Realtor should have a concrete plan to follow to sell your home. The plan should include new technologies, such as the virtual tour.
The final aspect that is important in selling your home is the relationship between you and your Realtor. Besides having confidence in your Realtor, you should feel comfortable expressing your needs and concerns. It is not a good sign if your Realtor becomes defensive when you express concerns and needs. Your Realtor, on the other hand, should be honest and timely with information concerning your home. Besides communicating the activity of the potential homebuyers, they should also keep you up to date with the neighborhood market keeping an eye on the other homes on the market.
As the local real estate market changes, fewer homebuyers will be beating a path to your door to pay you ten thousand dollars more than the last home. When you are interviewing Realtors to sell your home, you should consider asking them about pricing your home, the condition of your home, their marketing plan, and their idea of a working relationship. These steps won’t guarantee a sale, but it leads you down the right path.
This column is not intended to provide nor should it be relied upon for legal and financial advice. This column was originally published in the Montgomery County Sentinel 7/25/2005. Copyright Dan Krell 2005.