1. Market Conditions. Know, understand and accept the current market conditions. Sometimes, the housing market is better or worse than you expected. Although expecting the worst, and realizing that the market is a lot better than you anticipated is what everyone wants, it's not always realistic. Numbers don't lie, and tracking the market is the first place to start.
2. Pricing. Un-attach yourself emotionally from your house and list the purchase price based off of what the market is saying it's worth. Simple as that. Most sellers are still somewhat attached to their home, and everyone thinks their house is worth much more than what the current market shows. No matter if you stage it to perfection...if it's priced too high, buyers will walk away and not even consider it as their next home. Ironically, a lower listing price could actually bring you a higher sale price. Pricing a bit lower will bring a different crowd of buyers, and if enough things are lined up just right, could bring you a multiple offer situation. Simple strategy of low supply and high demand.
3. Marketing Plan. Having a solid marketing plan in place and ensuring maximum exposure to multiple online websites and resources is an absolute MUST. Technology is the one thing that is always constant and ever changing, and you need to keep up with the times. Days of just listing your home on the local MLS are over, even placing an ad in the local newspaper is starting to die out. Online is where your home needs to be...because that's where the majority of the population goes FIRST and it's where your house will be seen by more people! But it doesn't stop there... it must look AMAZING online! People have to fall in love with it before they come to see it! So, professional grade photography is a must!
4. Condition of the Home. A pre-sale home inspection is a great investment to make prior to putting your home on the market. Know what the buyers will see, and get the major repairs complete before listing. If any remodeling or repairs are needed, get them done or finish them before listing. If the condition of the property seems to need attention, buyers will wonder what else is wrong with the home, or what else has been neglected. This in turn will have buyers sending low offers, buyers will present an extensive repair list after they have had the property inspected, or buyers will simply move past your house and not even consider it.
5. Location. You've heard it a million times; Location, location, location....a saying that directly correlates with real estate. It's a proven fact, location is a HUGE factor when buying or selling real estate. Ease of access to the home and neighborhood. Location of the house...is it in the front of the neighborhood, the back of the neighborhood? On a main road? High traffic area? Near the interstate? Are stores nearby? Is it too remote? Location is the one thing that you CAN'T change but for many buyers, is an ultimate decision maker when purchasing a home.
6. The agent. Many agents just want another listing, and do the bare minimum to market your home. You need an agent that goes above and beyond, understands the market, understands social media and getting not just maximum exposure but the RIGHT exposure! Getting a home sold is so much more than placing sign in the yard and posting it in the local MLS. Make sure you know how much is being done to get your home sold.
7. Community Involvement. A network of gold is...well, GOLDEN. Having connections always has it's perks. Even in today's fast speed, high tech world, word of mouth is still one of the best forms of advertisements. Agents that have a great reputation and relationships with other agents, people in the community, military bases, online presence, etc all boost the amount of exposure your listing will get. Many agents think that public open houses are a thing of the past, but public and broker open houses, along with sneak peek invites to the neighbors still peak A LOT of interest and motivated buyers!
8. Standing out from the crowd. Buyer incentives... I mean, who doesn't like a good deal, right?! Sometimes standing out from the competition (other homes on the market) can be a deal maker! Offering buyers incentives such as home warranties, paying buyer closing costs, being flexible on closing dates, offering to pay down points on the buyer's mortgage as well as buying down interest rates or including items to convey or a remodeling allowance will have buyers ready to write an offer.
9. Collaboration. Teamwork makes the dream work. Working as a team with your agent will eliminate many misunderstandings and/or frustrations. Your agent is working for you and should care about your opinion when listing your home...in the end, you know the ins and outs of your home best. However, sellers need to also be able to loosen the reigns some and let the agent do the job hired to do. A good agent will want to have your house sold in the least amount of time possible, at the best price possible (just like you). A good agent is also ready, willing and able to advise based off their expertise in the real estate industry. By working together and being on the same page will ensure a smooth transaction for everyone involved. Some tips for sellers to consider are the ease of setting up showings of your house (so it can be SOLD), removing animals for showings, being prompt in response time on signing documents and responding to showing requests.
10. Curb appeal. Curb appeal is a real item buyers look for when purchasing their next home. Again, you only have one chance to give a great first impression. This goes for photos of the home and the way the home looks in person. If a prospective buyer is driving past your home and it looks nothing like the photos, or looks less than par....they're going to keep on driving by. Even if they can get past the unkept exterior, once they enter your home they need to fall in love within the first few seconds. Four top items a seller should focus on when trying to attract a potential buyer is to 1) de-clutter 2)home staging/decor 3) depersonalizing your house (they need to imaging themselves living in the house) 4) removal of any odors (even if you don't smell them...a buyer will).
Making a few adjustments and tweaks can change the entire perspective of how buyers had been viewing your home and turn that OLD listing into a SOLD listing!
Tuesday, January 10, 2017
Local Market Updates
Numbers are the name of the game in Real Estate strategy. They provide great reflection of past trends which gives insight into the future of the market. As with all real estate topics, statistics are extremely localized which means you can't use the same equations across the board. Here are the latest statics for our local market. To better understand how this impacts you and your home or to get your neighborhood stats give us a shout!! We are hear to help everyone understand more about our local real estate marketplace.
- NEWPORT NEWS
- HAMPTON
- YORKTOWN
- POQUOSON
- WILLIAMSBURG
- JAMES CITY COUNTY
- GLOUCESTER
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