Many sellers in Pasadena and the San Gabriel Valley have regained much of their lost equity resulting from the financial and mortgage debacle which hits its peak, then burst in 2006-2007. This is a great time to take advantage of the current market; low inventory, great interest rates and more qualified buyers than homes for sale. Econ 101 basics: supply and demand affected by these low interest rates have created a upward movement in prices. If you've decided to sell at this time, here are some things to know.
Establishing the List Price – One of the first principles of Real Estate Marketing is that your home is worth what someone is willing to pay for it. Therefore, maximizing your proceeds means understanding what is selling and at what price in your immediate area.
Have a realtor who is a member of the local Board of Realtors prepare a Comparative Market Analysis (CMA) or Market Trends Analysis. Market research will show you what buyers are paying for homes. The CMA should produce a price range. It's not a fixed price, but a price range. Because, unless you live in a housing development where all the homes have the same floor plan, no two homes are identical.
DO NOT USE ONLINE SOFTWARE OR PORTALS, LIKE ZILLOW. THEY ARE NOT ACCURATE!
Presentation – With the help of your Realtor and their team of professionals put your best foot forward! Start with Curb Appeal! We've already talked about this in prior articles. Then, step inside with the eyes and vision of your potential buyers. Remember, you have studied what potential buyers are looking for. Give the buyers what they want. If you are not able to make those major improvements like updated kitchens and baths, lower your price accordingly.
Don't expect them to love the red accent paint in your den. That was for you! Paint is the most successful way to upgrade your home for the least amount of expense. Use bright interior colors and expose lots of natural lighting by removing or opening window covers. Fresh flowers and scented candles make a great first impression.
Consider using home staggers and decorators, they are worth their weight in GOLD. When professional stagers approach a home being prepped for market, they often whisk away as much as half the owner's furnishings, and the house looks much bigger for it. If necessary rent a storage locker for all the personal memorabilia, pictures and the clutter. Buyers want to envision their own memories in the house. Take a hard look at what you have and ask yourself what you can live without.
LEAVE THE HOUSE FOR ALL SHOWINGS AND OPEN HOUSES!
Promotion – I know we're asking a lot. Living in your home like it's a model home in pristine condition during the listing period is not easy, but honestly it's worth it. The good news is, if priced right and the presentation is tight you should not be inconvenienced for more than two – three weeks. Just long enough to expose your property to the most qualified buyers who are ready to buy and buy now to yield you the highest and best price, terms and conditions.
Make it easy to show your home to prospective buyers. As soon as a new home is listed for sale, buyers are calling their agents to get that private showing before anyone else. Limiting showings to meet your own schedule may mean missing out on the best offer. Be prepared and have your home wonderful soon as you go live.
Request a Marketing Plan from your Realtor so you won't be caught off guard by realtor caravans and open houses. Enjoy the process and enjoy the payoff.
Coming soon are articles about how to increase the value of your home.