Frequently Asked Questions About
Selling Your Home
Since I want to sell my home for top dollar, isn’t it a good idea to price it high? I can always reduce the price later if it doesn’t sell, right?
While pricing your home optimistically high sounds like a great idea, it is THE most common reason for homes remaining on the market too long—or sometimes not selling at all. The market has changed - the difference between a house that sells and receives showings and one that sits and sits and sits... is proper and realistic pricing for today's market, not the market of yesterday.
A property’s market value is defined simply as the amount a buyer is actually willing to pay for the property. Factors that influence value are:
Physical qualities of your property, such as:
Location
Age
Size of house and lot
Floor plan and architectural style
Market Conditions
Interest rates and availability of financing
Buyer demand
Prices of recently sold properties (contained in a Comparative Market Analysis or CMA)
State of the economy
Seasonal demand
The Competition
The number of similar properties for sale
Their prices, financing terms, location, and physical condition
Here are some examples of factors that do not affect a property’s market value and should not be considered when selecting a list price:
The amount that you paid for the property when you bought it
The amount of money you hope to get out of the property
The balance of any mortgages against the property
Unfounded opinions offered by other people
I use information from my CMA combined with my firsthand knowledge and a decade of experience in local market conditions and neighborhoods to recommend an appropriate price. At a reasonable list price, the property will attract a decent amount of traffic. With enough continued exposure, the property will likely attract reasonable offers. If priced too high, the property simply won’t compete with other homes on the market. Good buyer agents will tell their clients that the home is overpriced, and they’ll recommend other properties for their buyers. In this situation, the property will rarely be shown and it will probably remain on the market.
While the list price can be lowered if the property fails to generate much traffic, this approach is often characterized by "too little, too late." That is, by the time the price becomes reasonable, most of the prospective buyers who were interested in your home will have purchased other homes. Additionally, homes generate much more traffic when they are new on the market. Even a dramatic price reduction has limited impact once a home has been on the market for an extended period of time.
What do I need to do to prepare my house for sale?
Will my work be worth all the effort and money when the house eventually sells?
Homes that are in move-in condition tend to sell considerably faster than "fixer-uppers." Some types of improvements can have a tremendous payoff by reducing marketing time and increasing selling price, while some fix-up jobs can consume more money than can possibly be recovered at selling time. The key is to prioritize tasks and to concentrate on those which will have maximum impact at a modest price. Here are some suggestions:
Maximize curb appeal. Trim shrubs; keep grass neatly mowed; plant flowers. Landscaping can often have a great payoff, even if it's just a few fresh plants and blooming flowers. Examine exterior paint or stain, gutters, roof and windows to identify ways to enhance the home’s outside appearance.
Netural is good! This will make your home will appeal to as many prospective buyers as possible. Replace old or dark carpet with neutral light-colored carpet. Replace wallpaper with fresh paint.
Make a positive first impression when prospective buyers walk in the front door by paying particular attention to the entryway or foyer.
Kitchens tend to be a focal point within most homes, so consider focusing your efforts here. Kitchen improvements, however, can be very costly, so carefully weigh your investment with the potential payoff. Even something inexpensive like new cabinet hardware can make a huge difference.
Finally, looks aren’t everything. Smell can have a huge and immediate impact on prospective buyers. The two most common sources of unpleasant odors are smoking and pets. While your home is on the market, avoid smoking indoors. Keep pets clean and change cat litter frequently. Some good news: Doing some of the other types of improvements can help your house smell better, too. Fresh paint helps make a home smell new. Since carpet and padding can trap pet odors, replacing carpet can also have a positive aromatic impact.
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Contact Rudy Mayer at 603.888.3990 x 228 or e-mail
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Since I want to sell my home for top dollar, isn’t it a good idea to price it high? I can always reduce the price later if it doesn’t sell, right? 
No reproduction, distribution or transmission of the information, graphics, forms or design included on this site is permitted without permission. REALTOR® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.