There are five key factors that have to be in alignment to get your home sold. These factors are location, condition, price, marketing, and financing.
Location
You have all heard location, location, location in relation to what will get your home sold. Well, location may be a profitable factor in selling your home, with one of the most important location factors being school zones. Although zoning can change from time to time, homes in close proximity to known high-performing schools tend to command higher prices. Another thing to consider regarding location is how convenient is it to shopping, hospitals, places of worship, and probable work areas. The one thing about location is that you can’t change it!
Condition
In real estate, the first impression is everything. From the pictures in MLS (Multiple Listing System) to the smell of the house when a potential buyer walks in the front door, everything has to be just right. Everyone gets accustomed to their own home: scratched walls, stained carpet, outdated light fixtures, and all. A good real estate professional will come into your home and gently let you know what needs to be done to make it as attractive as possible for potential buyers. They are not emotionally attached to your home and can see it from the perspective of a buyer — they are also aware of the competition, the homes that yours will be up against. Check out this article in Forbes Magazine for really good suggestions to get your home in tip-top selling condition.
Price
When you contact a real estate professional to get your home sold, after the initial visit when they gather important information and assess the condition, they are armed with what they need to “pull comps.”They will search the MLS for homes that are comparable to yours in size, condition, location, age, and features such as acreage or a pool. They typically look for homes that were sold within the last six months that match your homes criteria, plus homes similar to yours that are currently listed. After reviewing this information with you, you are now prepared to make an educated decision on what price to set for your home. Remember, the asking price of your home is your decision and, like condition, is one of the two factors that you have total control of. Pricing your home correctly is necessary if you want it to sell. Price it too high and you miss your buyer; set it too low and you will leave money on the table and sway the comps for other sellers in your area. When your home is priced at Fair Market Value, you will capture 60 percent of the market. However, if you are priced 10 percent under Market Value, you can be sure your home will be seen by 75 percent of the buyers currently looking for a home similar to yours. A recent article on Reader’s Digest Online can help you see the value in setting the right price.
Marketing
Marketing is extremely important — especially in the first two weeks that a home is listed. This is the time to show the world your biggest investment: your personal property that you have kept in perfect condition. This is the time for ultimate exposure. This is also when you will be reassured that the decision to list with a full service real estate company is the best choice. Your home will go active in your local MLS, it will be on the “hot sheet,” a lock box will be put on your door, and a sign in your front yard. Your neighbors and people within proximity to your home will all receive just listed cards with your home’s information on it. It will also be listed on hundreds of websites, advertised in periodicals, and appear on social media sites. Your agent will schedule public open houses and agent open houses and be the one to host them. They will make phone calls to let people know about their awesome new listing and conduct reverse prospecting searches within the MLS system to make sure agents who have searched for similar homes know about yours. For an excellent article on how to choose an agent, click here.
Financing
Most sellers believe that they do not need to be concerned with financing in relation to the sale of their home, but in today’s market, with so many financing options, sellers need to understand enough to make a sound decision when faced with a purchase agreement. The offer may come in at full price, but the buyer has qualified for a Rural Development loan through the USDA. What does that mean? It could mean that closing will be months away, depending on how backed up RD is. Do you accept and go pending when you could have waited and gotten a quicker close? Also, does the home qualify for an RD loan and, if not, what type of repairs are necessary to get it qualified? Other scenarios could include VA or FHA loans. You can read more about it and all government loans here. Another way that financing is key to selling is that, when listed with an agent, potential buyers that are viewing your home are typically pre-approved; they have spoken with a lender who has agreed that it is possible for them to make such a purchase, if they fall in love with your home.
These five key factors have to be in alignment for your home to sell. If it has been on the market for a substantial length of time, and especially without many showings, more than likely an examination of these factors will uncover the reason. Just adjust and get to selling.
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