Price too high, and it may weaken the position of your home on the market. Price too low, and you may be short-changing yourself. A well-thought out pricing strategy is essential, and includes an analysis of comparable homes sold recently in the area and of comparable properties currently for sale. We must consider recent comparable home sales in the area and an assessment of comparable homes currently for sale. Supply and demand variables also play a major role in the list and sale prices of properties, as do location and size of homes. Additionally, the presentation of your home makes a a difference as well. Properties that are maintained and updated show better and sell for more than homes that have been neglected. The Trilogy Team agents are experts at assisting sellers to prepare their homes for sale.
As the seller, here are a some tips for discovering the sweet spot for the price of your home:
- Do your own research. Search for homes for sale in your area, to discover how your price point compares to that of similar homes. Attending local open houses is a great way to see how your price point stacks up against comparable properties. Is your home's condition better or worse? For an unbiased opinion, bring a friend!
- Your Trilogy Team agent provides a Comparable Market Analysis (CMA). A CMA is an estimate of your home's value, based on detailed research of comparable sales in the neighbourhood. It includes a detailed comparison of your home's size, age, location, and features to determine a reasonable price range. Working with your Trilogy agent, you can adjust your price point, based on variables in home and lot size, upgrades, condition, and location.
- Giving is receiving. Almost everything is negotiable at the negotiation table. You may provide non-price incentives, such as offering to pay closing costs or even including desirable furniture. You can fix damages discovered during a recent home inspection or provide a new-appliance allowance. Speak with your Trilogy agent for more strategies for the negotiation table.
A professional, unbiased strategy for setting a price can make all the difference. Your Trilogy agent has a deep understanding of your location and market conditions, so let's get together and find that sweet spot.
First impressions are everything.
Most potential buyers begin their searches online, using visual references like photos and virtual tours, to imagine themselves calling a place home. Here are some easy ways to showcase your property at its best:
- Declutter. Cluttered homes appear smaller and can turn a potential sale into a disappointment. The goal with decluttering is to create as much visual space as possible.
- Repaint. A fresh coat of paint can go a long way. Choose a neutral palette that allows potential buyers to see a blank canvas for their dream home.
- Decorate. Decorate and arrange rooms with a purpose. Extra rooms should be designated as offices, libraries, guest rooms, and so on, and the living room should not be multipurpose. Don't keep buyers guessing.
- Brighten. Lighting can often make or break a sale. Open curtains to showcase natural light and desired views. And ensure that light bulbs cast rooms in the most favourable light.
- Exterior. Your home's view from the curb is the first impression, so make it a great one! Ensure that windows and walkways are clean and take special note of the condition of house numbers or other exposed hardware.
- Landscaping. Keep your lawn green and gardens in bloom! A patchy or overgrown lawn takes away from your home's overall appearance, so re-seed and weed, prune shrubs, bushes and trees. During winter months, remove snow frequently.
- Garage. Ensure that the garage is clean and tidy. Designate the garage as the place to park, not as a storage unit.
- Patios and Decks. Declutter, re-stain and pressure wash if necessary. Decorate these areas for eating or relaxing, so buyers can visualize the intended purposes.
Speak candidly with your Trilogy Team agent for additional tips and strategies on how to create the best first impression.
The balance between cost effectiveness and enhanced visual appeal.
Investing in your home for resale only makes sense if your return exceeds your financial outlay. If you are planning to sell your property in the near future, consider the relative merits of different renovations.
You must determine how much of your renovation cost will add to the value of your home. Here are some ideas for determining the value of a house renovation:
- Age of Renovation. A brand new renovation should increase the value of your home by the cost. The buyer should be willing to pay for the full price of the renovation if it is something they would have done anyway.
- Remove and Replace. Removing something that has value and replacing it with something new may not provide the financial return that you had hoped.
- Buyers Appreciation. Will buyers appreciate your cost and the hassle of renovations? Not necessarily. A buyer might appreciate a new kitchen but may only be willing to pay a portion of the cost if they think it is worth less than the cost.
- Importance of Usage. Outside renovations are more variable. Fences and decks are more standard, so most buyers will pay for that; however, some buyers may or may not love a brand new in-ground pool.
When renovating and remodeling, be sure to consider: the value of what you are removing; whether buyers will value the same amount that you did; and whether the renovation has broad market appeal.