Sellers think their homes are worth more than their real estate professional recommends, and buyers think these same homes are worth less.
Will Nesbitt
It’s a difficult disconnect that makes selling properties a challenge. Successfully marketing a home requires that the price be set carefully -- or it will languish on the market. Among the considerations:
How many homes are for sale in the neighborhood? The more homes on the market, the more important it is to list at the lower end of the scale. No matter where you price your home, buyers are going to want to understand the rationale behind why your house is the cheapest or most expensive. In the end, buyers will pick the house with the most value.
Take short sales and foreclosures into consideration when pricing. If the competing properties are in lousy condition, they are less of an issue, but if they are well taken care of, yet priced 25 percent below market, they can be a serious factor.
Negotiate decisively. Many buyers have options so when you counter an offer, be prepared for the possibility that the counter might be the end of the discussion.
If you have to . . . cut the price. If no one shows up for an open house, if no one calls and if there are no offers, then the price is too high. That means it's time to make a meaningful price cut.
The best way to update a property in {Location_Name} is to paint it. It’s a job that many sellers can do themselves.
Here are six suggestions for making the work go quickly.
Move the furniture. Get as much furniture as possible out of the way, and then cover what’s left with plastic drop cloths held in place with masking tape.
Buy good paint. Top-quality latex interior paint will hide what’s underneath and make the job go faster.
Tape the edges. Taping the edges with painters tape will speed up the job and make the results more professional.
Work top down. Paint the ceiling first, then the walls, then the windows and trim and finally the baseboards. This will cut down on time spent repairing drips and splatter marks.
Cut in the corners. Applying a three-inch band of paint around the edges will allow you to fill in the middle with a paint roller.
Apply paint generously. Trying to stretch the paint won’t save sellers any money if they have to repaint.
Do you know what your home in {Location_Name} exactly worth? Connect with Nesbitt Realty for a fast and free home evaluation.
Source: Paint Quality Institute (09/21/2010)
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Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia.
Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com
Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.
