What factor makes all the difference in getting your home sold?
Real estate is such an exciting field because each property is so unique. That being said, as a former State Certified Real Estate Appraiser, I can tell you that your home should fit the neighborhood. Your goal for the best return on investment is always “typical/average”.
In this context what it means is that you do not need to install a high end kitchen to sell your home, unless of course, every other home in your neighborhood has a high end kitchen. If yours doesn’t, well… you could get less money for your home when you sell.
Is marketing the most important factor?
When you hire an agent to sell your home you are counting on him or her to market your home effectively. There are so many ways to market a home for sale, for example, print media, social media, web, network, affiliate, syndication, multiple listing services, word of mouth, email marketing and more.
While your agent can work to notify more buyers that your home is for sale, they can’t always control the product, ie: your home. Like every sale, you can spend all you want to advertise but you might not make your money back if the product isn’t a slam dunk.
Is condition the most important factor in getting your home sold?
No. I can prove this by pointing to every single transaction that was sold in which the property was in the shape in which everything worked, but was ready to be replaced. People love renovating!
Don’t go spending money on styling your home or renovating when you’re getting ready to sell. The new buyers will have their own tastes.
Of course, this is not true in flips.
When people flip homes they buy a shabby property and renovate it, then sell it for more money, pocketing the difference.
What I’m talking about is potential. Layout. The overall feel of a property. The lot it sits on. Its curb appeal, and potential curb appeal. The bones. Does this house have good bones? That’s always a question on a buyer’s mind.
Condition is very important in terms of buyer financing and determining price, but it is not the most important factor.
Is price the most important factor?
No. Any Realtor who tells you the best way to sell a home is to drop the price does not have a good understanding of sales. Your last resort in any sale is to drop the price. In many cases, in most sales, you can try increasing the price first.
That being said, an over priced home will get little market activity, get little excitement, and very few offers.
Before dropping price, you always add value.
Value is the most important factor in getting your home sold.
Whatever you are selling, you need to provide value. The higher the value, the higher the price. Market value is determined by a Real Estate Appraiser but the price at which your home is listed on the market is usually determined by you and your Realtor.
This is where having an experienced Realtor really comes into play.
He or she knows the advantages of living in your neighborhood. He or she has seen the inside and outside of other homes currently for sale in your neighborhood and knows your competition.
As a highly experienced real estate agent and former real estate appraiser, I have been inside literally thousands of homes day in and day out in most neighborhoods in South Florida.
When I walk into a home I can tell you very quickly what needs to be done in order to bring your home to the level of value that will sell. You do not want to over-improve. You do not want to spend unnecessary money on repairs before selling. And, let’s face it, there are some things you just cannot change. For those things you make the best of your home’s best features and move on to what you can improve.
What are the ways your home provides value?
The ways your home provides value to your new buyer are in a nutshell:
- Location – School zone, proximity to employment and entertainment
- Lot – How your home is situated, does it allow for expansion, or a pool, or a second unit, county laws and restrictions, ie: can they have chickens, noise ordinances, can they have an orchid farm on premises, can they operate a business from this address, etc. What is the set back of the house from the street? How big is the lawn? Is it maintained. Is there a view? How is the foundation?
- Square Footage – ie: space!
- Layout – how is the space configured? can their king size bed fit in the direction they want it to so that their dresser can go next to it a certain way.
- Features – Is your home fenced? Does it have common laundry or interior units? Is your laundry room accessible from the inside of your home or only the outside? Carport or garage? Shed? Are pets allowed in your community? Can the buyer park his RV in the driveway?
- Condition – Lots of Florida homes have termite damage. How can they not when new termite species turn up to chew on wood every year. Once you see wings, you know they’re in the walls. It’s not a deal killer. In Florida, you get tented and the cost is around $1000. Roofs can’t be leaking. If they are, they need to be repaired before you sell. Unless you are selling to only cash buyers, which is very limiting. People who pay with cash want steep discounts. The condition of your home should be improved no more than typical/average for the neighborhood. Your home will sell faster if you clean it. Cleaning and organizing are the two best and cost effective efforts you can put into your house to get it ready for sale.
- Ownership – Condo or co-op? Fee simple? How about membership fees in your neighborhood?
The above list is not all-inclusive but it should give you some ideas of why a person might buy your home over another one nearby. The more value you can provide to your buyers the more your home will sell for and the faster it will sell.
If you have a poor layout and little square footage in a neighborhood with homes that have large closets and open living areas, your home will most likely take longer to sell and will sell for less. Unless you get creative with the space you do have. You can always win with good style and attention to detail. Also, you can win if there are few other homes in your neighborhood available for sale.
If you have a great layout but ugly carpet still installed in all the bedrooms, don’t freak out and spend thousands to replace your floors before selling. Let the new buyer install floors after they move in.
I hope you can see that each situation requires a good look over to find where value can be highlighted and maximized.
Every home is unique and the sale of your home will be unique too.
One thing is for certain. The more accurately you price your home for sale based on the value you are providing to your buyers via your home’s features, the faster your home will sell. Scheduling showings and having people in and out of your home is not so much fun so why extend the time more than you need to?
Realtors are great at timing vs price so be sure to call a good one when you’re ready to sell your home. May I suggest myself?
I hope this information was helpful to you and saves you time and money. If you are looking to sell your home or know of a friend or family member in need of a real estate agent in Pompano Beach, please send them my way for expert real estate service in Greater Fort Lauderdale, The Beaches, and of course, Pompano Beach.