If you want to sell your house quickly in today’s recovering real estate market, you need to satisfy 3 important criteria. An experienced Columbus real estate agent will make sure that you meet these criteria, when you put your house on the market, and advise you on how it stacks up against other homes for sale in the area.
Many buyers are searching for good home deals right now. However, these buyers will turned away, if your listing violates one of these 3 rules. This will result in longer holding times, no showings, no offers, and ultimately no sale.
Let’s see how your listing stacks up. Here are the 3 cardinal rules that will ensure that your home sells quickly.
The Price of Your Listing must be Right
The price of your listing is visible to the public. It is the number buyers use to decide whether to look at a house for sale or not.
Do not overprice your house, because no one will schedule showings. There are some simple rules your real estate agent should follow when they price your listing. If there are no showing in the first week, most likely the list price is too high.
The asking price of your home for sale shouldn’t be too low, either. If a home is priced 15% or more below market value, potential buyers may think that something is wrong. Buyers looking for homes in move-in condition may skip your listing.
For you, the seller, it is important to get as many people in your house as possible.
The Condition must Exceed its Price
Once a buyer visits your home for sale, the house has to sell itself. The buyer’s real estate agent won’t do that job, and you can’t be at the showing.
Your house must be in better condition than homes listed for a similar price.
If you want to sell to a retail buyer, someone who wants to move-in quickly without doing any repairs, your house must look like new! There must be upgrades on your house. A 30-year-old kitchen cabinet does not excite buyers.
New paint, new carpets, new counter tops, and new kitchen appliances are relatively inexpensive improvements that have a major impact on how your house shows.
You may decide to list your house for less than market value in consideration of repairs needed. That’s how banks sell foreclosed homes quickly. It is a good strategy, if you don’t have any money for repairs or you have to sell in a hurry.
Buyers will offer considerably less for homes that need repairs – even if they are minor. It is less expensive to improve the house before you list it, than selling it in as-is condition.
Your Home for Sale must be Easy to Show
This point is critical and the responsibility of your Columbus real estate agent.
A 24-hour listing service should manage all of the showings. A buyer’s agent should be able to schedule a showing anytime, day or night, over the Internet or from their phone. They should not have to wait for weekday business hour, if someone wants to see the house this weekend.
If you still live in the house, you need a plan on how to show your home at short notice. If someone else lives in your house (e.g. a tenant) who is not interested in you selling, you will have a tough time accommodating your buyer’s schedule.
Your listing agent has to respond to inquiries immediately. Buyers don’t wait around. If they can’t get access to your home, they move on quickly.
A Listing Gone Wrong
When they listed the house you see at the top of this article, HUD broke the first 2 rules. This Hilliard home is priced above retail value. Most of the interior is 12 years old, the upstairs bathroom is gutted and the hardwood floors in the living room have huge gaps.
The reason they listed this home for $154,200 is the FHA appraisal, which was completed by a HUD certified appraiser.
What was that appraiser thinking? This house won’t sell for a while.
Details on the Overpriced HUD Home
It is located in the Hilliard Green subdivision just South of Roberts Road. It comes with 3-bedrooms and is served by Hilliard Schools. Special features include a fireplace, a large wooden deck and a fenced yard.
2402 Yagger Bay Dr, Hilliard, OH
Asking Price: $154,200
Comparable Sales: $140,000
Year Built: 1999
Sq Footage: 1,473
Category: Insured w/Escrow
Eligible: Owner Occupants
To find out how you can buy this house at a reasonable price, please give me a call at (614) 975-9650.
You may have to be patient for a month or two, but the price will come down, if it does not sell for 60 days.