The market has been moving at a pretty good clip over the last several years and it appears that things are going to stay that way for a while.
According to the Case Shiller Home Price Index across the United States have increased roughly 45% over the last 5 years.
Despite all of the amazing things that have been happening in virtually every market across the country, including ours, one thing still rings true no matter what’s happening in the market.
In order for any home seller to get their home sold fast and for top dollar, there are a few actions they absolutely must take to ensure that happens, no matter what the market conditions are.
Here’s what you need to know (and do) to get top dollar for your home:
Price It Right
Even in crazy markets like the ones we’ve experienced over the last few years, improperly priced homes sell for less than full price, or worse, not at all.
In 2021, only 34% of homes that were priced incorrectly sold for full price or at net full price to sellers (after concessions to buyers). That means roughly â…” of these home sellers got less than they were hoping for or didn’t sell their home at all.
Think about that; in one of the hottest markets in history, two out of every three homes listed sold at less than full price.
And it makes complete sense when you take into consideration what happens when a house is overpriced.
According to the National Association of REALTORS® (NAR), a properly priced home attracts at least 60% of potential buyers who are right for the home.
As you increase the price over market value, a smaller number of the right buyers will see the home. Even a 10% increase over market value will cut the number of people who see the home in half.
Again, even in a market where homes are selling above market value, you need to start your pricing at market value to ensure that the largest number of the right buyers see it.
Doing this, and only this, puts you in position to not only get your home sold for list price, but also to create a bidding war that can get you more than you’re asking.
You absolutely, positively must price your home well if you want to get top dollar.
Market Your Home The Right Way
According to NAR, in 2018, roughly 89% of home buyers used the Internet as part of their home search process.
There’s been a steady increase over the last two decades and there’s no sign that the number will decrease at any time in the future.
Knowing this, it’s important that the marketing strategy for your home includes a solid strategy to get your home exposed as much as possible on the Internet.
There is one caveat, however.
Although there are roughly 920 million websites on the web and even though there are several hundred websites where your home could be placed online for prospective buyers to see it, the lion’s share of buyers look on five main websites.
And they are, in no specific order:
More than 330 million - yes that says million - people search for homes and get their information from these five sites alone.
For the purposes of comparison, the next five sites combined, get only about 20 million per month.
Knowing this, it’s important to make sure that any budget that’s spent on getting your home marketed properly needs to include a proper strategy that leverages exposure on these five sites.
Make It Shine
With the advent of technology and the ease with which people can get access to information about your home, it’s crucial to make sure that your home is in pristine condition long before a prospective buyer walks through your front door.
You see, the first showing for your home isn’t going to be when a buyer accompanies an agent, it’s going to be online.
Digital marketing gives buyers the ability to see everything they need to see before they set one foot in your home.
As a result of that, you need to make sure your home is staged and looking amazing so it can be appreciated by buyers who start their search by looking at the professional pictures you put online.
Perception is reality as you know and perceived value can go a long way in helping increase the actual value of your home in the eyes of real estate consumers.
In fact, a properly staged home can fetch up to 6% more, and can sell as many as two weeks faster, than an home that hasn’t been staged at all.
Think about how much 6% more of the value of your home actually is. It’s likely a five-digit number.
The great news is that staging doesn’t have to cost you an arm and a leg.
In fact, in many cases, spending a small amount of money on just decluttering and rearranging some of your personal effects is all you have to to do to get your Windsong Ranch home to shine so it stands out among the competition.
Have Your Home Professionally Inspected
The single biggest deal killer in any real estate transaction is the home inspection.
Hands down.
And, when you consider that there is a limited number of buyers who are open to buying a property before a thorough home inspection and repairs by the homeowner, it makes sense that you would want to get ahead of any challenges that might blow up your home sale.
To do this, you’ll want to get your Windsong Ranch home inspected before you even put your home on the market.
The majority of offers on homes are contingent upon a professional home inspection.
And honestly, no matter how well you maintain your home, there are almost always going to be some hidden problems in your home.
Nearly three in four (72%) of U.S. homeowners agree that the home inspection they had when the purchased their primary residence helped them avoid potential problems with their home according to a survey released by the American Society of Home Inspectors (ASHI). Almost two in three (64%) said in the long run they saved a lot of money because of their home inspection.
Having a professional home inspector who can look into the dark, unseen crevices of your home that contain the biggest potential pitfalls can often mean the difference between your home selling or not selling at all.
More specifically, in taking control of the inspection and repair process before the buyer even sees your home, you eliminate the least exciting part of selling your home.
What’s even better is that if you save a significant amount of money by identifying and then repairing any issues that come up during your inspection. Once the buyer finds them, you could pay as much as seven times what you would pay if you took care of the issues yourself.
The best news is that your home will often sell for as much as 2.2% more when you can show the buyer that there are no issues with your home because a complete inspection has been conducted and all inspection issues have been resolved.
Also, conducting a home inspection removes a lot of the leverage buyers and their agents have in seeing a price reduction at the time of offer or later on in the process.
Conducting a home inspection before you put your home on the market is easily one of the best decisions you can make.
Top Dollar is Always Available to You
Windsong Ranch has seen some amazing increases in sales prices and will continue to experience a great market for the foreseeable future.
It’s certainly an exciting time.
The thing to remember is that no matter what the market conditions are, there are some non-negotiable steps you must take to ensure that you get top dollar for your Windsong Ranch home.
