It is said selling a home is difficult. Much easier selling a lifestyle. This post will discuss ideas to maximize a home's value in a buyer's mind. Hopefully some of these ideas will be helpful.
Pricing according to market is critical. A overpriced home attracts the wrong people because they are comparing your home to better appointed homes while effectively excluding people that could otherwise afford the home but don't look at it because it is outside their price range. I had a homebuilder friend of mind tell me the seemingly disproportionate effect of a higher price versus showings with qualified buyers.
A home with less uncertainty associated with it, such as condition, will sell quicker. Buyers who are willing to pay asking price want things turnkey. Getting a home inspection done by a general contractor for a few hundred dollars more than a franchise inspection company may result in a more credible inspection and may provide some protection against frivolous lawsuits. A typical inspection on a resale home will find about 200 defects to the home. The owner can use it as a "Punch out" to do list. Many items will be simple corrections like water cutoff valves not working or GFCI outlets needed in certain places. Some items may be best to offer the buyer a credit for. A general contractor should be able to provide a quick cost estimate on a more complicated repair. The real estate agent may be able to provide good feedback on what to offer a buyer credit versus repair, based on experience.
Professional photography and staging will increase showings, likely paying costs back and then some. Think builders and their model homes. How can professional photographs be used to convey a lifestyle, something that can cause a potential buyer to develop an emotional attachment to the home? Most real estate photographs, especially at the sub- million level are HDR crap that are mere pictures of a room, rather than suggesting a lifestyle. Consider the following:
1. A plain photograph of a bathroom versus a photograph of a filled bubble bath lit by candles with a basket of rose petals off to the side. Is one photo more likely to arouse a emotional response versus the other?
2. A photograph of a fenced backyard versus a photograph taken through the kitchen window of a fenced backyard with a toy on a blanket. What might such a picture suggest to a young mother? Other backyard photographs might include a grill or a football as a prop.
3. A photograph of an extra bedroom versus a photograph of an extra bedroom with a desk, computer, and two monitors on it. Might this suggest or remind the buyer of the utility of the home they are now looking at?
4. A professional exterior shot of the front of the home versus a professional exterior shot of the front of the home at dusk, all lit up. What might this say about the home when entertaining friends?
5. A photograph of a lit fireplace versus a photograph of a lit fireplace, with Christmas holiday colored socks off to the side and a cup of hot chocolate on the table. What feelings come to mind? Since its Summer, perhaps a different theme might be better.
6. The layout of the master bedroom and "Feel" to be conveyed will dictate what is necessary for an impactful photograph. Time of day, usually early or late day will help create the desired mood for each idea listed above.
There should be a sense of urgency when a home is listed. There is an immediate pool of potential buyers representing the largest group. As time passes, more potential buyers will trickle in, but they are a much smaller group per unit of time than the initial group. Risk of a listing getting "Stale" over time increases. At some point, buyers may start to ask why the home has been on the market for so long, weakening seller negotiating position, perhaps unreasonably so. Further, market may become less favorable. The key is to create a competition among buyers and that buyers recognize it is likely other buyers are also in contention. Showings tend to drop significantly, if not dramatically after two weeks or so. It may be necessary to adjust something about the listing in order to increase showings. Feedback from a prior open house and other showings may help point in the right direction.
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