One of the most frustrating things about selling a home, condo, townhouse during a slow market is trying to price it so that it sells in the amount of time you want to sell it in, but still pocket the maximum profit.
You don't want price your property so high that it doesn't sell.
Of course you don't want to price it so low that you unknowingly give money away to your buyer.
This is a fine line that a property seller ends up walking.
Here is what I suggest a home seller do to find the best sales price for their home given the amount of time that they have to sell:
?Get Three CMA's:
Call three real estate agents that have at least two years of real estate sales experience. Tell them you are thinking of selling your property and want to get a CMA (CMA: Comparative Market Analysis). A CMA will be a written estimate of the value of your property based on recently sold properties that are similar to yours. Be sure and let the agents know that you are talking to other real estate agents.
Between the three values you should be able to get a fairly good idea of what your home might sell for.
Heads Up: There may be other homes in your neighbor that are for sale. Don't confuse their asking prices for actual home values. Home sellers can ask any price for their home. Values are figured strictly by what similar homes have sold for.
Heads Up: It is fairly likely that one of the agents may have set the CMA value considerably higher than the other two. This may be due to negligence on their part, but it is more likely that they are ?buying the listing?. They set the CMA price high in an effort to get you to list with them. Later they will pressure you to lower your price to where it should have been in the first place. Of course by now they have wasted your time while you waited for your over-priced home to sell. I have seen this over and over again. This is a common ploy. Don't get taken by this deception.
?How long will it take to sell?
When you have figured out what seems to be a good asking price for your home, you will have a good idea which agent you would like to use to help get your home sold.
Ask your agent how long other homes like yours have taken to sell. Let's imagine that the average ?days on the market? (Days on the market: number of days a home takes to sell after it is put up for sale) is 120 days. If you are not in a hurry this may sound just right to you.
What if you need or want to sell faster than our 120 day example? Let's say you have a new job that starts in 90 days in a new city. It usually takes 30 days to ?close the sale? (close the sale: sign the final documents transferring title to the buyer), after your home ?goes under contract? (goes under contract: you have a buyer that wants to buy, has signed a sales contract with you, and is in the process of getting a loan). You realize that you need to find your buyer in no more than 60 days after you put it up for sale.
You are going to have to ask your agent to give you an idea of where to price your home so that it sells (goes under contract) in 60 days.
What I might do, if I were your agent, is to figure out what the highest selling price you could ask to sell in 120 days, and what you should ask so that you could sell your home in one day. Then figure out the seven days selling price, a 30 days selling price, and then a 90 days selling price.
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For example you need your home to go under contract in 60 days:
?Let's say the full, 120 day sales (under contract) price for your home is $275,000. This would be the highest price you could get for your home given the entire 120 days to market the home.
?Then, given one day to sell your home, you might be able to get $200,000 (30% below market value).
?Given a week you could probably sell your home for $225,000 (20% below full market value).
?30 days sales price: $240,000 (15% below full market).
?And finally, 60 days sales (under contract) price: $255,000 (8% below full market value).
?Priced at $255,000, your home will look like a bargain to a homebuyer, and you are more likely to get a faster sale.
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In a slow market you have to be willing to lower your asking price, maybe more than once in order to get your home sold in a timely manner. Be prepared mentally for this possibility and your home selling process will be smoother and faster.
You, the seller, choose your asking price and by doing so you chose how long your home takes to sell. You can put your home up for sale and dream about it selling, or you can stop dreaming and sell your home now?simply by choosing the correct asking price for the time allotted for you to sell.
Selling your Atlanta home is often a fine art, and luring buyers into your home is the first part of the process. Curb appeal can ? and often does ? affect how well a home will sell, so tending to your home's exterior should be in the forefront of your mind when selling your home.
The good news is that many of things you can do to spruce up your Atlanta's home exterior are fairly inexpensive.
The following tips can guide you when improving your home's curb appeal:
? Stand at the front curb and examine your home. Is the paint peeling? Is the address sign visible and attractive? Are there low-hanging tree branches blocking the home? Viewing your home from the curb is the easiest way to allow you to see your home from potential buyers? eyes.
? A good place to start is your lawn. Pull weeds, seed bare spots and trim the edges, near the driveway and walkway.
? Pay attention to your plant and flower beds by pulling weeds, trimming back plants and shrubbery and laying down a layer of mulch. You may also want to consider adding more plants or colorful flowers to further add interest to your front yard.
? Choose easy-care, native plants for your plant beds, as these often require less water and less maintenance, and will be appreciated by potential buyers.
? Consider painting your home's trim and shutters if they look worn. A fresh coat of paint can do wonders for a home's curb appeal.
? Replace your mailbox, light post, address sign or porch light to instantly update the area.
? Consider painting your front door and installing new hardware. A beautiful front door will instantly catch the attention of potential buyers. If it is in your budget, you may also want to consider purchasing a new front door, as well.
? Make sure the handrail to your front steps is secure and attractive. Also check for uneven concrete or asphalt on your driveway, steps, walkway or front porch that could pose as a tripping hazard for visitors.
? Patch any cracks in your asphalt and have uneven concrete repaired by a qualified concrete contractor.
? Trim back any overhanging branches from the front of your home, if necessary. Consider calling in a tree service to handle this if you have several trees to be trimmed.
? Add a splash of color to your porch by placing several pots of colorful annuals near the front door. A wreath on the door also immediately adds a feeling of hominess to this area.
Make it a point to maintain your home's exterior on a frequent basis, as potential buyers could be viewing your home at any time.
You hard work and effort will surely pay off in the form of better offers and more visitors!
Both St. George Realtor & Tina Fountain T are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
St. George Realtor has sinced written about articles on various topics from Real Estate, Sell Home and Real Estate. This content is provided by and may be used or republished only in its entirety with all links included. To read more articles click. St. George Realtor's top article generates over 7480000 views. to your Favourites.
Tina Fountain T has sinced written about articles on various topics from Sell Home, Real Estate and Travel and Leisure. Tina Fountain is the Broker Owner of Tina Fountain Realtors, an company. Tina and her staff of professional agents serve the entire metro Atlanta. Tina Fountain T's top article generates over 7480000 views. to your Favourites.