Industry secrets speed up selling process

 

Make your property attractive so it is the first one to sell

 

HONOLULU ADVERTISER   June 24, 2007

 

BY LISA SCONTRAS

 

Custom Publishing Group

 

In the current real estate market, homes are statistically taking longer to sell than they did a year or two ago. But the slowdown doesn’t necessarily mean every home will be on the market for months. By using some industry secrets you can speed up the selling process.

 

 

Turns out, a quicker sale has to do with realistic pricing, accommodating spur-of-the moment showings, knowing your competition and realizing it’s the buyers who determine market value. Here’s how:

 

Price the home right

 

Proper pricing has a definite effect on the timeframe and number of days it takes on the market for a property to sell according to Tristen Ige, sales associate at Prudential Locations LLC. Sometimes it may be advisable to list for slightly less than the last similar property that sold.

 

“My recommendation would be to set the listing price competitively and relatively close to the last recorded sale,” says Ige. “We would also look at what is actively on the market including the days on the market and where the subject property would stand out against the others. In some cases, sellers that really need to sell their home, list just under the last comparable sold ... which can be a good strategy because they sometimes get more than their asking price.”

 

If it’s priced right, it will sell. If it’s not selling, it isn’t priced right.

 

Get your house in showing condition at least two weeks before listing it

 

This gives sellers a two-week window for last minute repairs, touch-ups, cleaning and staging if necessary.

 

“I strongly recommend that all renovations are complete before listing the property,” says Ige.

 

Remember, presentation is everything when you want your home to sell fast. A staged home generally does spend less time on the market than an unstaged home. Make sure the home is in good repair inside and out. Buyers today are sinking all their money into the home — with little left to do repairs with later.

 

Be flexible about spur-of- the-moment showings

 

Key to selling your home quickly is maximizing the exposure to qualified buyers. It is essential to have the home in showing condition nearly all of the time to accommodate the schedules of buyers. Ige explains that it might be the more serious buyers who look at homes during the week and sometimes on very short notice. The more flexible you are about showing the home, the more prospective buyers see the home, and the better chance you have of getting your price.

 

Decide in advance what price and terms you would find acceptable

 

“We discuss up front their level of motivation, different offer scenarios and determine in advance what price and terms they are willing to accept,” says Ige.

 

Be open to adjusting the price if you have no offers in 30 days

 

Remember, you don’t decide what the house is worth. The buyer decides that by what he or she is willing to pay. If you need to know one thing about selling a home, this is the concept you need to understand. Ige warns sellers the worst thing they can do is price their property too high.

 

“When an over-priced listing sits on the market for an extended period it may create a false impression of the home’s problematic condition or that a seller is not flexible,” she adds. “Over priced listings often end up selling below the actual market value because of the stigma they create by being on the market so long.”

 

Offer incentives

 

Sellers can shorten their days on the market significantly sometimes by offering incentives. Ige suggests that sweetening the pot by giving the buyer a credit towards closing costs works especially well when there are several competitive properties and you want yours to stand out. It’s a favorite among sellers because it’s often cheaper than a traditional price reduction.

 

Check out the competition

 

If you want to sell your home in weeks rather than months, check out your competitors. Compare their price, the condition of their home and inquire as to any incentives they’re offering. Then use that information to your advantage to position your property to be more attractive. That way yours will sell first.

 

Whether you’re on the market and your listing is already getting stale or you’re getting ready to put that for sale sign up, these tips are sure to help you fast forward to an accepted offer.

 

 

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