Five Key Strategies to SELL Your Home

1 02 2008

1. Have Your Home Professionally Staged – According to the National Association of Realtors, the average home staging investment is between 1 and 3 percent of the home’s asking price, which can generates a return of 5 to 10 percent when you sell. For a home valued at $400,000, spending $4000 can generate a return of $20,000 to $40,000! Even spending $2000 on the simplest upgrades may help you sell your home in half the time of an unstaged home, which will save you money in mortgage payments, taxes and utilities.  In today’s competitive market, having your home staged by an expert who does this for a living is imperative.

2. Invest in Cosmetic Improvements and Repairs NOW! – According to a 2005/2006 Maritz Research Poll, 79% of sellers are willing to spend up to $5000 to get their house ready for sale. In this much more competitive market, it is critical for sellers to hire a professional home staging consultant if they are serious about selling their home!

Don’t guess at where to spend your money. Use a trained professional who is experienced at stretching your dollar for maximum impact and return! According to that same Maritz Research Poll, 63% of buyers were willing to pay more money for a home that is “move-in ready”. Buyers don’t want to purchase a “Honey Do” list.  If your house isn’t move-in ready, they’ll buy someone else’s.

3. Price Right from the Start – Make sure you price your house right instead of shooting high. When a home is newly listed, there is an introductory buzz among agents and home buyers, so take advantage of the new listing buzz by pricing right. A National Association of Realtors survey found that the longer a home stays on the market, the more it costs in ownership expenses and the further below list price it drops. Homes that sold in the first 4 weeks averaged 1% more than the list price; 4 to 12 weeks averaged 5% less; 13 to 24 weeks averaged 6.4% less than list price; and 24 weeks averaged more than 10% less than list price.

4. Strong Internet Presentation – According to the National Association of Realtors, over 85% of home buyers use the Internet to view properties, most viewing listings before considering a visit to the home and others reviewing homes they’ve visited. Isn’t it amazing that there are still listings on Realtor.com that have only a single photo or no photo altogether? And that there are dark photos and photos clearly showing cluttered rooms?  Home sellers need to wake-up to the outside marketing efforts done by their agents and insist on a strong Internet presentation if they expect any buyer traffic! A professional home staging consultant can work with your agent to provide top-notch photos and a virtual tour that shows your home in its best light.

5. Consider an Increased Buyer’s Agent Incentive
– This is a strategy for a market with a glut of homes. While sellers often try to save money on a real estate commission, there is a way to use the commission to your advantage in a competitive market.  Generally the seller’s agent will split the commission on sale with the buyer’s agent.  Sometimes it pays to incentivize buyer’s agents to bring buyers to your home by raising the total commission by .5 or 1% and directing the extra amount to be paid to the buyer’s agent. Think about it. Agents have many choices as to what they will show their clients. Wouldn’t an agent want buyers to see a move-in ready, professionally staged home that also offered a nice commission incentive?

These strategies take time, money and energy but no one said selling your home was easy in a buyers’ market. Don’t waste time “waiting for the right buyer”. Use these five marketing strategies to sell your home faster.  Call The Staging Prince, a homeowners’ consultant, for information and advice: 845-875-4561.