Sellers

Times have changed in the real estate business. Marketing real estate has changed dramatically in recent years. Not so long ago, marketing your home simply meant sticking a sign in the yard and maybe running an ad in the newspaper. Today, with the help of internet, things are quite different.

Real estate market in northern Virginia area is fast paced. Most activity happens within the first few weeks. Any listing that has not attracted any attention within 30 days of listing may need to be reassessed.  Every day the house stays on the market costs you, the seller, money because purchasers will offer below asking price on “shop-worn” listings. Among the most important factors that influence salability are:

Condition

Have you followed all advice of staging?

Package your property as would a decorator or a retailer selling a product…

• Tidy up the grounds, porches and garage. Keep lawns trimmed and edged. Make sure that your yard is clean.

• Your front door gives a vital first impression. Be sure it is scrubbed and repainted if necessary.

• Dress up windows – wash windows and clean/dust window coverings.

• If any decorating is needed (especially the kitchen) do it now! $20.00 worth of paint may save you money in the sales price. Bathrooms help sell homes. Make this room sparkle.

• Keep all steps clear of hazards.

• Don’t forget to have all light sockets filled with bulbs. Illumination is like a welcome sign. The potential buyers will feel a glowing warmth when you turn on all your lights for a showing, day or evening.

• Wash dishes, put away clothes, straighten up newspapers, etc.

• Make up beds with attractive spreads.

• Pack valuables now and store extra furniture and knick-knacks.

• Look at your property objectively. Pretend you’re seeing it for the first time through a buyer’s eyes. Remember – we only have one chance to make a good first impression.

A change in seasons (for example, from winter to spring) may reveal additional work that needs to be done around the property, such as:

• • Wash all windows, inside and outside
  • Pressure spray walks & roof if appropriate
  • Fertilize lawn, trim shrubs and weed flower beds
  • Touch up or repaint interior and exterior
  • Store overflow from garage and closets in a mini-storage
  • Increase wattage on interior lights and leave on during showings

Pricing

Review all comparable sales since the listing date. Have other, better properties come on the market and sold since you listed your house? If so, there will be no support for your current price when the appraiser does his work.

Be certain that you assess new competitive properties as they are listed, and any updated Market Analysis to include homes recently sold.

Danger of Overpricing

• Since an appraisal is required in financing a property, it’s futile to price a property for more than it’s worth….it won’t appraise!
• Most buyers are comparison shopping and looking at your home may convince them to make an offer on a different property.
• Many potential buyers won’t even look at an overpriced home, thinking it’s out of their price range.
• Properties left on the market for extended periods of time usually become “shop-worn,” causing buyers to believe something is amiss.
• Overpricing tends to dampen the other Real Estate agents’ attitudes, making it less likely to be shown.
• Overpricing lengthens marketing time and invariably results in a lower selling price than would have otherwise been obtained.

Accessibility

If you are not using a lockbox, you should reconsider that decision. If it is not possible to use a lockbox, be certain that there will always be someone available to provide access to the property.

Review with all household members the appropriate cooperation and flexibility with regard to showings.

Showing Tips

• Avoid having too many people present during inspections. The potential buyer will feel like an intruder and will hurry through the house. Do not allow children to tag along on the visitor’s tour.
• Leave the showing to the salesperson. The salesperson knows the buyer’s requirements and can best emphasize the features of your home. (Leave the property if possible.)
• Don’t discuss anything concerning the sale with a potential customer. Let your Realtor® discuss price, terms, possession and other factors concerning the sale. Your Realtor® is qualified to bring negotiations to a favorable conclusion.
• Never apologize for appearance. It either distracts or accentuates the problem.
• Keep pets out of the way when showing. Many people are allergic to animals.

Financing

Has an interest rate change slowed down activity in this price range? If so, let’s discuss what can be done to help:

• Seller contribution to help with buyer’s closing costs or loan fees
• Seller-paid buy-downs on interest rates
• Identify any applicable financing programs that would expand the market (i.e. FHA, VA, and “Rehab” loans).

Neighborhood Sales Activity

Find out some details about the properties purchasers bought instead of yours. Why did the purchaser believe the other property was superior? Make the adjustments necessary to compete.