Tips, tactics and strategies to sell your own house!
"House for sale secrets revealed" ebook shows how you can get the best home selling price for your property.Saturday, June 28, 2008
Price, Condition and Location of Your home
If your home has not sold because of (or regardless of) its location - alter your price and it will sell.
If your house has not sold because of its condition, either fix what's wrong, or alter your price until it does sell.
As any good agent will tell you, "when priced correctly, a property will sell regardless of condition or location."
If the location is wrong, well... you just can't do anything about it. Adjust your price accordingly.
You have to think carefully about the whole sales process. It is not just a case of accepting everything I say as "a fixed rule". I'm sure that some of the ideas will be best adapted to suit your own situation. The key is to pose the right questions so that you come up with the right answers.
Very often I will mention the possibility of listing with an agent. If you are a For-Sale-By-Owner, don't completely rule that option out, as a high percentage of For-Sale-By-Owners will list with an agent within the first 6 to 8 weeks.
As I understand it, something like less than 10% of For-Sale-By-Owners will sell their houses without outside help. In most instances that will mean a real estate agent.
Friday, June 27, 2008
Pricing: the Home Condition
The key factors that determine whether or not a house sells are:
• PRICE
• CONDITION
• LOCATION
The previous post was about the home price. This one is all about the home condition.
No two homes are exactly alike and that's why some properties are easier to sell than others. For example I sold a home with magnificent downtons views, 2 ½ minutes from the city center... in fact is was of a similar size and standard to the surrounding houses. However, I sold it for higher than market value because, unlike the others, it had drive-on access for 3 cars. That was the reason I got a higher price.
Rule of thumb is that if a property is in excellent condition, then it should sell close to the frill market value. If the property is not up to scratch, then the sale price is likely to somewhat be less, all depending on its condition.
The price a buyer is willing to pay will generally reflect the condition of the home. The condition of the home is something that can often be improved with careful thought and careful use of money.
So don't stick to the LOCATION, LOCATION, LOCATION myth. If a real estate agent is really honest, he will tell you that 'over pricing' is usually the number one reason why a property fails to sell.
• PRICE
• CONDITION
• LOCATION
The previous post was about the home price. This one is all about the home condition.
No two homes are exactly alike and that's why some properties are easier to sell than others. For example I sold a home with magnificent downtons views, 2 ½ minutes from the city center... in fact is was of a similar size and standard to the surrounding houses. However, I sold it for higher than market value because, unlike the others, it had drive-on access for 3 cars. That was the reason I got a higher price.
Rule of thumb is that if a property is in excellent condition, then it should sell close to the frill market value. If the property is not up to scratch, then the sale price is likely to somewhat be less, all depending on its condition.
The price a buyer is willing to pay will generally reflect the condition of the home. The condition of the home is something that can often be improved with careful thought and careful use of money.
So don't stick to the LOCATION, LOCATION, LOCATION myth. If a real estate agent is really honest, he will tell you that 'over pricing' is usually the number one reason why a property fails to sell.
Wednesday, June 25, 2008
Price: Price your house to sell
There are 3 key factors that determine whether or not a home sells. They are:
• PRICE
• CONDITION
• LOCATION
This blog post is all about price.
Price your house to sell! Why? Because, price is usually the most critical facet in selling a home. Just as you want the best value for your money, your buyer will want the best value for their money too.
Unless your buyer knows something you don't, or unless they are stupid, it is unlikely that any buyer will pay more than what the market says the property is worth.
Again, there are exceptions to the rule. For example, in some cases a "buyer frenzy" can develop when two or more buyers are chasing after the same property. In such cases, the successful buyer may end paying more than the true market value.
However, generally a property will sell for around what similar homes in the same area will sell for. These are homes of a similar size, with similar amenities, similar in style, age etc.
MARKET VALUE is what recent sales will tell you your house is worth TODAY!
This is why it is important to price your house correctly. Base your price around what similar homes have sold for recently, not on some "pie in the sky" dream. It really doesn't matter what you "want to get" or what you "need to get"... you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in comparable areas are usually the best indicator of what someone might be prepared to pay.
Lets face it; we are only interested in ourselves. It's the old WIIFM- "What's In It For Me." A buyer really doesn't care about how much you might want or need... they really only care what the property is worth to them.
If you over-price your house above the market value then you might be left sitting there with all those other over - priced homeowners who can't sell either. In cases like this, the agent usually blames the seller and the seller usually blames the agent.
• PRICE
• CONDITION
• LOCATION
This blog post is all about price.
Price your house to sell! Why? Because, price is usually the most critical facet in selling a home. Just as you want the best value for your money, your buyer will want the best value for their money too.
Unless your buyer knows something you don't, or unless they are stupid, it is unlikely that any buyer will pay more than what the market says the property is worth.
Again, there are exceptions to the rule. For example, in some cases a "buyer frenzy" can develop when two or more buyers are chasing after the same property. In such cases, the successful buyer may end paying more than the true market value.
However, generally a property will sell for around what similar homes in the same area will sell for. These are homes of a similar size, with similar amenities, similar in style, age etc.
MARKET VALUE is what recent sales will tell you your house is worth TODAY!
This is why it is important to price your house correctly. Base your price around what similar homes have sold for recently, not on some "pie in the sky" dream. It really doesn't matter what you "want to get" or what you "need to get"... you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in comparable areas are usually the best indicator of what someone might be prepared to pay.
Lets face it; we are only interested in ourselves. It's the old WIIFM- "What's In It For Me." A buyer really doesn't care about how much you might want or need... they really only care what the property is worth to them.
If you over-price your house above the market value then you might be left sitting there with all those other over - priced homeowners who can't sell either. In cases like this, the agent usually blames the seller and the seller usually blames the agent.
Tuesday, June 24, 2008
Price, Condition and Location of Your House
Price, Condition and Location: the 3 key factors that determine whether or not a home sells.
Of the three, location is perhaps the least important because of one often overlooked point, which is - Location cannot be changed by anyone in the negotiation process.
Just think about that for a moment. Location cannot be changed by anyone in the negotiation process. So, unless you can put your house on wheels, it will stay where it is, meaning you (and your potential buyer) must accept the location as a fixed negotiating point.
Now, there are possibly a few exceptions. For example, it is not uncommon to move a house on the back of a truck from one location to another. In fact, I once watched as a multi-level hotel was lifted and moved on rails from one side of a busy city street to the other. It wasn't a small building, so I couldn't believe what I was seeing!
Also, without physically moving a property, it is possible in some circumstances to have a property rezoned by the local authorities. It does depend on your laws relating to where you live, however I have seen properties triple in value when they were rezoned from 'rural' to 'commercial'.
But, as I say, the laws are different from country to country. Anyway, unless you can alter the location or status of the location, you must generally accept the location as being fixed.
Which brings us to the other two points -price and condition. Both price and condition are variables that you can control. That's why I rate them above location in the negotiating process. In my next blog entry I will look at these two variables. You can control those!
Of the three, location is perhaps the least important because of one often overlooked point, which is - Location cannot be changed by anyone in the negotiation process.
Just think about that for a moment. Location cannot be changed by anyone in the negotiation process. So, unless you can put your house on wheels, it will stay where it is, meaning you (and your potential buyer) must accept the location as a fixed negotiating point.
Now, there are possibly a few exceptions. For example, it is not uncommon to move a house on the back of a truck from one location to another. In fact, I once watched as a multi-level hotel was lifted and moved on rails from one side of a busy city street to the other. It wasn't a small building, so I couldn't believe what I was seeing!
Also, without physically moving a property, it is possible in some circumstances to have a property rezoned by the local authorities. It does depend on your laws relating to where you live, however I have seen properties triple in value when they were rezoned from 'rural' to 'commercial'.
But, as I say, the laws are different from country to country. Anyway, unless you can alter the location or status of the location, you must generally accept the location as being fixed.
Which brings us to the other two points -price and condition. Both price and condition are variables that you can control. That's why I rate them above location in the negotiating process. In my next blog entry I will look at these two variables. You can control those!
LOCATION, LOCATION, LOCATION!
Destroy The Greatest Real Estate Myth And You will Come Out Better Off!
We've all heard it said, "The most important thing in real estate is LOCATION, LOCATION, LOCATION!" For years real estate agents have been peddling that line. As many will say, "it’s the reason why real estate does or does not sell."
To that I reply, "CRAZY, CRAZY, CRAZY!"
Sure, location is important, but to elevate it to the status of "the most important reason" is in my opinion, unjustified. In truth, there are 3 key factors that determine whether or not a home sells.
They are:
• PRICE
• CONDITION
• LOCATION
You'll notice I put location last on the list. Now don't get me wrong, location is important, but to say it is the most important factor in any real estate sale is just not true! Let me explain this in my next blog entry...
We've all heard it said, "The most important thing in real estate is LOCATION, LOCATION, LOCATION!" For years real estate agents have been peddling that line. As many will say, "it’s the reason why real estate does or does not sell."
To that I reply, "CRAZY, CRAZY, CRAZY!"
Sure, location is important, but to elevate it to the status of "the most important reason" is in my opinion, unjustified. In truth, there are 3 key factors that determine whether or not a home sells.
They are:
• PRICE
• CONDITION
• LOCATION
You'll notice I put location last on the list. Now don't get me wrong, location is important, but to say it is the most important factor in any real estate sale is just not true! Let me explain this in my next blog entry...
Introduction - How to sell your own home
Before we get really started there are a couple of points I want you to fully know above anything else. I'm about to explain precisely why many properties stay on the market while other properties get sold around them.
I will also show you why many home / house owners get bitterly disappointed with the final outcome from the sale of their house.
If you do nothing else - please read the next few blog entries, because what I'm about to write might change your whole approach to selling your property. In my experience these points are critical and are too often overlooked.
I will also show you why many home / house owners get bitterly disappointed with the final outcome from the sale of their house.
If you do nothing else - please read the next few blog entries, because what I'm about to write might change your whole approach to selling your property. In my experience these points are critical and are too often overlooked.
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