How do you make sure your home sells (and sells for the highest price possible)?
As you know, the real estate market has changed. In San Francisco, we have reached a more balanced state of being which unfortunately can seem random to many would-be home sellers.
Why are some houses selling in less than 2 weeks on the market with multiple offers, and for significantly more than the asking price while linger on the market with no ready-to-act buyers? What is up with this and what can you do to ensure your home will be one that sells quickly and for the most money this time around?
May I suggest you consider of the Three P’s of Real Estate that will most affect how well your do with your home sale:
- Price (aka Asking Price)
- Presentation (aka Staging)
- Position (aka Location)
As the home seller, you have control over #1 and #2 but not #3.
Where your property is located or how it sits on the lot is not something you can alter. Got MUNI rattling out front or an eyesore across the street? Unless you hire house movers, these issues are fixed and what we call locational obsolescence.
You can control how well the property is priced in comparison to the current competition and how well it shows. If you had few showings, the price was likely too high or your agent did a poor job of marketing, or both. If you had plenty of showings, the presentation may need work. The buyers came but were not compelled to make an offer after touring the home.
A reasonable asking price that is just under the local competition can often spark multiple offers with a better final sales price.
Even in a busy market, it is wise to clean, paint, and stage a home for sale. A staged home will bring a higher price (6% more on a average). Plus, buyers are also more likely to waive their inspection contingency and/or resist asking for repairs or credits during escrow.
Tip: Leave your listing staged until after the inspection and the appraisal to make sure all parties remain impressed with the home! Check out HGTV’s Staging Tips HERE.