The real estate world is currently in what’s called a “buyer’s market“. Simply put, that means there are more home sellers than home buyers. And what does that mean to you?

If you’re selling your house, it means you won’t have so many people looking to buy your house.  At the same time – there are more houses like yours for those buyers to shop (in other words, more competition).  But don’t let that discourage you!

Some people figure it’s a lost cause, and the only solution is to just wait for the market conditions to improve.  Don’t do that.  By doing so, you are joining thousands of other homeowners with the same idea.

Instead, here are three tips that BB & A would like to offer you to get your home sold at the highest price, and in the fastest time possible.

Obstacles don’t have to stop you.  If you run into a wall, don’t turn around and give up.  Figure out how to climb it, go through it, or work around it.

~Michael Jordan

Step 1 – Get Help!

To give yourself the best shot at success, look for someone who has done it before.  Better yet, look for someone who has done it before… several times.

Here at BB & A, we only hire seasoned agents.  That is, agents who have the “know how” and ability to guide you through the intricate processes of selling a home.  Agents who have put in their time to learn the markets, understand real estate and test for what works well.

It is far more than just placing a sign in the yard!

With any house I list, my first task is to provide my client with a Comparative Market Analysis.  This is to help the seller use real estate market information to decide on a selling price.  I’ll talk more about this in step #2.

As an agent, my clients hire me to “plant the seed” in various areas.  I maximize the exposure for each house I sell, and ensure that each potential buyer knows all about the house.  Regardless of how few buyers there may be in a particular market.  After all, it only takes one buyer to sell a house.  I find that one buyer.

I also enter your home into the Carolina Multiple Listing Service, which advertises it to over 8,000 real estate brokers in Charlotte and the surrounding areas.

In addition, we use all of our marketing tools to cater to the savvy buyers who do their home shopping via the internet. We make sure to provide “top notch” photos, provide feedback along the way and assist with negotiations from the contract to the closing table.

Step 2 – Price it Right, Price it to Sell

Price is crucial and plays an important role in selling your home effectively. There is nothing more appealing to a buyer than an “attractively priced” home.

Statistics show that by pricing your home 5% below the comparable homes is realistic.

Given the influx of the inventory on the market, Buyers want to know that they are getting a good deal.  And they won’t stop until they find one.

Sellers should also consider other homes for sale in their neighborhood, when determining their house’s selling price.  You want to avoid pricing too high, as that will lead to the house staying on the market for longer.  And the longer your home sits on the the market, the “staler” it tends to look.  Dropping the price is always a possibility, and can ultimately get the house sold.  But be conscious that constant price reductions take longer than pricing it right to begin with.  And they send the message that the house was overpriced in the first place.

We suggest coming out of the gates strong when setting your home’s listing price.  Price it right, and you will enjoy more interest from buyers, and a faster sale.

Step 3 – Preparing Your Home for Sale

Finally, sprucing the home up has always been a major staple to the sales process, and it’s an important piece of the selling puzzle.  We like to see that all of our listings be turn-key ready before we list them in the MLS.  Nothing raises red flags quite like a property being listed while it’s still being improved.

We suggest you first remove all clutter.  Everything should have a place, and be in its place.

Brighten up the front porch and the lawn for that excellent curb appeal.  After all, this is the first thing a buyer sees when pulling up to your home.

Remove your personal items, such as family pictures, refrigerator decor, and take your toiletries out of sight.  Anything that prevents the buyer from picturing the house as theirs should be hidden.

Make minor repairs, and provide and environment, in which, a buyer can imagine transforming it into their own home.

First impressions play a major role in our society.  By following the steps above, we will make sure that your home leaves a lasting impression and sells!!

And remember – it only takes one buyer to sell your property.  :)

~Ashley

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The current economy has created a buyers market for homes. If you want to sell your home in no time, you have to effectively stage it. The key concept of ‘staging a home’ is to make the property more alluring to potential home buyers; speeding the sale of the property by showcasing it’s visual potential and increasing the home’s perceived value in the process.

The key to effective staging is to distance yourself emotionally from the home and treat it as a asset to be sold. Staged homes get higher offers, sell faster and tend to get more showings. Here are a few easy steps to help you stage your home successfully.
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Professional appraisers can sum it up in three simple words-buyers make value. The value of your residential property is what a reasonable home buyer is willing to pay within a practical amount of time. Knowing what home buyers are willing to pay will help you set the asking price for your house. This will require a closer look at other comparable homes in your neighborhood and also assessing the current state of the real estate market. Getting advice from your Realtor can be invaluable as he or she has his finger on the pulse of the market. Here are five timeless tips that will help you come up with the right selling price for your home.

Tip No.1: Know the difference between listed price and sales price

The first thing that every home seller should understand is that a home’s list price and sales price (what it actually sells for) can significantly vary. The price that you should consider is the actual sales price. The recent closed sales in your area will give you the most relevant information for predicting your property’s selling price. As your home gets appraised for a buyer’s loan, the appraiser may only consider closed sales. If there are no nearby home sales, then you will be working with limited data and in this case, you may need to attempt a ‘trial & error’ pricing strategy to get a close assessment of buyers’ inclinations.

Tip No.2: Assessing Current Real Estate Market Trends

A crucial part of home pricing is taking a quick look at the present real estate market. A good indicator of market strength is the number of months for unsold or standing inventory in your price range and area. Follow the procedure below to estimate market strength.

• Count the sales in your market area and specified price range for the last twelve months.
• Divide the total number of sales by 12 so that you can get the median sales per month.
• Determine the number of homes listed on the market today.
• Divide the number of homes available in the market by the number of median sales per month.

The present inventory divided by the rate of sale will reveal the number of months it will take to clear up listed homes and will reveal the condition of the overall market.

Tip No.3: Seller’s vs Buyer’s Market

A seller’s market involves less than six months of unsold inventory. In this kind of market, there are more home buyers compared to the available residential properties for sale. Buyers are competing for the property and the home’s value spikes upward. On the other hand, a buyer’s market involves more than eight months of inventory. There are a limited number of home buyers compared to the inventory for sale. This can be caused by unemployment, increasing interest rates and excessive home building. Sellers are competing with each other for limited buyers and thus prices trend downward.

Tip No.4: Pricing Options for Every Square Foot

Dollars per square footage is a measure that is often used in comparing home prices. Be wary of using this measure because the price per square foot for the same size home can vary widely depending on the home’s amenities. As long as you are making an apples to apples comparison this method can prove useful. Get the cost per square foot of several, similar homes in your area and use this as a baseline estimate for pricing your home.

Tip No. 5: Get Market Feedback

A great affirmation for correct home pricing comes from the response of buyers themselves. This will help you determine whether your home and its pricing appeals to prospective buyers. It also helps if you get feedback from professional real estate brokers. You can have steady home showings but lukewarm responses; which is a clear indicator that one of the sales variables, perhaps the home’s price is presenting an obstacle that needs to be addressed.

Pricing your home can be very tricky. Today’s current real estate market calls for realism. All you need is some upfront research and a little legwork to help find the right balance and make that sale.