When it comes to the real estate game, most people assume location, location, location is the name of the game. Well, it is just one of the aspects you need to consider if you really want to be able to move your property in any market, even a cold one.
As any person experienced in real estate will tell you, there are actually 5 issues you need to address when selling your home. Obviously, touting or spinning the location is certainly one. If you love in a bad neighborhood, you are going to have a tough job. That being said, you might be able to manipulate one of the other four key issues to get the house sold.
The price you ask for the home is the second issue that comes in to play. Big surprise, eh? That being said, many people price their homes without being realistic. If you have the same house as the person living next to you, you cannot ask for more than that person is if he has a pool and you don’t. Find the comparables in the neighborhood and figure out where you fit in compared to those homes. Stick to those prices regardless of your personal view.
The appearance of your home is the third issue that you must look at. Curb appeal is critical and there isn’t any way to discount it. Whatever you do, get your home in shape before you put it on the market. There may have been a day during the recent hot sellers market when you could have sold anything. Those days are now over, so deal with it.
Exposure is our fourth issue. No, we aren’t talking about landscaping. This is all about getting the word out on your home being for sale. Many people make the mistake of picking one medium for marketing. Don’t make this mistake. Use them all. Advertise online, offline, with brochures and so on. Don’t say no.
Our final issue is the element of time. Simply put, how long should you leave your listing up without making a change? This used to be an obvious answer, but homes were moving so fast in the red hot real estate market that most people forgot about it. Look, homes are not going to move fast now unless you get really lucky or the price is really low. We are past that, so you need to return to the reasonable expectations of a normal market. You should look to your local market, but the normal range is 3 to 6 months. If you aren’t getting any bites during that time, it is probably time to make some changes to your marketing.
As you can probably guess, you can mix and match some of the above issues to get the result you want. If your house is a beater, you can lower the asking price to move it as a fixer upper. If you want a price at the top of the range of comparables in your area, you can do that so long as you are willing to wait for a buyer to eventually come around.