The real estate market is very competitive, so what can people do to set their home apart?
It's important to realize that even with the amazing activity we've been seeing in the market, in today's market, everything is a price war and a beauty contest! It used to be all about location, but these days' it's about price, condition, and location!
Let's talk price first. Lately, we have seen an upswing in home sales and decrease in homes available and this is due in part to homes being more affordable, coupled with low interest rates, has coerced buyers back to the closing table! The good news in our current market is that lower prices and a stabilizing market are shoving 'on the fence' buyers back into buying.
How should sellers price their home to get it sold?
Here's a good rule of thumb: when you list your home, price it to attract serious buyers' interest - don't price it like the neighbors' home that's been on the market too long! Why should you do that? If your home is priced too high, it will just help others to sell, and buyers won't even consider yours. Why would a buyer purchase your home when the house down the street is cheaper and has more amenities? Remember, fair market value has nothing to do with what you or I want for your home, what you put into it, or what your neighbor got for their house two years ago. Fair market value is what a buyer in today's market is willing to pay for your home!
That could be hard for some people to do because selling your home can be a very emotional process.
I agree, it is hard, but you have to take as much emotion out of it as you can, and try to look at your home as an investment and not as the home that you raised your children in. Take the emotion out of your mindset, because today's buyer isn't purchasing at an emotional level. Today's buyer will actually make an offer on their second choice, if they feel it is a better value than their first. It's absolutely necessary to do this because, as I said, today's market truly is a "price war and beauty contest," and you must be competitively priced and in great showing condition.
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