I consider this probably the most important factor for multiple reasons. Price ditactes the amount of interest in your home as buyers generally judge the price of your home compared to other homes currently on the market, not necessarily sold listings. Shakopee realtors will do a market analysis prior to making an offer and compare your home to other Shakopee homes that have sold recently. Most tend to to pull comparable properties no more than six months old being appriasers will do the same and other even looking only within the last 4 months. When listings homes I generally try to stick with even numbers being many real estate search website have $10,000 or $25,000 increments to search by. Imagine if you are on the fence over price and decide to price your home at $249,900. By $100 you are missing the $250,000-$260,000 buyer and the $250,000-$275,000 buyer. Remember you are tyring to get the most exposure possible. Buyers are not dumb and looking at a home priced $100 lower is not going to pull the wool over their eyes.
Pricing your home well early on can be more beneficial than inflating the price and coming down. Many sellers want to “give it a try” when doing so makes thier home market worn over time. There have been studies that state most of the best traffic though your home is within the first few weeks. Within those first weeks the most active buyers want to run out, look at the newest listings and either make an offer or move on. Shakopee bank owned homes have this down pat. The bank owned homes generate tons of activity and many sell in multiple offers within the first two weeks on the market, unless the condition of the home is so poor it eliminates many buyers. In an ever changing Shakopee real estate market, pricing is crucial.
As stated above, the condition of a property can make or break a transaction. With price, most of the time you have a mortgage to pay off and you have some but little control over the price unless you outright own your home. The market typically dicates value with the supply of existing homes and demand from buyers. Condition refers top how well you keep up the home. Maintence, being up to date and clean would all fall into this category. make sure you are cleaning every inch of your home. The places I see neglected most when showing homes are many places owners overlook . The four that jump out most are ceiling fans, return air vents, dusty mechanicals and bathrooms. Being up to date with carpet, fresh paint are two of the most inflential things I tihnk owners can do. Also make sure to fix leaking plumbing, quircky door locks and doors that may be off hinges. If you have wallpaper….take it down. Maintenace can be the most expensive part of this equation and some things can and can not be overlooked. Doing a furnace tune up or cleaning show buyers you take care of the home. Change the furnace filter prior to inspection as well. That is the single most thing I see inspectors put on reports along with gutter downspout extensions. You can pick gutter extensions up pretty cheap too at a local hardware store. Caulking is another inexpensive maintenece item often called on reports. The big ticket items like a roof, siding and windows are probably not going to give you the return on the money you are looking for. The only exception I would make to that is if the color of your exterior is a loud color, paint to neiralize. Yellows and blue typically don’t sell well either.
3) Marketinging your home
I am a huge advocate of trying to market to the audience you feel would best be interested in your home. The only time I advertise in the newspaper is when I have a one level townhomes because if you look at the Star Tibune reader demographic, it fits perfectly. If you are selling a larger two story home, you will probably be marketing to a neighborhood that would be a good move up buyer. Find people who have been in their homes 3-7 years when most start thinking or get the itch to move.
The internet is the best place currently to showcase homes. Local real estate sites, large brokerage sites, the MLS (not to be confused with The MLS online, which is a real estate company) are some of the best. You can also advertise on local newspaper websites like startribune.com. Truila.com, zillow.com and craigslist.com can be some good free sites to use as well. We also include the Realtor.com expanded profile when sellers list their homes with the Twin City Real Estate Team. Realtor.com is the most used national site for home searches.
This is one of my biggest pet peves because SOOOOOOO MANY Shakopee realtors don’t take good photos. If you are going to be in the business of real estate, invest in the technology. If you do not want to invest in the technology, hire a professional photographer to take photos. You as an owner could also do so if you would like to showcase your hom in the best light. No one wants to see a bed, they want to see the bedroom. I use a Nikon D300 with a wide angle 11-18 Tamron lens and I also have an external flash to make rooms brighter. The MN MLS is where most real estate sites pull their photos from. Pictures say 1000 words, make sure it’s complementary.
Staging not to be confused by condition is making your home appear to buyers. Some of the easiest tips to stage your home is to take down the family photos, declutter and make your home bright as possible. Many showings are during the evening and I recommend turning on all the lights in your home and opening the blinds during the day. Make sure all the bulbs in your house are bright and in working condition. I wrote an article prior this year with an indepth look at staging your home for selling. I always come back to saying, “if model homes stage thier homes, so should you”
Hopefully this article helps and if you have any questions about the selling process feel free to contact me or give me a call at 612-384-2178.