There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):
- Homes typically sell within17 days (compared to 26 days one year ago).
- The average home sold has five offers to pick from.
- 54% of offers are over the asking price.
Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.
Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.
Why Pricing Your House Right Matters
Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.
Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.
When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.
When it comes to pricing your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.
If you’re planning to sell your home in the near future, and want to sell it as quickly as possible at the highest price possible, we strongly recommend following these 3 Most Important Steps:
1. Make Repairs/Maintain: Examine every inch of your house and look for things that need to be repaired or replaced. You may go as far as hiring a home inspector to provide a full report so you have no surprises during escrow. Below are some of the most common repairs made when selling your house. Here is a list of some of the most common items needing attention prior to selling:
- Ripped/tore/bend screens. Repair/replace as needed.
- Sticky glass slider tracks and window tracks/frames. Lube them &/or replace parts or whole door.
- Cracked light switches. Replace.
- Leaking faucets. Repair/replace.
- Leaking bathtub drains. Repair/replace.
- Dirty air filters. Change them.
- Broken or removed smoke detectors. Replace.
- Failed caulking and/or grout in shower/bath. Remove and re-caulk.
- Failed caulking on windows. Check inside and out and seal as needed.
- Broken vacuum seals on windows, they have moisture between the panes. Call glass company to take a look and replace.
- Cracked/chipped shower pan and/or bathtub. Repair (recommend Miracle Method in Reno)
- Light fixtures that have failed. Repair/replace.
- Water in the crawl space. Determine where it is coming from, eliminate it from entering, dry out and vent properly. If necessary, install a gutters on the house, and improve grading or install French drain. Under some circumstances, installing a sump pump may be necessary.
- Failed or missing vapor barrier. Install new vapor barrier.
- Earth/dirt-to-wood contact… Eliminate contact.
- Replace doorbell
- Old door handle/lock. May want to replace to freshen the first impression.
- Failing paint where needed. Prep and paint, especially the front door/door frame & facia and window trim.
- Holes and cracks in stucco. Seal and paint with Elastomeric material.
2. Clean It: Make your house sparkle! Whether you do it yourself or hire a cleaning service, this is a must! It is best to take care of this BEFORE listing and showing your home. Then, when you are about to close escrow, it will be easier to just do the final touches. Don’t neglect the following:
- Window Tracks and Frames
- Window coverings
- Walls (rub out scuffs with a Mr. Clean Magic Eraser or My Barkeeper’s Friend)
- Doors and door frames (Mr. Clean Magic Eraser)
- Baseboards (Mr. Clean Magic Eraser or My Barkeeper’s Friend)
- Corners of walls and ceilings (spider webs)
- Light Fixtures
- Toilets, mirrors, tubs, showers, counters
- Inside and outside of all cabinets, cupboards and drawers (use Murphy’s Oil or The Method Almond Oil from Target)
- Inside and outside all appliances (oven, stove, microwave, dishwasher, refrigerator, trash compactor… all appliances that will be visible during showings)
- Under sinks
- Garage (sweep it out, eliminate belongings you don’t need, and organize)
3. Stage and Prep for Photography and Showings: If your home is already vacant, we can bring in a range of staging pieces, from full furniture sets to essential decorative accessories. When occupying the home while you are selling, decluttering, organizing and moving belongings around may be recommended. This process is one of my areas of expertise, and one of the most important steps prior to professional photography by Matt Waclo Photography. Professional photography is included in my listing services and is critical for making the best first impression possible.
For guidance regarding these essential steps for selling your home, please feel free to contact me directly at 775-233-0682 or email me at firstname.lastname@example.org.