The Spring Selling Season is upon us and there are several favorable market markers. 31% of consumers believe 2018 will be a better year to buy and sell than last year; housing demand is strong due to job growth figures; financing is favorable; and “…home values are at an all time high, up +6.7%, and predicted to rise,” according to Trulia’s senior economist, Cheryl Young.
Time for real estate agents to offer their clients and prospects advice on how to get the most bang for their buck in the shortest amount of time. Here are some tips:
- If your prospects don’t already have an agent, advise them to find/get one. According to Zillow, 89% sellers have an agent. Also according to Zillow, potential buyers need an agent once they’ve utilized search tools to find what and where. Suggest prospects choose their agent based upon listing activity, areas of expertise and reputation.
- April/May tend to be best months to list a house. Homes sell an average of 9 days faster and for +1% more than the average listing during this timeframe.
- Determine what matters most to you as a seller, advises Zillow economist Sarah Mikhitarian. A quick closing? Maximum profits? The “best” buyer?
- Determine the accurate price of the home with the help of a licensed appraiser. Suggest to your prospect that you as the agent do a comparative market analysis.
- To generate multiple offers, price the house slightly under the market. It’s like putting bait in the water.
- Let your client know that it costs money to sell a house. Things such as closing costs, repairs, basic home preparation projects such as staging/cleaning/etc. Zillow tells us homeowners spend between $10,000-$55,000 in “hidden” costs with an average of $15,190.
- Get “new eyes” to help “see” needed repairs/renovations both inside and outside (landscaping) the home. Buyers make their decision to buy or pass in a matter of minutes. Everything must look good.
- Focus on kitchen and bathroom upgrades. Those upgrades generate the most returns though may not cover as much as the amount needed to be spent.
- Paint matters…it gives the appearance of move-in readiness.
- Remove the carpeting and invest in hardwood flooring.
- Scale down/de-clutter/store some personal belongings. You want house to look/feel barely lived in.
- Professional photography is a must…it’s the gateway to the house, according to Bill Golden of RE/Max Metro Atlanta Cityside.
- Pretend you’re a small business owner with one product to sell…your house. Experience must be easy and comfortable for the customer.
- No emotions necessary. All the buyer will do is determine if she likes the house, if it makes sense and then compare its features and price to other properties she is considering.
- Maybe go to a hotel during “Open House Weekend?”