So, you’ve decided it’s time to sell your house. It’s been a great home for you and your family, but now it’s time to upsize, downsize, move for work, or make way for some other upcoming lifestyle change.
It seems so easy to sell a house: just plunk a sign on the lawn and the bids will start rolling in. That seems to be the case in the Bay Area, anyway.
But not so fast, homeseller! You’re not giving your house away. You want the best possible price for what is arguably one of your family’s biggest assets.
There are three key factors to take into account when pulling the most value from your home. They are: Location, price, and condition.
Managed well, these three factors will result in a successful property sale. And while each factor is important, only the last two are under your control.
As a seller, the piece you’ll influence most directly is: CONDITION.
So where do you start?
The first step is to adopt an objective viewpoint: step outside your current relationship with your home. You know it intimately, so all those “lived in” quirks have become part of the scene you’re accustomed to. Now take a hard look at your home through the lense of a buyer. What do you see?
A dripping faucet? Some cobwebs in the corner? Chips on the edge of a wall? Squeaky doors Sarah Winchester would denounce?
Your home’s quirks might not seem like much to you, but they’re all big red flags for potential homebuyers.
House hunters don’t look at your home’s imperfections and remember a lifetime of family moments, they look at imperfections and see hard work. They see a month of Saturdays bent over a paint can, lying under a faucet, or standing in line at the home center. When potential buyers see all that, your property value plummets.
Save yourself the headache of searching for that one elusive buyer willing to pay top dollar to take on your projects. Your home shows best when you take the time to make repairs, update outdated rooms, and spring clean like your sale depends on it. Because in all reality, it just might.
So, what about price?
The best price you’ll get in a volatile market is the one buyers are willing to pay right now. It’s important not to focus on where the market has been; instead, pay attention to where it’s going. Assigning value to your home based on the price your neighbor won six months ago is a miscalculation for several reasons:
First, buyers aren’t just looking in your neighborhood—your property is competing with listings all over town. The right buyer will pay a small premium for a home with all the right features, even if it’s not in their first-pick neighborhood. Second, property values are in a constant state of flux. The real value of your home may be far higher (or far lower) than your neighbor’s, simply because of market timing and (often fleeting) consumer interest.
Markets can, and do, shift suddenly, so staying focused on current buying trends is an absolute must. A local, knowledgeable real estate agent like Julie Wyss can advise you on timely market trends and help you precisely pinpoint your home’s value in today’s marketplace.
If a home is priced properly, it will compensate for poor condition…but whatever the condition, it will never overcome an incorrectly priced home.
When you’re ready to buy, buy smart.
Whether you’re upgrading, downsizing, or making a lateral move, selling your house the right way can get you into the home of your dreams. Even in a declining (or “buyer’s”) market, any potential loss in value at sale can be offset by the lower purchase price of your new home because real estate prices generally rise and fall together across the board.
By teaming up with an experienced local agent like Julie who knows how to work the current market and who can assist in showcasing your space, you’ll get the most value when you sell your home.
So, call Team Wyss to ensure your property is priced competitively and shows its best.