Real Estate Report:
How To Sell Your Home For The
Highest Possible Price,
In The Timeframe You Want!
By Lynn Byrne
To sell your home for the highest possible price, you should implement
several proven marketing strategies as well as avoid several common mistakes.
Simply follow my guidelines below:
Understand that Supply and Demand
ultimately determines your Selling Price.
It’s common for sellers to believe their homes are worth more than the
market will bear. Years of improvements to a home can certainly add to an
owner’s perceived value of the home. In reality, the price is mostly a function
of supply and demand. How many homes are for sale in your neighborhood? At what
price, and have you been in them? How do they show? Furthermore, what are you
doing to generate DEMAND for your house? Newspaper classified advertising often
isn’t enough. Most qualified, active buyers are working with real estate agents
. . . make sure you create demand for your home by marketing it to
the real estate agent community.
It is absolutely critical that you know your market. What are similar homes
selling for in your neighborhood? Have there been any price reductions? Talk to
your real estate agent to keep a pulse on recent market activity. She or he can
easily glean this from the Multiple Listing Service.
“Packaging” your home for sale is
Like any product or service, you need to “package” your home to maximize its
The Exterior. This is the first
place to start. Maximize curb appeal by keeping your lawn cut, shrubs trimmed,
and flowerbeds looking neat. Remove loose articles from the yard, including
toys, tools, garden hoses, etc. Also, make sure your front door is in good
condition. Keep it clean. Make sure the doors are tightened on their hinges.
And if it’s close to the holiday, put an ornament, like a wreath, on the door
to create a feeling of warmth.
The interior. Remove excess
furniture to make the interior appear larger (many sellers rent storage units
to store excess furniture). Fresh paint, and removing stained or worn carpet,
are some of the best investments you can make. Remove clutter in every part of
the home. We recommend hiring a professional.
Appeal to the senses. Inviting
potential buyers into your home is akin to inviting them into your “store”.
Appeal to their senses! First, appeal to their sense of smell. We recommend
using a vanilla air freshener that you can attach to the air filter (available
at Home Depot). Secondly, keep ALL the lights on in your home during the
evening or during open houses. This makes the home appear larger and more
inviting. Finally, have classical or jazz music playing softly on the stereo.
Is it possible to over-improve?
Yes. You should follow my suggestions to maximize your investment, but the
law of diminishing returns applies here. If you’ve improved your home to the
point that it’s one of the most expensive homes in the neighborhood, you won’t
see a return on additional improvements. Consult your real estate agent to
determine if added improvement means added marketability.
Marketing your home: the most
Many home sellers are surprised to learn that more than half of all buyers
come from referrals between agents and their vast networks of contacts. About
25% of the rest come from aggressive promotional efforts, and the small
remainder comes from a sign in the yard.
Multiple Listing Service. Your
real estate agent enters a profile of your home in the Multiple Listing
Service. Now your home description is instantly available to the entire MLS
membership (MLS is a membership available exclusively to real estate
professionals). Typically agents from other offices will “tour” new homes
entered into the MLS.
Agent Networking. In addition,
most real estate agents will market your home to their network of agents.
Advertising. To maximize
exposure, make sure your home is advertised in local home journals, the
Internet (Realtor.com is the most highly trafficked website in the world!),
direct mail cards targeted to specific neighborhoods and newspaper classified
I hope this informational report was informative. As your local real estate
professional, I am available to answer any questions you have about properly
packaging your house to get the highest possible price. You can call me at any
time for advice, and please remember that you are under no obligation or
pressure of any kind. I would very much like to help you.