So you’re selling your house. And of course you want to get top dollar. But, how to get it.
I won’t bother with the clean it, fix it up, repaint it, etc. argument. We all know that. Clean it for sure. But, everything else should be subjected to a cost-benefit analysis. If it is a minor repair & adds to the appeal, sure. Otherwise, a nuanced & objective evaluation needs to be done. Say the paint is discolored, the carpet is frayed, the appliances are old, the kitchen & bathrooms need updating, or something else? Will you get back 100%, even 90% of the cost? If not, you might want to offer a seller concession. Or just forget it knowing the probable selling price will, no doubt, reflect the needed repairs. And, if it doesn’t need anything, so much the better.
When I talk about getting top dollar I am talking about getting top ‘market price’ dollar. That’s the only price there is. Well, that’s not quite correct. There is such a thing as less than market price. While it doesn’t happen in all markets, it does happen in the ‘real estate’ market. Say the agent says: I sold that house in 5 days. That may be the worst thing that could have happened to the seller. Let’s say houses in the area typically take 6 weeks to sell. If it sold in less than 1 week, either the agent was an appraising genius or it sold too cheap.
And, there is such a thing as more than market price. These are the houses that are on the market forever. Or, at least until the sellers get wise & reduce the asking price so that it finally does sell. These sales are usually, not always, at market price. But, much time has been wasted waiting for the asking price to get near the market price so as to entice an interested buyer. The way around this is to originally ask a high price (not too high), and then gradually lower the price until it gets close to the market price so that it starts enticing serious buyers. This price reduction activity has to be done within the context of the neighborhood’s typical selling time.
For example, if the average house in the neighborhood takes 6 weeks to sell, you don’t want to sell yours until it’s been on the market for 8 or 9 weeks. Sell it 3 weeks too soon & you probably sold it too cheap. Sell it 3 weeks too late & you probably got top ‘market price’.
To me, this is all obvious. But then, I have some experience & understand how markets work. To another it might not seem so obvious. If you are one of the others, or if you have any questions please call me. I will be more than happy to answer any questions I can.