California City Real Estate
"Your California City Home and Land Specialist"
6508 California City Blvd. California City, Ca 93505
Tel (760) 373-4444 Fax
(760) 373-2663
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Pricing a Home to Sell and Home Selling Tips
The most popular real estate slogan has always been "location, location, location." Well, folks, there's a new slogan in town, and his name is "price, price, price." You can have the most fabulous Beverly Hills house, but if you are overpriced, you won't sell in today's market. The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. It's important to remember that, although the price is set by you, the value of the home is determined by the buyer.
How do you know where to price your house? How do you know that your real estate agent has priced accurately to sell?
Here are a few tips to steer you in the right direction.
First impressions are probably more important in selling your house than almost any other factor, except the price. So when you put the house on the market, it will pay to get it in tiptop shape. Deciding to let a reputable real estate agent sell your home is a wise decision. Real estate is a field where it pays to use the services of a professional. California City Real Estate can save you time, get the most money for your property, and can help with details you probably wouldn't consider.
Appraisals: Your real estate agent or brokerage will have a list of local appraisers. An appraisal costs just a few hundred dollars, but it affords you a clear idea of the amount for which a buyer can be approved.
Comparables: What are homes like yours selling for? Comparables can be found by analyzing homes in your neighborhood, or in nearby neighborhoods, that have similar square footage, upgrades, and amenities. If a comparable home sold for $75,00, there's little chance you'll find a buyer willing to pay $130,000 for your overpriced home. You always want to be the least expensive home in the neighborhood, when it comes to selling, not the most! Everybody loves a deal.
Be Competitive: Underpricing a home is a strategy that some agents employ to garner interest and to create a bidding war through multiple offers. A well-priced home is sure to get more showings than a home that costs more than the competition. More showings mean more exposure, which ups the chances of you receiving an offer.
Dangers of Overpricing
Most of the activity on your home will occur in the first few weeks.
Pricing a home properly and then creating immediate urgency in the minds
of agents and buyers is critical. Buyers who have seen most available homes
in their price range are waiting for the "right house" to come on the market.
That's why is a house is priced right, it will sell quickly. The buyers
are there waiting for it. Don't start with
a high price and the assumption that you can reduce it later. By the time
you decide to lower the price, it may be too late, as interest will have
already waned.
Lender Communication: Lenders will only allow a buyer to borrow up to the amount a home appraises for. That means if you are overpriced, even an eager buyer may hit a lending road block.
Consider Leasing: If you've been caught in a depreciating market, you may have more money in your home than you can sell it for at this time. A reasonable option is to lease your home. Your real estate agent should be able to work out the specifics of any contract for you.
How Bad You Need to Sell: This is the real kicker. Some homeowners want to sell, but they don't need to. That means they can wait out a down market, or even wait for the "perfect" buyer. If, however, you find yourself needing to move across town, or across the state, then you will have to be more willing in today's market to compromise. And compromise is all about price when it comes to real estate.
Buyers are savvy: Technology allows them to search the local MLS, research the latest trends, and even see how your neighborhood's prices have changed over the last 30 days. They will know if your home is overpriced. It is best to error on the side of too little than too much in this numbers game. If you price your home right, however, you're sure to find a ready and willing buyer.
Never select an agent based on price: California City Real Estate have up-to-the-minute information about the market. We know what properties like yours are selling for. We can point out other features that add value to your property, such as favorable location, convenient transportation or popular architectural design. We can help you to quickly arrive at your best asking price.
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Locating Buyers: There's more to finding buyers than putting a "For Sale" sign on your lawn. And a "For Sale by Owner" sign has serious drawbacks. Prospects and curiosity seekers alike can ring your doorbell at all hours without regard to your convenience. And they'll expect you to answer difficult questions about financing, settlement, etc.
California City Real Estate can screen prospects in advance and show your home only to those who have the interest and ability to buy. We won't waste your time with someone who's not a serious prospect. California City Real Estate already has a list of buyers who are looking for properties like yours. We know where to place ads for best results, how often to run ads and how to word them for maximum effectiveness. We can continue with the selling job even if you're out of town for awhile.
Bargaining: The buyer usually offers less than you're asking. At this stage of the sale, California City Real Estate knows how to bargain easily and effectively, and is experienced at making counter offers and discussing price, amount of cash, date of delivery of the deed, amount of mortgage and other important business matters. Simply stated, California City Real Estate will make sure the sale proceeds smoothly and quickly as possible, at the best price.
How You Can Help Your Broker: While California City Real Estate can provide invaluable services to you in selling your home, it's up to you to cooperate with your broker's sales efforts by making sure your house looks its best.
First impressions are probably more important in selling your house than almost any other factor except the price. So when you put your house on the market, it will pay to get it in tiptop shape.
Look at your property as if you were a prospective buyer. Pretend you're seeing it for the first time and try to notice its highlights and drawbacks. Then start sprucing up in order to emphasize and add to the good points.
That's often easier said than done, however. It's easy to overlook something unless you spruce up systematically. So we have prepared the following checklist that can help virtually any property look its best.
Proceed critically down the list. Check off the items that apply to your house. If an item calls for an expenditure, your broker can help you decide whether it's worth the investment.
Outside
Trim shrubs
Mow lawn
Weed flower beds
Edge lawn
Repair walk, driveway
Repair porch, steps
Clean porch light, lamppost
Shovel walk, driveway in winter
Clean siding
Paint trim, front of house
Paint sides, back of house
Repair roof, gutters, downspouts
Paint front door, mailbox
Repair/replace storm door
Clean/repair screens, storm windows
Clean/paint/repair garage - dispose of what you don't intend to
keep
Inside - general
Paint where necessary
Clean/fix windows
Clean/polish floors
Replace burned out light bulbs and brighten lighting with more
powerful bulbs
Make sure doors, windows are operating freely - lubricate with wax
if necessary
Fix squeaking floors
Fix light switches
Repair/repaint cracked walls, ceilings
Fix faucet drips
Clear clogged drains
Clean fireplace, lay logs for fire
Straighten all closets
Use room deodorants to remove mustiness
Vacuum/shampoo rugs
Clean/polish heating elements - furnace, boiler etc.
Neaten up, throw away what you're not going to move
Kitchen
Clean/paint cabinets
Use bright curtains
Clean ventilating hood, fan
Repair/clean/wax floor
Clear off counter tops to make kitchen look spacious and neat
Make sure drawers slide smoothly
Put appliances out of sight, stack items neatly in cabinets
Clean/polish appliances - inside and out
Bathroom/powder room
Put out fresh towels
Clean fixtures, tub, toilet
Replace toilet seat
Clean shower curtain
Bedrooms
Make beds
Use most attractive bedspread, curtains
Living room/den
Plump cushions
Stack newspaapers, magazines
Clean television screen
Dining room
Polish table, buffet, etc.
Clean glass in china cabinet
Make sure chair seats are in good shape
Laundry area
Remove hanging clothes
Put away powders, sprays, etc.
Clean/polish washer, dryer, tub
Let the Broker Sell: If you and your family are at home when the broker brings in a prospect, relax and let the expert show and tell. Don't tag along. Answer questions carefully when they're asked, but don't offer answers to unasked questions. If you've looked at your house like a buyer and attended to the items on our list that apply to it, your house will sell itself - with help from the friendly staff at California City Real Estate, of course.