The New Standard for a House that will Sell for a Strong Price
When you sell a house, there are a few things you cannot change—the location and floorplan. You can enhance them, but you really cannot change them.
Also, the seller cannot change the market conditions—the number of motivated buyers out there shopping or the number of homes on the market; in other words, supply and demand. The market demand is fixed; it is out of the seller’s control.
But the seller can do something about the condition of their home. They can control how they present their home to buyers. They have a product to sell—and they choose, ‘do I put it on the highlighted isle-display at Macy’s or stuff it into a mish-mashed pile in the back corner?’ In our boom market, anything you put out on the floor sold. But we are a long way from that kind of market or that kind of growth in our national economy.
So here is my idea on the new standard for a house that will sell for a strong price in our slow growth markets. You have to catch the eye of the buyer and convince them your house is their most appealing opportunity.
First, ensure it is in solid condition. Make it repair ready so the buyer is confident they are buying a solid house that is a safe investment. The vast majority of buyers prioritize ‘move in ready.’ They will spend more money if they are not concerned about their risk.
Second, add irresistible improvements. Be creative without spending much. Add the touches that are most attractive and desired by the buyers that will look at your home—all on a cost effective and limited budged. But be careful here so you don’t overbuild it—don’t way overdue your neighbors or your competition. Make sure you get quality advice before picking your projects.
Third, attractively present your home.
- Make it organized so people can see the best qualities of your home.
- Make it clean so you put a shine on all your valuable features.
- Set it up and stage it so you enhance your home’s ideal uses. Spotlight its virtues.
- And then advertise it on the internet with a glow—use pictures that make people want to see the house for themselves.
- In your advertisements, tell people the story of the house—how it is a distinct home that offers distinctive virtues and opportunities.
Finally, price it right. Make it competitive. Send the message to the buyer that this house is for sale and they need to buy it now. Currently, a home priced right sells at 98% of original list price. Those with price drops sold at 83% of original list price, on average. Spare yourself trouble and try to price it competitively in the beginning.
For more information and some great links with concrete ideas and pictures, see our ‘seller guide’