Over the last 5 years, the Metro Denver market has had aggressive appreciation on home values; many of those years in the double digits. During the key selling seasons of spring and summer, it may almost seem effortless to get a home sold as a multitude of desperate buyers compete for a limited supply of homes. Nonetheless, if a home is poorly marketed, or overpriced, the market proves it will take a while for it to be sold and definitely will not be sold for its highest possible price. Having a strong, creative, data driven strategy is crucial for getting a home to sell at max price. Here are few strategies we personally use for our clients and you should consider prior to putting your house up for sale.
1) The Art of Underpricing
Many people look at the market and how fast the homes are selling for and think to themselves….”Well I might as well shoot for the stars and see if I can get it sold 20K above its value right off the bat.” With this thinking you will shoot yourself in the foot. I’ve seen many homes sell at 20-50K over asking price in the spring and summer time seasons, BECAUSE they were underpriced. Meanwhile, a similar home down the street which went onto the market for 20K over its value gets stuck on the market and sells for less after a few weeks or even a month.
Aside from getting the strongest possible offer, underpricing the property will also likely provide you with a variety of offers to choose from so that you may pick the one with the best terms. If the loan won’t close, then it doesn’t matter how high of a price you manage to get: contract terms are just as important as price.
2) Professional Pictures
This is a classic tip on ensuring your home sells for the best possible price. Unfortunately, most sellers and many agents do not take the time to obtain professional pictures for a home. At Mora Real Estate, we ALWAYS use professional photography. According to realtor.org, 92 percent of prospective home buyers go online to search for homes. This means the someone’s first impression of your home will be through the photos you have online. If you want to sell your home for its maximum price, you’d better have some professional photos taken.
3) Staging/Cleaning Up the Home
When people walk into your home looking to buy, they automatically envision how they will feel living there. They will walk through the home and get a sense of whether or not it feels like “home” to them. This is the very intuitive and emotional part of buying a home. An unclean home can give prospective buyers an off-putting feeling about living there themselves and will lower the property’s value in their mind…whether they realize it or not. Ensure your home is well cleaned and organized before opening it up to prospective buyers. Take it a step further and hire a professional staging company. Staging a home optimizes its appearance in the eyes of home buyers. Simple touches of furniture can go a long way and make your home appear updated and more valuable.
4) Aerial Photos + Video
We personally love using aerial photos and video for our clients when helping them sell their home. If you look online I can guarantee that less than 5% of them will have aerial photography or video to promote the property. How do you make anything look more valuable? You make it stand out. And if the majority of properties don’t have aerial photos, when a home buyer sees you home online presented with beautiful professional aerial photos, it’ll surely catch their eye. Videos are the same. In this day in age, videos are rapidly becoming the future media source for people; whether it is for news, entertainment, socializing, or shopping for a home. A great, original video which tours and describes the property will surely be a plus in reaching more buyers and ensuring multiple offers.
5) Hire a Trusted and Experienced REALTOR®
Last but may be the most important. I cannot stress how important having a licensed REALTOR® assist you in the sale of your home. According to nar.realtor, in 2018, for sale by owner homes sold for an average of 24% LESS than agent-assisted homes nationwide. While for sale by owners usually save on a portion of commission costs, they lose the ability to truly market their property on a mass scale as they cannot market on the local MLS. Since they are not represented, most people think they “don’t know what they’re doing” and low ball offers is what they will receive. Also, dealing with the extensive legal documents of selling a home on your own can be very risky when you are not rehearsed on what they entail and your options. Lastly, it is priceless to have someone who sells homes day in and day out use their experience to guide and consult you and help you obtain the best possible outcome when selling your home.
Hope you found this blog post valuable! Any follow up questions or comments are always welcomed in the comments section below.
Contact us anytime…for anything!
Ariel Mora, Lorena Zamora