Perception as Important as Reality in Today’s Market

We live in an instant-gratification society. If something doesn’t happen quickly, something must be wrong with the product, system or delivery. Selling a home is no different. Unfortunately, that for-sale sign lingering in your front yard is a sign of the times in today’s tough economy. To many buyers, a house that’s been on the market a long time must have hidden problems, which could lead to a string of price reductions.

But that doesn’t have to be the case if you’re willing to face facts, hire a seller’s agent you trust and separate the emotional qualities of your home from the functional qualities of the house. If a potential buyer sees or perceives flaws in your home but doesn’t get that vibe from the house down the street, your neighbor is likely to get the sale.

Here are a few things to keep in mind to help your house sell more quickly:

How low can you go?
This pricing strategy sounds counterintuitive, but it definitely draws interest and could pay off in the long run. Pricing your house lower than you’d like – even below the appraised value – should draw quick and competing bids. Starting too high and having to lower the price throughout the listing process will raise red flags with buyers, even if they haven’t set foot inside the premises. A good rule of thumb is to price your house the same as a comparable one that recently sold in your area. Anything much higher than that could scare off buyers who have done their homework.

Downsize your approach
A constant barrage of advertising in the local newspaper or holding open houses every weekend will likely dull the senses of potential buyers who’ve been there, seen that. Add intrigue to the process by subscribing to the less-is-more theory. Don’t describe every little detail of your house in print or online listings. That’s too much clutter and doesn’t leave anything up to the imagination. Get creative, spark a buyer’s interest and make them want to come out to take a look. If your house has been priced right and is in good shape, everything should take care of itself and the for-sale sign can come down.

Get real
It’s a tough market out there for buyers and sellers. Even if a buyer is interested, it’s possible that he or she is having trouble selling their homes or will run into roadblocks when it comes to financing. And those barriers don’t include anything that might be unappealing about your home, such as location or minor faults. Sometimes a seller has to accept that there’s only so much an unfriendly marketplace can offer.

Beware of quick fixes
With financial worries popping up everywhere, most people these days are only interested in the bottom line. While it might sound good to undertake renovation projects in hopes of getting a higher price, that strategy could backfire and end up costing you financially in the long run. While it’s extremely important for the house to look nice and not have major flaws, it’s a good bet that buyers these days are more focused on the price than a nick here or a scratch there. Be flexible with your pricing strategy and find an agent that will be totally upfront and honest with you regarding price and what needs to be done to get the best value for everyone involved.

Use all resources
Obviously, your home has to be seen to be sold. But not everyone looking to buy a house is driving around the countryside in search of the perfect property. Find a real estate agent with Internet savvy and online resources to help you get the word – and pictures – out about your home. The right photos and just enough intriguing information will attract buyers if the home looks nice and the price is right for your area. That last point is important because even if a buyer likes your house at a higher price point, he or she likely won’t be able to get a mortgage because it won’t be appraised at that figure. It doesn’t do anyone any good to list a home above the appraised value.