How We Price Your Home to Sell

Price – it’s the first thing buyers look at before choosing a house. Everyone has a budget and everyone is looking for a deal. But not many homeowners know where to price their home at. They want to attract buyer attention, but they don’t want to lose out on potential money – which is why having a good real estate agent matters. Understanding current market trends and having in-depth knowledge is a must to setting a price that is beneficial to both buyers and sellers. So, take a look at the factors we use to set a home’s price:

Toth Selling Team

1. The Home: Condition & Amenities

It’s the home that you’re selling, so it’s the first place we start when determining a price range. After our initial discussion, we’ll come out to your property and give it a self-evaluation. Features we pay close attention to include:

  • Condition

    Your home’s condition will set the tone for how buyers will perceive it. As a result, it will affect the price they’re willing to pay. If your home is in pristine condition, it will have a higher value.

  • In-home Amenities

    What your home offers buyers is also important. From the amount of rooms to the age of the appliances will all have an impact on pricing. If you have top of the line appliances and there are extra rooms to convert into home offices, buyers will be willing to pay more.

  • Curb Appeal

    First impressions matter in real estate. A good looking yard and home is going to create a positive reaction for buyers while a house that needs up-keeping will generate negative impressions. The more appealing your house, the more value it creates.

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2. Location, Location, Location

That phrase (above) is nearly a cliché now — but it’s that important. People want to know how far they need to drive to work from your home’s location. The longer, the less convinced they are to make an offer. Buyers also want to make sure they’ll be located near great schools, so their children can receive a great education. If you happen to be so, then your home’s value will rise. They also want to be located in a safe neighborhood that is convenient to other city amenities (i.e. restaurants, grocery stores, etc). The better the location, the more buyers are willing to pay — so location greatly impacts your home’s value.

3. Current Market Trends

A lot of homeowners think because their home is a 5 bedroom/4 bath luxurious estate, they can ask for any amount on their home, but it’s far from the truth. Even if you have a great home in a great location, you are still dependent on the real estate market. If buyers aren’t buying at the moment, you will have to bite the bullet. The real estate market will determine what buyers are willing to pay, how much they can afford, and so on.

The Tri-Force

Any price suggestion we offer will be based on these 3 factors: Your home, property location, and current market statistics. Together, they give us an accurate picture of what price point will earn you the most money, but what will also catch the eye of buyers. If you’d like to talk about your home’s selling point, contact us today.

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Your Top 5 Seller Questions Answered

Before you take out the packing tape and start selling your house, it’s important you have all the right information. Making mistakes in real estate can costs thousands of dollars, and if you want your home to get sold quickly (and for top dollar), take a look at these questions homeowners find themselves scratching their head about:

Home Selling Questions

What is the most important factor to selling my house?

Though your home’s location and condition are convincing factors in a sale, I would say the one thing that trumps it all is price. If your home isn’t priced right, you could end up costing yourself months of sitting on the market or losing thousands of dollars. Pricing too low will mean you lost out on money you could have earned. Priced too high, you could lose interest from buyers. That’s why pricing right is so important in real estate.

To set the right price, consult your real estate agent and look at recent market data. From there, you can get a good estimate of where to price your home – to garner attention and earn the most money.

How much is my home worth?

Your home’s value is determined by a number of factors. These range from:

  • The home’s location & condition
  • In-home amenities & features
  • Quality of the neighborhood
  • Convenience to city amenities
  • Current market trends

Any one trait could have more significance depending on the time and current demand in the area. To get an accurate picture of what your home is worth, use our free home valuation tool.

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How long will it take to sell my home?

There is no set formula for selling a house, and consequently no set time. Some houses could take as little as a week while others take months. It depends on the house and the homeowner’s selling strategy. On average, for a typical 3 bedroom/2 bath house in Ann Arbor, it takes around 60-90 days to sell. Again, I’m stressing on average. The market changes daily and if you’re looking for a ballpark estimate, it’s best to talk to one of our specialists.

How can I help sell my house?

While your agent is busy marketing your home to interested buyers, your job is to keep them interested when they arrive. By that, I mean make sure your house is clean, free of clutter, and properly maintained. Dirty houses don’t sell, and no one is going to pay thousands of dollars for a damaged property. Fix any flaws and make the home decorative.

Other ways you can help sell your house include making the property available for showings and communicating regularly with your agent about sales tactics. Use their advice and listen to what they have to say. Together, you can sell your house for a great value.

Should I make repairs on my house before selling?

Yes, your home needs to be in tip-top shape if you’re looking to sell for the most value. Buyers expect a move-in ready house. If they notice issues, like chipping paint or leaky water pipes, they will be more inclined to buy another house or ask for a decrease in price. By fixing any issues, you can sell your home faster and for more money.

For More Information

If you’d like more information about selling your house in Ann Arbor, feel free to contact us with any questions or concerns.

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5 Best-Kept Secrets to Selling Your Home

In today’s age, you can find tons of online resources about selling your house, but it’s rare to see any real estate agent giving away their best-kept secrets. After seeing clients succeed (and some fail), I can tell you confidently there are a few tricks you can employ to get buyers truly interested in your house. What it takes is a little market knowledge and understanding the types of people looking. So below, read my 5 best-kept secrets to selling a house in Ann Arbor, MI:

Selling Real Estate

1. First Impressions Mean Everything

From the time the buyer walks from their car to your front door, they have already judged your house. You literally have 6 seconds before a buyer either thinks: “This house is ugly and terrible” or “This house is beautiful. I’m excited to see inside.” People judge books by their cover, which is why you need to make sure your house is likable and welcoming. For example, spruce up the exterior, add some flowers, and eliminate any flaws. Make the entryway appealing too – by adding a vase of flowers or a small bench for utility purposes.

2. Set a Price Buyers Gravitate Towards

Most people start their home search online, and the first parameter they set is the price range. If your home isn’t priced correctly, barely anyone will ever see your house online. If the property is priced higher than average, buyers might look at more affordable homes before yours, making it hard to get anyone in the door (to look).

So, make sure you set a price that people naturally gravitate towards. Pricing your home slightly below the market average will certainly generate interest, but before you make any decision, look at the market data and consult your real estate agent.

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3. Half-Empty Closets Show You Have Space

I have heard this advice a dozen times: “Remove any clutter in your house.” The problem this usually generates is buyers take that “clutter” and stuff it in their closets. They forget buyers look in those areas to see how much room they’ll have – and if it’s stuffed with junk, buyers will think you have no room. To demonstrate there’s plenty of storage space in your house, pack most of your stuff into moving boxes (since you’ll be moving anyways) and leave a few items in the closet to show how it’s housed. This will leave a positive impact on buyers.

4. Remodeling Isn’t Necessary to Sell for Top Dollar

Buyers often think they need to remodel their kitchen or bathroom in order to sell their house for top dollar. In reality, remodeling will typically cost more than what you’ll earn back. The simplest solution is to upgrade what really needs fixing and add some cosmetic touches. Changing out fixtures, door handles, and faucets can have the same impact as doing a full remodel, but at a fraction of the cost.

5. Sell the Lifestyle

Almost every other day, I come across an article or agent who suggests removing any personalization in the house (i.e. remove the “home” out of the property). Though I agree that excessive family photos on the fridge aren’t the most appealing factor when selling, it doesn’t mean you should take out the lifestyle in the house. For example, if you have a utility space to hold your snow skis and recreational equipment, you should up-sell that point. People moving to the area probably enjoy a similar lifestyle, and that could be a unique selling advantage you have over others.

For More Information

If you’d like more information about selling your house in Ann Arbor, feel free to contact us with any questions or concerns.

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The Case & Trial on Home Selling Myths

If you have ever mentioned interest in selling your house to friends, you’ve probably been on the receiving end of lots of advice. Today, it seems like everyone has an opinion or some sort of “trick” you should try to selling – but a lot of that information may not stand true anymore. And mistakes in real estate can cost thousands of dollars. To help get you on the right path to selling your house, we’re bringing common seller myths to court and putting them on trial. Here are the verdicts:

Real Estate Myths

Court Case #1: The Outside of My House Isn’t As Important as the Inside

The Defense: The interior will sell the home, not the yard-space. Buyers care more about what features the home contains than how it looks on the outside.

Prosecution: People judge books by their cover, and it holds true in real estate. It’s why first impressions matter. In reality, you have 6 seconds to create a positive outlook before buyers reach a judgment – and that time is spent walking up to the front door. You need to tidy up the yard, add some flowers, and craft a welcoming entrance. That way, you aren’t fighting an uphill battle (of negative impressions) to sell the house.

Verdict: First impressions set a buyer’s frame of mind. Impress them with the outside and they’ll be more likely to buy.

Court Case #2: I’ll Get 100% of My Investment Back on Home Renovations

The Defense: By installing and remodeling the house to look “new” and offer more stuff, buyers will pay more money for the house (giving me a full return on my investment).

Prosecution: Typically, you won’t receive 100% return profit on your home renovations. Most major remodels costs thousands of dollars, but will only increase your home’s value by a slight margin. Homeowners also forget to take into account current market conditions, so even though you make renovations, it doesn’t mean buyers can afford it. Instead, you should focus on making small, cosmetic repairs to help sell the house. Don’t focus too much on the return profit.

Verdict: Large home renovations don’t promise a 100% return investment. Focus on smaller repairs to get your home sold

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Court Case #3: You Should Overprice Your Home to Leave Room for Negotiation

The Defense: Buyers always try to bargain, so why not bake in extra room to get the price I want?

Prosecution: Overpricing can be a slippery slope in real estate. Every buyer is on a budget and that’s how they start their home search. If your home is priced out of the usual standard, they’re going to pass over your property and look at your neighbors. Why pay a higher price for a similar home? Save your negotiation strategies for when you have interested buyers. Price to the market, so you generate interest.

Verdict: Price your home to current market trends, so you attract buyers. Pricing above average will leave your home sitting on the market longer.

The Jury on Home Selling Myths

Dozens of homeowners have made these mistakes when they sold their house. A lot of it stemmed from misinformation. By doing your homework, communicating with your real estate agent, and looking at current data, you can effectively sell your house. It’s better to hear pro-advice rather than a friend’s advice. If you have any questions about selling your house, contact us and we’ll help guide you.

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