The Savvy Seller’s Guide To Success

The days are getting shorter, the nights cooler and the flowers in our gardens are beginning to fade. The bus schedules have been printed and class assignments mailed, signaling the beginning of a new academic year. This is a time of excitement and anticipation of a new beginning for those in school, those who are parents of children in school and even for those who just remember their school years. It is a good time to reassess where we stand and make plans for the future. If selling your home is part of your plan for this year, you should be aware of the facts. There are currently 331 properties listed for sale inWestport. Of those, 302 homes were listed since Jan. 1. One hundred and seven homes have sold, 22 are pending sale and 14 owners have accepted offers. There are many other properties that were listed for sale that did not sell and were either withdrawn, cancelled or expired. The market is certainly slower this year than it has been in recent years but some homes continue to sell while others languish. How do you increase your odds of success? While you cannot control the market, there are things you can do to better your chance of selling your home for the highest price possible in the shortest amount of time.

Price Your Home Correctly From the Start

Properties priced correctly sell faster and for more money than homes that require price reductions. This is the most important thing you can do to better your odds of success. The longer it takes for you to get the correct fair market price, the greater your Days on Market will be and the greater the possibility for negative feelings from buyers. This often translates to lower offers and ultimately a lower selling price. Of the 14 property owners who have currently accepted offers in Westport, seven received offers based on their original asking price while the other half received offers after making price reductions of between 4 and 20 percent of the original list price. Until closing, the actual amount of an offer is not public information, but we do know that the owners who had the price right from the start accepted offers in an average of 77 days versus 183 days for the properties requiring price adjustments. How do you determine the correct fair market price for your home? Hire a seasoned, knowledgeable professional realtor and have her prepare a market analysis for you. Tax appraisals, bank appraisals and what your neighbor’s home sold for are not necessarily indicative of what your home will sell for today. If you are not sure that the price recommended by your agent is correct, ask to see the homes that would be competing with your home and try to view your home as a product through a buyer’s eyes.

Prepare Your Home for Sale.

You have one chance to make a good first impression. Buyers and the agents working for them are always on the lookout for the new great listing. The first two weeks that your home is on the market are critical. It is the time when you will have the greatest interest and the most showings. Make sure that your home looks its best. Many sellers are reluctant to spend money on a fresh coat of paint, new landscaping and having floors refinished but these are the things that will make your home shine and bring in offers. Ask your agent for help in deciding what should be done to freshen your home and stage it for sale. Many agents offer taging services which include decluttering, depersonalizing and updating your home to appeal to the broadest range of buyers. Purchasing a few new accessories such as stylish lamps, new bedding and linens and inexpensive sisal rugs can make a big impact for little money and you can take these items to your new home. Do not underestimate the importance of these small changes because they make your home stand apart from the competition. It takes a little effort and a small investment upfront but it will pay off.

Hire a Realtor With A Good Marketing Plan

Marketing your home today requires more than a sign in your front yard and a few ads in the paper. Hire an agent with a good Web site that is easily found on the major search engines. Most buyers today begin their search online and often will see your property before they meet an agent in town or get in the car to look. Professional photographs are important to grab the buyers’ attention while they are searching online. In addition to a good Web presence, make sure your agent offers you a broad range of marketing tools from print ads and email notifications to open houses. Broad exposure translates to more buzz for your property which leads to offers. If you follow these recommendations, you will be a savvy seller and will be on your way to your new home.

Public Open Houses - Are They Necessary?

As I spend another gorgeous summer afternoon sitting at a public open house waiting for buyers to tour my listing, I ask myself, “Is it worth it?” To be honest, I can think of many other ways to spend a sunny, cloudless Sunday afternoon in July that could be more fun than sitting in a home, waiting for potential buyers to materialize. Statistics show that very few homes sell to buyers who saw the home during a public open house. So, why do we do them? Why do realtors spend 3 hours of their time on Sunday afternoons hosting them? And why do we ask our homeowners to allow us to do them? Do they only attract nosy neighbors and other people who are not serious about purchasing a home?

Public Open Houses benefit both the seller and the realtor. The seller receives increased exposure for their property and the realtor receives leads on potential buyers (and sellers).

For the seller, you get advertising in local news papers and on the internet. Signs are placed around town directing people to your property. In this competitive market, providing convenient access for buyers to your home is critical. Furthermore, even though the odds are low that someone will come to your open house and make an offer, it does happen occasionally. It is like the lottery, you have to be in it to win it! So, despite the inconvenience of readying your home to shine and then having to go somewhere for three or four hours on a Sunday afternoon (and taking your pets with you!), I recommend that my clients allow me to host a public open house.

There are benefits to the realtor beyond selling your home. It is a great way for us to meet people who are looking to buy a home. Many people like to begin looking at homes during open houses because they don’t want to fell pressured or they are not quite ready to sign on with a realtor and look in earnest. Consequently, many of these “looky-lou’s” are not yet committed to an agent, making them attractive prospects for the agent hosting the open house.

So, when your real estate agent asks you if they can schedule a public open house at your home, say yes! You never know, you may sell your house to someone who wanders in on a beautiful Sunday afternoon.