What's the secret to selling your house fast in this market? Real estate expert Barbara Corcoran reveals the single thing that will quickly get your house off the market and money in your pocket.
The simple key to selling a home fast is to price it right. You could spend all the money in the world fixing up and marketing your house, but the wrong price on the right house guarantees no sale.
Before you set the price, it's smart to walk in the shoes of a buyer. Start by shopping online for local houses similar to yours. If your house has four bedrooms, a brand new kitchen and no backyard, that's exactly what you should look for. Don't be tempted to include houses that have features yours doesn't, because that's the kind of stinkin' thinkin' that starts sellers down the road to overpricing. It really does make a difference that your house only has two baths when the other has three.
Next, invite three competitive brokers in to see your home and estimate its value. Ask them this simple question: "What would I have to price my home at if I wanted to sell it in 30 days?" This is the surefire way to get the brokers' gut reactions based on what's happening in the market right now. Even the best brokers feel pressured to flatter the seller when asked to price a home, but the truth is the broker who gives the lowest price is always right.
Take out your list of the comparable homes you found online and pull out the five least expensive. Average only those along with the three broker estimates given for your house. Now, price your home 10 to 15 percent lower than the number you get. I know, I know, you think I'm crazy. I'm not. Don't ever be afraid of underpricing your home, because market forces always correct an underpriced property. It's called a bidding war, and you'll be smiling when it starts.
You should also spend a couple of weekends visiting neighborhood open houses. It will give you an instant education in what not to do when marketing your own home. You'll see that the most important change to make is to get rid of all your clutter. Stuff makes homes look smaller, and buyers just can't see past clutter. They can't picture themselves living there. Pack and store two-thirds of your things, including your furniture.
Will remodeling your kitchen make a difference?
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