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Don’t underestimate your competition when selling your home

Category Byers Guide

This is an uncertain time to buy or sell real estate. Every day, another story appears in the newspaper about people who are losing money on their current home, facing foreclosure or not getting credit to buy their next home.

The good news is that even with all the doom-and-gloom abounds; people are still buying and selling homes. The real estate market might slow, but it never stops. There will always be a supply of buyers looking for their next home.

If you want to sell your home in this market, you have to look at who your competition is and position your home to stand out. You may not be able to control the market conditions, recent property values, or your competition, but you can control your home's price, condition, marketing and contract terms. In other words, the better you position your home as a "great value" to prospective buyers, the more likely you will sell.

In order to determine what makes a home in your neighborhood a "great value," check out your competition. Buyers will look at other comparable houses in your neighborhood whether you like it or not. It's your job to tell them all the benefits they will receive if they buy your house. Here are some tips for evaluating the competition.

  • Drive around your neighborhood. Who is the competition on your block? In your neighborhood? Check out their open houses. View their property listing on the web or portals like Property 24. What features are they advertising? How are they presenting their home during showings? What improvements have they done?

  • Identify your house's benefits. Make a list of the ten best things you like about your house. What are the perks? Have you recently done any remodelling? How is the school district? Are you located in the heart of a city or near a metro station? What features are unique to your home? How is the neighborhood?

  • Identify the house's problem areas. It can be difficult for sellers to emotionally detach from their home to look at it the way buyers will. Walk across the street and really look at your home as if you have never seen it before. How does the exterior look? What flaws do you see? Now, walk inside and go from room to room. What are the problem areas?

  • Consider getting an appraisal done. A home appraiser can point out problem areas that potential buyers are likely to notice. Getting one done before you list your home on the market can help you decide what is a "must fix" and what improvements would be "nice to do."

Preparing Your Home to Sell:

  • Drive around the neighborhood and identify your competitors. Make a list of the pros and cons for each home just like potential buyers might.

  • Have 2-3 real estate agents prepare a CMA for your home. Which homes sold in the last 30 days? Which homes failed to sell? What were the pros and cons of each?

  • List the top ten things you love about your home.

  • Identify any major problems or flaws your house has. Which are required by law to fix? Which can be fixed quickly and cheaply? Which require a substantial time and/or money investment?

  • Consider hiring a valuer to point out any flaws you might have missed.

Selling your home is a big decision, and how motivated you are to sell will influence nearly every decision you make regarding successfully marketing your home.

The Property Services E-book 14 Costly Mistakes Home Sellers Make and How to Avoid Them can assist when you decide to sell your property.    Feel free to download and print out the book and use it as your reference guide and know that we are here to sincerely help you.  The purpose of this guide is to help you avoid 14 common mistakes sellers make when listing their home for sale. These 14 mistakes are the main reasons why sellers don't get the highest price for their home, can't sell within their time frame, or experience problems during negotiations and closing.

Just give us a call 083 378 8820 or send an e-mail to info@koshinfo.co.za and we will confidentially assist you.

Author: Frans Roos

Submitted 30 Sep 15 / Views 2626

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