Sell your house fast- Price it right
Selling your house fast takes a little knowledge in the field.
This article is intended to explain why you are still trying to sell your house after 90 days on market. Some people seem to think selling a house is a different animal than selling any other product. IT’S NOT.
People go to yard sales for good deals on stuff that they want but don’t care how it looks. They just want it to work or serve a purpose. Price is the main factor. There is no fashion, style or trend involved, unless bellbottoms come back in style…. Again. Most people pay full retail for new products or products that look like they have never been used (shiny things). A house is the same way. If it does not look modern and shiny, it won’t sell for full retail, unless “the rock” is your neighbor and “Zack Morris” is the agent (face it, women have the final say in a couple). To sell your house fast, it has to be priced right.
In 2008, there were a lot of people that lost a fortune trying to flip houses. Reason being was they bought a house today at a 90% discount (which is not much by any means), expecting to sell for 110% a couple months later. The problem came when the market turned and they were not willing to change their investing strategy with it. Take a little loss or lose the house to the bank all together. Sellers have to be ahead of the trend, especially if it’s going down. During that time, a house would lose 10-20% market value in less than a month. They didn’t watch the market and buy accordingly. Selling your house fast will require watching the market in your area he same way.
My point is, if you are trying to sell your house fast and you’re not seeing results, you’re not watching the market in your area. If you are selling your home with an agent, they should know what a good value is for your house, listen to them. Look at the houses for sale in your neighborhood. If they are selling for $100,000 and they look modern and new, than you need to either A) make your house look modern and new or B) Drop the price so the buyer can make the house look modern and new. Example: I have two cars; both 2010 same make and model. One looks like it just drove thru New York State in January, the other has new paint, upholstery, oil change and diagnostic. For the same price, which would you buy?
We have many clients contact us at www.realestateproblemsolver.com who want to sell their house for full retail price and it needs $10-$20,000 in repairs. We have to make a living when we buy houses, but even the general public won’t buy that house. That’s why the house is still on the market. Get a contractor to come in and give a quote on updating and making your house look “shiny” again before you sell it. Most will give a quote for free, that will at least give you an idea of where you stand. A good rule for “market value” is; full retail (fixed up) market price minus repair costs and some extra discount (5-10%). The more the repairs, the bigger a discount you will need to give on top of repairs. The general public wants a move in ready house or a discount for taking the risk of doing it themselves. Wouldn’t you? We have bought and sold houses that should have been torn down and started over. If it is priced right, it will sell. Good luck.