MARKET VALUE has never been more important than it is in today's market.  Many lenders will only look at comparable sales for the last six months to establish the value of a particular property.

You may have heard that the “Market Value” is whatever the market will bear.  That means that at any given time, a house is worth what a buyer is willing to pay for it.  If it appraised last year for a refinance at $250,000, but no buyer is interested in purchasing it this year, what is the market value? 

The listing agent’s first consideration in determining “Market Value” is the recent sales of similar properties in the neighborhood, adjusted for features and conditions.  However, the market is influenced by SUPPLY AND DEMAND and influenced by changing economic and environmental conditions, community or road development, current trends, desirability of certain features, school districts, neighborhood amenities, and construction materials.

In time when supply outweighs demand, buyers can afford to be choosy (even fickle).  They will choose the home, lot and location that suits them best.   Buyers are greatly influenced by decorating trends.  They may favor white kitchen cabinets one year, and stained cabinets the next.  They may hate front porches one year and love them the next.  One year, they favor gold bath fixtures, and the next  brushed nickel.  For a seller, updating lighting and plumbing fixtures may make a real difference in attracting today's buyers.

 When there are a lot of homes on the market, marketing may make the difference in selling a home in a reasonable period of time.  Marketing includes PRICING, STAGING THE  HOME TO SHOW WELL,  ADVERTISING.

 

PRICING

 
While the appraiser is only concerned with recent sales of similar homes in your neighborhood and surrounding communities within a two mile radius, the selling agent and buyer are concerned with finding the best home at the best price.  You may be competing with hundreds of homes in your price range and area.  For a quicker sale, price lower than the majority. 

Most of the interest will be in the third week of your listing.  If you miss that “new listing” push, it may be a long wait.

 Remember that your reasons for selling, what you’ve spent in maintenance and updates, and what you need from the sale of your home is irrelevant to the buyer.  The buyer’s only interest is the best home at the best price.  In today’s market in metro-Atlanta, a buyer who is considering previously owned homes may look at 50 or more homes in a fairly wide area.  Price and condition will greatly influence the buyer’s choice.

 

STAGING

 
With few exceptions, buyers prefer new homes and will buy a new home if they can get one in the area they prefer, with the features they want, and at the price they need.  The reason they consider resale homes is because they offer what they need at the price they can afford.

 If you are thinking of selling your home, and particularly if you have been in your home for several years, take a Sunday afternoon to look at upscale model homes.  Note the clean, fresh smell, the lighting, the color scheme.  Think of small ways you may be able to create the same look in your own home. 

 Step back from the home you’ve lived in and loved, and try to look at it through a stranger’s eyes.  Every day could be an “open house” day, because you never know when that showing will happen.  Leave out a few accessories and pack up most of your collectibles and family pictures.  If you have a lot of indoor plants (live or artificial), make sure they are clean, healthy, and don’t distract the eye.

 Clean or replace carpets as needed.   Paint or touch up paint as needed, using a warm, light, neutral color. Stand in each room and try to see it as a visitor will.  Take away furniture which obstructs the traffic pattern or takes up too much visual space in the room, add warmth and softness as needed through silk plants and lamps (inexpensive floor lamps are a good way to warm up a finished basement).

 Make sure your ceiling fans and light fixtures are clean and all bulbs work.  Especially during fall and winter’s short days, leave at least some lamps or ceiling fixtures on at all times, in case you have an unexpected showing.   That warm, welcoming feeling is what the buyer and agent will remember.

 Address any odors, such as smoke, cooking odors, mildew or musty basement odors, or pet smells.  If you use an air freshener, use an effective citrus or cinnamon spice scent.  There’s nothing worse than a heavy floral odor on top of the odor you’re trying to conceal. 

 If you are planning to buy new bedding for your new home, you may want to go ahead and dress up the owner’s suite now.  If you’ve watched the TV program, “Designed To Sell” on HGTV, you’ve seen this idea work.  This is why decorated model homes sell houses!

 

SHOWINGS

 

In two words, BE EASY.  

 Since the agent may be showing the buyers as many as twenty homes and new subdivisions in one day, the schedule is tight.  It’s difficult for the agent to predict how long it will take to drive between one home and another, and how long the buyer will want to stay in each home.  A day’s tour means a stop for lunch, and that’s unpredictable, too.  The agent may only be able to give you a window of two hours or so during which your home will be shown.

 The more flexible you are in showing your home, the more showings you will get.  If you can be absent from the house while it is shown, the buyers will take more time touring your home and considering it to purchase.  They’ll feel more comfortable taking a second look at that master bath, or discussing some feature or issue with their agent if you are not there.  The more time they spend in your home, the more likely they are to remember it and make an offer.

 Think ahead about what you will do about pets, to keep them safe and out of the way of your potential buyers while they tour your home.  Many people are allergic to pets or afraid of them, and they will not remain long in your home. 

 Since dog bites have resulted in law suits, agents are reluctant to show a home unless assured that the dog is contained in a crate, laundry room, garage, or back yard fence.  If your showings must be by appointment only because of pets, inevitably this will reduce your number of showings.

 Again, thinking ahead and planning for your pets will make sure your pets are safe and your visitors welcome.

 

ADVERTISING

 
The listing agent’s job is to get your home exposure to buyers and their agents.  Through full color web tours (accessible to buyers and agents) your home can have a 7-day a week “Open House”.  Through flyers and home publications, such as “Metro Residence Guide” your home will have exposure to potential buyers who are not working with agents.

 You may have “introductory” marketing for your newly listed home, and ongoing advertising until it sells.  This is your agent’s job.

 What you can do to help:   Make sure your friends, coworkers, and family members know that your home is on the market, and where they can tour your home on the Internet.  You never know who they may know who might be interested!