5 Things You Must Know to Get Your RI Home Sold
Ever wonder why some RI listings sell right away and others linger on FOREVER?
Some say it's complicated, but it's not. The right combination of price, location and condition sells homes. If all three components are terrific, your house will sell. If one factor is out of line, the other two must be good enough to compensate. Believe it or not, bidding wars are surprisingly common for properties that balance these three critical factors.
That said, it's more compllicated and emotional when you're selling your own home. The fundamentals are logical and easy to understand, however, so take a look at these 5 essential things-to-know to get your RI home sold.
#1: Your price is 95% of your marketing plan.
Price is the most powerful tool in your marketing arsenal. An appealing price opens the door to a sale. An unrealistic price slams it shut. To make matters worse, overpricing makes other homes seem more attractive, causes appraisal problems, discourages showings and increases market time. If your price is too high, your home will not sell. It's really that simple.
# 2: Staging is the 2nd best thing you can do to get your house sold.
Imagine walking into a nice, fresh, sparkly house, falling in love with it, then discovering the price is the same as other, less appealing homes. THAT'S the feeling that moves people to make offers! To get that reaction, most sellers need the help of a design professional. If you're not a student of HGTV, do yourself a favor; invest in a professional home stager.
#3: Supply and demand will effect your sale.
The top line on this chart shows Newport listing inventory for the last two years. The bottom line shows home sales during the same period. The take-away? There's a lot more supply than demand (This would be a good time to re-read items 1 and 2.) While demand remains relatively constant, supply fluctuates. The period from February - May offers the most favorable ratio of listings to sales making this a good time to have your Newport home on the market. To see this chart for other Coastal RI towns, click here.
#4: Know your competitors, and track them doggedly.
Buyers can turn on a dime if a better value comes along. As new offerings come on the market, prices change and properties sell, your home's competitive position will change too. Stay on top of these market shifts via auto-emails or regular monitoring. Adjust your price and position accordingly.
#5: Seller's disclosures keep deals together.
Imagine how disappointed you'd be if you got your house sold then watched it all unravel after the inspections. Undisclosed deficiencies can be grounds for buyer cancellation. What's worse is there's often no penalty! Protect yourself. List all known imperfections - large and small - on your 5-page seller's disclosure. Provide a copy to every buyer who walks through your door. Defects listed in the seller's disclosure are generally off limits for post-inspection negotiations, and this could save your sale.
"If you think hiring a professional is expensive, wait 'til you hire an amateur." Red Adair
Good market knowledge, risk management, a fair price and/or good condition can get your house sold - even in a tough market. Selling a home is hard, but it's easier with someone who knows the ropes. As Red Adair liked to say, "If you think hiring a professional is expensive, wait 'til you hire an amateur."
Our agents sell 4 TIMES AS MANY HOMES as the regional average. To learn how they can help you, click here.