The most important factor to sell your house fast and at the best price is to price your home realistically right from the start. The first few weeks that your home is on the market are critical. A newly listed home has the greatest chance of attracting attention from buyers that are currently shopping for a house.
By pricing your Connecticut home realistically right from the start, and inline with the current market, you will capture all the pent up demand that exists in the market for a home with your features and price point. This, in turn, will increase the chance you will receive multiple offers and sell your home at its highest price.
There are several problems when you price a home for sale too high
An overpriced home will never appear on your buyer’s list of homes for sale.
Buyers will only look at homes within their price range and will not consider looking at your house if it falls above their price range.
Your house will pale in comparison to correctly priced homes that are larger, offer more amenities, and have a more desirable location. The likelihood is that most buyers won’t even want to see your house. As the days on the market increases your home desirability decreases.
A home that is on the market for a long time becomes stale. It loses the interest of potential buyers. Even worse, when a house is on the market for a long time, buyers and real estate agents think there may be something inherently wrong with your house. Once this happens, you may have to make a significant price reduction, even dropping the price below market value, to sell your home.
If you want to sell your home fast, don’t price it based on your needs
It is tempting to price your home based on the amount of money you need to purchase a new home or pay off bills. You must be as objective as possible. Ask a real estate agent to prepare a Comparative Market Analyze for you and carefully analyze the data. Remember that a buyer will only pay you what the home is worth in today’s market, regardless of how much money you may need.
If you want to sell your home fast, don’t price it based on your neighbor’s listing price
Many home sellers make the mistake of pricing their home based on the neighbor’s asking price. You see, a “for sale” sign go up on a neighbor’s house and call to find out the price. Many home sellers make the mistake of pricing their home based on the neighbor’s asking price. This approach can lead you to overprice your home. For all you know, your neighbor may be asking for a price that is totally unrealistic. Even if your neighbor’s house sells, it could be because your neighbor lowered the price and eventually accepted a lower offer.
If you want to sell your home fast, don’t price it based on the sales price your neighbor tells you they have received.
Since neighbors don’t want to be perceived as showing a socio-economic inferiority, it is common they will exaggerate the sales price of their home. Before using a neighbor’s sale as a reference, verify it by having a real estate agent confirm the sales price. They can do that by looking up the data in the Multiple Listing System. The Multiple Listing System, more commonly known as the MLS, is a database of historic and current real estate listings in a local area created, maintained by members of the National Association of Realtors.
The MLS will give you an idea of the sales price of homes that have sold that are similar to yours as well as the condition and any concessions that were offered to prospective buyers. Seller’s concessions decrease the final amount that a seller receives. This masks the true sales price of a home.
If you want to sell your home fast, don’t price it based on what you invested in the home
Sometimes homeowners invest in improvements that only have real value to them. They may customize a home with an oversized Jacuzzi, professional grade kitchen or top of the line ceramic flooring. Unless these improvements are in line with other homes in the neighborhood, it is unlikely a homeowner will recover their investment.
If you want to sell your home fast, price it based on the market value
A local real estate agent can help you figure out your home’s market value by preparing a Comparative Market Analysis (CMA). A Comparative Market Analysis helps you come up with a home’s value based on the sales of comparable homes in your area.
Among other factors, a CMA takes into account the home-style, lot size, square footage, age, condition and location of your home and compares your home to similar homes that have sold within the past six months. The subject house is compared to a minimum of three sold comparables. If a comparable offers more amenities than the subject property, a dollar amount is deducted from the home's final sales price. Conversely, if a comparable is inferior in some respect to the subject property, a dollar amount is added to the inferior comparable sales price.
By adding or subtracting a dollar value to each comparable sales price, an agent can level off the differences that the comparables may have to the subject property. In the end, you will have three adjusted sales prices that should give you an accurate sign of your home's market value. With this data, you will have enough information to accurately price your home according to its market value.
What If My Connecticut Home Needs Repairs?
If your home needs a lot of repairs or a major renovation, it can be very difficult to sell a home with an agent, even if you price it correctly. Most traditional buyers are looking for a home for their family that’s in good condition with no risk of costly repairs. Those buyers that are interested will quickly find out it is virtually impossible to get a mortgage on a home that needs a lot of repairs. The average buyer neither has the capital nor the experience in buying and fixing homes.
Call CT Cash Homes and sell your Connecticut home, fast and at a fair price – guaranteed
We buy houses in as fast as 7 days or at your earliest convenience, no matter your home’s condition or your personal situation. And since we are cash home buyers, when we present you an offer, your house is as good as sold.
With CT Cash Homes you don’t need to stress over real estate agents, home inspections, appraisals or buyers’ mortgage approvals. We will take care of everything. We’ll even pay for your closing costs and never charge you a fee or commission. Let us guide you through the entire selling process, to make the sale of your home smooth and worry-free.
Call CT Cash Homes at 860-249-0950 to schedule a confidential, no obligation meeting. We will gladly answer any question you may have and show you how easy it is to sell your house. Count on us to understand your needs, provide solutions to your problems and deliver exceptional service.