Return to Normalcy

Welcome back normal real estate market rules. Like it or not, the forces that defined real estate prior to the boom are back in effect. Sure technology has made communication easier and faster, but it is still a business of human to human contact and pricing is still more of an art than science.
No longer can owners add five percent to the last sale, stick a sign in the ground and wait for the multiple offers to roll in. If there were a good blanket rule, you need to be as close to the middle of the pack or lower to have the best shot. Another important strategy to consider is pay attention to how search engines address price. When possible, price it so it comes in multiple price searches. For instance Realtor.com has preset price of $125,000. Pricing your home at 126,000 means anyone looking at homes for $125,000 or less will not find it. Trying $125,000 means that you will be seen by both consumers looking above and below. Also, being close to the starting point means your home pops up earlier in the list.
Not only must the price be right, but condition and function must also be spot on. Fresh neutral paint, clean, odor free, and in good order are critical. Do you have pets? Chances are non pet owners will smell them, take steps to minimize this. Think before you make your favorite curry fish dinner. Although it sounds divine, the lingering odor will drive your buyers out in droves. Have all the appliances and systems checked over by a professional. Keep the receipts for all the improvements and inspections out for your potential buyers to see. They will be impressed with how diligent you are as a homeowner and help justify your price.

People often ask me if putting in another bathroom or other addition makes sense as far as helping to sell their home. It comes down to what features are the expected norm in your market. If most of the homes in your neighborhood have two and a half bathrooms and your home has only one, it might make sense to look into a bath addition. Realtors have access to Return on Investment reports for you area. Ask for one before entering into any home improvements.

That is my bit for now. Next time, good stuff for buyers. I would to hear from you, let me know what you think, and hear your stories. You know where to find me. Or go to www.JPMackey.com.