Selling Tips

Hi. I hope this finds you well. We are alive and well in Silver City. It's always nice - near paradise.

A few Selling tips courtesy of the National Association of Realtors (NAR). The suggestions from these NAR handouts will help Sellers prepare their homes for market. It's pretty straightforward stuff, but you would be surprised at how lax many Sellers are in doing what would seem to most of us to be normal preparation.

10 Ways to Make Your House More Salable 1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage. 2. Wash your windows and screens to let more light into the interior. 3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for. 4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows. 5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs. 6. Make minor repairs that can create a bad impression. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained. 7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway. 8. Patch holes in your driveway and reapply sealant, if applicable. 9. Clean your gutters. 10. Polish your front doorknob and door numbers. Search all Silver City New Mexico area Properties The following suggestions when followed will make selling your home an easier and quicker process. 5 Ways to Speed Up Your Sale 1. Price it right. Set a price at the lower end of your property’s realistic price range. 2. Get your house market ready for at least two weeks before you begin showing it. 3. Be flexible about showings. It’s often disruptive to have a house ready to show on the spur of the moment, but the more often someone can see your home, the sooner you’ll find a seller. 4. Be ready for the offers. Decide in advance what price and terms you’ll find acceptable. 5. Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, be prepared to lower your asking price.

Don't let the Days on Market (DOM) get too high before considering reducing your asking price. And if your house is listed now, but it seems that you are not getting any action from potential buyers, take action. - Call your Realtor and discuss if price is the problem and if so what price will get the job done. Don't wait for your Realtor to bring it up before discussing price reduction.

L8TR ---Archer---->

Sellers and Buyers! Not Happy with the agent you are working with? Maybe it's time to at least consider making a change. Contact a local professional that understands tough markets - a Realtor who is used to getting results.

Seller's Biggest Mistake

Home Sellers' Biggest Mistake*

Homes hold treasured memories. It's common for sellers to be emotional about selling their home. Some are overcome by seller's remorse before the ink is dry, and some openly cry.
However, there are many sellers weeping for a different
reason. They sob because they can't sell their home.

The Home Pricing Mistake

By far, the worst home selling mistake a seller can make is putting the wrong price tag on a home. If the home is priced too high, buyers won't look at it. If it's priced too low, sellers give away possible profits.

Pricing a home to sell is a bit math and and a bit science. It is also an art. A big part of determining the fair market value of a property is based on a comparable sales model. Recent comparable sales as well as the home's location, lot size, and condition are key factors that must be considered in pricing. Comparative Market Analysis (CMA) also include status of general market condition and health, current and projected inventory, and the size of the pool of buyers looking at your property type. The CMA process of determining a fair market value for selling your home is NOT an emotional process.

I feel this is worth restating.

The process of determining fair market value for your home does not include any kind of emotional input.

If a property seems way overpriced (using the CMA model), buyers who like/want to buy your property might submit low ball offers based upon their (or their agent's) view of what is a fair market value. This can and does (too often) kill any chance at further negotiation, resulting in an immediate offer rejection. Extremely low offers (vs. the listing price being asked anyway) tend to infuriate even insult some sellers regardless of whether their price was spot on or not.

IMO - An agent that allows a seller to list at an unrealistic and unreasonably overinflated listing price, without explaining the potential downsides of doing so, is perhaps putting his own interests first before his customer's interest. Stories of agents deliberately overstating the value of a home or agreeing to list at an owner's overinflated valuation just to get the listing agreement signed are numerous. The bottom line is when sellers list unreasonably high, they lose competitive edge early on as a "new" listing, and then lose again later when forced to reduce the price - now as a very well seasoned listing. It's a fact that sellers who "test the market" or who fear "leaving money on the table" can get stung.

It is far better to under price than overprice a home for sale because if GETTING IT SOLD is your short term need and goal, at least it can happen. Seriously underpricing is not usually a problem as most sellers and agents naturally tend towards the upper range of reasonable when setting listing price. Statistics have shown that listing only 3% below fair market value gets improved showings and reduction in days to closing. Not suggested here, but listing at 10% below fair market value gets much quicker time frames and smoother closings overall. (There is a pool of investors who have cash or financing in place, and these value investors get interested in all kinds of property when instant equity +10% is possible).

The RUB - So how do I price my home so that it will get shown (and ultimately sold) without leaving money on the table?

Your best bet is to have an (unbiased) appraisal done. In NM you must be specifically licensed to do an appraisal, and therefore the data they provide has legal weight. As an option to spending the $$$ that a licensed appraiser charges for services, a close second is to contact a Realtor who will provide you with hard data in CMA form. Many of us, as Realtors, routinely provide CMAs at no charge to prospective sellers. Your better and more responsible agents always look at the market data BEFORE agreeing to list at your desired price. You may be right on with your property valuation, but I think market analysis (even informally presented) is an important and necessary part of the listing process.

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What is my house worth in today's market?

Visit Archer's Dream Home New Mexico

Use the online form to request your free CMA (Seller's Market Analysis).

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Do I choose the agent who says he can get me the highest price or agrees to use the price I want to ask - without first doing research on comparable sales and competing listings?
NO! Especially not if the agent you are interviewing suggests listing high and mentions you can always reduce the price later on. You might want to question how experienced and in the know he/she is. Don't get stung by dreams and stories with unreasonable expectations.

When reason fails and we are having a difficult time separating the facts from the emotions we feel, we can always trust the numbers to keep us honest. You know what it feels like it is worth to you, you know what you paid for it and what you put into it, and when your value meets common ground (similarly priced) with the CMA data, you can say that you have a real handle on the market. A this point. you are not leaving money on the table, and you have given your home a good chance at being sold in the shortest time frame. L8TR ---Archer---->

*A Close Runner Up in the voting for the Seller's Biggest Mistake was in choosing the wrong Realtor. IMO - This is the biggest mistake that either Sellers or Buyers can make. Whether buying or selling property, it is important to work with an experienced professional who you are comfortable with and who understands the market conditions for the type of property with which you are involved. He must understand and proceed based upon your motives -not the other way around.