Last month, the average percent of list price received by Long Beach sellers was 100.4 percent of list price, compared to 97.4 percent the previous June, according to figures from the Multiple Listing Service (MLS). We had one listing that sold for 115 percent of list price but many sold for well below their listing price.
What makes the difference between a home that sells quickly for top dollar and one that sits, languishing on the market?
Pricing strategy is one key component. In a market where prices are increasing, it can be wise to price your home a little below the competition. Homeowners may be uncomfortable with this idea, but it’s the SELLING price you take to the bank – not the LISTING price. And if buyers flock to your home and push the price up with multiple bids, it’s far more beneficial than overpricing the home and then reducing it down to the point it should have been at in the first place. That strategy often results in the lowest selling price.
Another key component to getting top dollar is making sure the home is in top dollar condition. That sounds self-evident, but some sellers overlook this. Make sure the curb appeal is top notch because no matter how good the interior of the home looks, buyers will already be judging the home before they walk through the front door. Landscaping spruce ups, fresh paint and sparkling windows help make a great first impression.
Inside, make sure the home is uncluttered, well lit, and that it smells nice. Consider hiring a stager or watch staging shows on HGTV to get some ideas on “do’s” and “don’ts.” Ask an experienced, local Realtor to provide you with tips on what you might want to do to your home.
Sometimes homeowners think they should tackle big projects before putting the home on the market – that bathroom or kitchen remodel they’ve been meaning to get to. But you will seldom get back the full amount of that investment. Simply refreshing with paint or new counters or floors may give the biggest bang for the buck.
Hiring the right agent is also critical to the sale. Make sure you choose an agent who is experienced and knowledgeable about your local market. You want someone who is tech-savvy and has tools to help get your home sold, someone who is a good negotiator and has connections within the industry. Ask for referrals from people you know or consider finding someone based on reviews from Yelp.com or Zillow.com.
If you are thinking of selling your home this summer, it’s not too late yet but time is definitely of the essence.
If you’d like to find out what your home is worth, email [email protected] or call 562-896-2456 today. You can also request a fast, free Market Snapshot, showing all the market activity in your area by clicking here.