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5 Tips to Sell Your Home for the Best Possible Price

RULE No. 1: Choose your Realtor with extreme care

It's likely that no other single factor will have as great an impact on the successful sale of your home than your choice of a Realtor. A Realtor brings;

  • Knowledge of the Real Estate market
    • knowing what similar homes have sold for and;
  • Qualified buyers rather than "tire kickers."
    • A Realtor will qualify the prospective buyer by finding out how much he can afford to spend,
    • whether the buyer has or can qualify for financing and;
    • how quickly he is able to move
  • Marketing Knowledge. Because the Realtor is working the market every day, a Realtor has the contacts, connections and exposure to attract prospective buyers for you.
Here are some things to look for in selecting a Realtor
  • Reputation.
    • Ask around. Do your homework. Find someone with a history of success.
  • A proactive integrated marketing plan.
  • In-depth knowledge of the Nanaimo real estate market.
    • Pricing, appeal and availability can vary dramatically within a single neighborhood or just across town.
  • Someone you feel good about
    • it's important you trust your Realtor and have utmost confidence in his or her ability to perform

RULE No. 2: Consult with experts to analyze your needs.

This could include an accountant or financial advisor, Realtor, banker, attorney, investment strategist, insurance Realtor, etc. Selling a home can have a significant impact on your financial picture and produce repercussions that continue long after the deal is closed. Evaluate your goals in selling your home carefully.

How you structure the deal, what kinds of terms you can accept, and how you price the home may vary greatly depending on your specific needs and circumstances. For example, if you need to sell quickly because you're starting a new job in another part of the country, you may price the home lower than you would if you had more time to sell.

RULE No. 3: DON'T over price or under price your home!

Getting the price right is critical to a successful sale.

Here are some common misconceptions about pricing.

  • Current price is a factor of original purchase price. The fact is markets change. Your home could be worth a lot more, or a lot less than when it was new.
  • All improvements add to the overall value of the home - Wrong! Many homes are over improved for their size or neighborhood. Some improvements add value, such as the addition of a garage or extra rooms in the basement.
  • What would it cost to replace? Replacement value is not a valid measure of existing property value - period. Just like a used car isn't worth the same as a new one, no matter how well maintained.

Overpricing could cost you far more than you ever hoped to gain.

RULE No. 4: Get a comparative market analysis (CMA) but don't stop there

How do you come up with the right price? The answer starts with the Comparative Market Evaluation. This evaluation is a comparison of other properties in your area that have recently sold. You will be able to compare size, age, condition, amenities and other variables with your own home. You will also see the listing price and sale price.

RULE No. 5: Pay careful attention to the condition of your home and "prep" it for quick sale and top dollar

The physical condition and appearance of your home are the factors over which you have the greatest control. if it needs repair, fix it! Put yourself in the shoes of your buyers. The devil is in the details.
  • Check walls for loose wallpaper, peeling paint, stains or signs of damage and touch them up.
  • Make sure all systems, (heating/cooling, central vacuum, etc.), electrical switches, appliances, and plumbing fixtures are in good working condition, too.
  • Home "staging" can make your home more inviting.
    • When presenting your home, take care to eliminate any unnecessary distractions.
    • The thermostat should be set at a comfortable 70-72 degrees.
    • The TV should be turned off, however some light music in the background might be appropriate.
    • Children and pets should definitely not be present and ideally, neither should you. Let your home sell itself.
©2021 Rob Grey - Personal Real Estate Corporation RE/MAX of Nanaimo - Each office independently owned and operated