Success Formula for a Quick Sale of Your Home

October 17th, 2010 by Anne West
Categories: Real estate

In the world of real estate the mantra has always been “location, location, location.”

But these days, the new mantra seems to be “price, price, price”, and there’s no doubt that price is what’s on everyone’s lips.

But the mantra really should be “value, value, value” because, in the sale and purchase of anything, whether it’s a house, a car or a pair of jeans, it’s always been about value. In other words, the quality you get for the price you pay. It’s really a very simple formula:

Value is the subjective assessment which the customer and/or the market makes about the overall worth of a product or service based on its quality and price.

There are three components of quality when it comes to buying a house: features (square footage, # bedrooms, etc.), location and condition (is everything in good repair, is it updated, does it show well?). If the buying public perceives your house to be the best house at its price point, then the house will sell. If it’s not, it won’t. Simple as that. You can’t settle for “as good as” other similarly priced houses (which, are not selling, by the way); it must be the BEST house at its price point (and you need to force yourself to be objective about this). If other competing houses are more updated or in a better location or have better features, then you’d better make adjustments until it IS the best one.

Since you can’t change the location and you can’t (easily) change the floor plan or other permanent features of the house, you have to take control of those things you can control: the condition of the house and the price. In most cases you can improve the condition by making repairs and inexpensive updates and staging the house to show it off to its best advantage.

But that may not be enough. If you’ve fixed and updated and staged and it still doesn’t measure up to the other comparably priced houses, then it’s time to adjust the price, until it is the clearly BEST value on the market.

If you follow this formula, your house WILL sell, even in this market.

Tags: home selling tips

This entry was posted on Sunday, October 17th, 2010 at 3:09 pm and is filed under Real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.