Pricing Your Home For Sale
Setting the correct initial list price is one of the most important decisions that home sellers make in today’s market. The initial list price will impact both the amount of time a property takes to sell and the final sales price. Research shows that when a house is overpriced upon the first day of its listing, and subsequently requires price reductions, it will take up to three times longer to sell that house in the Colorado Springs market compared to a house that’s priced right from the start.
Sellers will benefit from my professional advice when it comes to effectively pricing a property and understanding today’s market trends. I am knowledgeable and skilled with expertise and guide customers through today’s complicated process.
I have developed specialized tools to help you properly price your property. I can give you up-to-the-minute information about the Colorado Springs real estate market, including specifics about what is happening in your neighborhood. Contact me to learn more about the value of your home.
Learn more about your local market conditions by visiting my website.
Preparing Your Home to Show
You never get a second chance to make a first impression. The “curb appeal” that your home offers a prospective buyer is extremely important.
Begin with yourLawn and Landscape
Begin by fertilizing your lawn and mowing it regularly to keep it looking manicured. Remove any debris from planter areas and add colorful fresh flora to flower beds. Keep it neat and trim, and always remove ice and snow from steps and sidewalks during the winter.
Your front door is a welcoming sign to prospective buyers
Make sure it is clean, and paint it if necessary. A seasonal decoration, such as a wreath, adds an inviting touch.
Wear and tear makes buyers uneasy
Minor imperfections that we often overlook in our own homes tend to turn prospective buyers off, because they overestimate the cost of repairs. Faded and scraped walls, as well as any scratched woodwork, should be restored to good condition. A little paint and furniture polish can go a long way in increasing the appeal of your home.
The brighter the better
Clean windows and open draperies highlight your walls and ceilings. By letting in natural light, you are letting buyers see how bright and cheery your home can be.
Buyers have a hard time looking past clutter. By removing items that you seldom use, you let people see the space your home has to offer. Items such as newspapers and toys should be put away, and stairways should be clean and free of clutter as well.
A clean kitchen is a must
Many buyers judge housekeeping based on the condition of the oven and the stove. Make sure both look as shiny as possible. Clean the interior of your dishwasher, removing stains, especially on the door. Clean out your kitchen cabinets, packing away unnecessary items. Countertops should be clean and free of clutter, as well.
Sparkling bathrooms will help sell your home
All tile, grouting and linoleum should be clean and free of soap scum. Fixtures should be free of water marks and polished. If there is a window in your bathroom, open it to allow a fresh breeze to flow through.
Make closets and rooms appear larger
By removing items that can be packed or stored elsewhere, closets appear neat and organized, making them seem larger and more enticing to buyers. Don’t overlook your utility space – The attic, basement, garage, and other utility spaces should be as neat a possible, so remove any unnecessary items. Any dull walls are easily brightened with a fresh coat of paint. Damp, musty smells are quickly cured by placing bags of limestone in moist places.
Check major repairs
Major appliance repair is something that very few prospective buyers would look forward to. Drain a pail of water from the heater in order to remove rust particles, and change the filter on the furnace. Applying oil to noisy appliance fans is a quick remedy. Be sure not to overlook cleaning the exterior of the water heater, furnace, and other major appliances that will be seen by prospective buyers.
Making Repairs Now May Bring You a Higher Price Later
Since buyers tend to overestimate the cost of most repairs, it is generally in your best interest to make necessary repairs yourself rather than leave it to them. Dripping faucets and cracked molding also suggest neglect to prospective buyers. If closet doors or screen doors are off track, or if doorknobs are loose, fix them. By fixing them now you should be able to get top dollar for your house.
Too many cooks spoil the soup
Having many people in the house while it is being shown can be very distracting for buyers. Try to have as few people around as possible to put the buyer at ease to absorb all of the advantages your property has to offer. Most people like dogs, but they distract attention, so try to keep your pet out of the way during showings.
Let your broker do the talking
If a prospective buyer asks you questions or starts a conversation about your home, be polite, but try to avoid entering an in-depth discussion with them. Your broker is trained to increase the buyers’ interest in your property and easily overcome objections they might voice.
In order to best highlight your property remember to turn on porch lights and any other outside lights for night showings. Inside, try to have the house well lit throughout when the hour of appointment nears.
Sell the house first
Do not attempt to sell the prospective buyer furniture, rugs or drapes in the house, as this practice will detract from the interest created in your home. If any property is desired by the prospective buyer, discuss these issues with your broker at a later date.
Property Showings Should be Without Distraction – If too many people are in a house while it is being shown to a prospective buyer, it can be distracting at the very least . That’s why it is so important that the potential buyer be put at ease, when viewing your home in order to fully absorb all the amenities and advantages your property has to offer. It is also a good idea to keep pets, particularly dogs out of the way of all showings.
I Have The Resources!
I have all necessary contacts to assist you in every step of the sale of your home: stager designers; professional and licensed contractors and landscapers. My assistance extends beyond the sale process to help you convert the property into “ready to list” condition.
How to price your property:
Prices should be grounded in reality rather than wishful thinking.
Step 1: Abandon your personal point of view. Step out of your shoes and be a shopper. How much would a willing, ready and able buyer be willing to pay for your home? Buyers do not care how much you paid for the home, how much you need from this home to purchase the next home or how much time and money you have invested in hardwood floors or landscaping.
Step 2: Trust and gain insight through your customized CMA (comparable market analysis) that Chad Penkhus will prepare for your home. The CMA is an accurate analysis of the homes that are comparable that have sold in the last 6 months. Price per square foot is also considered. Note: ACTIVE home prices can be considered, but SOLD is the operative word when gauging your SALES price. They are active and not sold for a reason. Remember that you want an honest opinion; not an agent that will suggest a flatteringly high price in order to get your listing only to demand a price reduction in 30 days.
Step 3: Consider market conditions. Are homes selling quickly in your neighborhood? Are prices rising or declining? Are you selling in a buyer’s market or a seller’s market? Will your home be on the market in the spring home buying season or the dead of winter?
Step 4: Consider additional factors. Some buyers are looking for more than just the price. Can they move in the home when they need to? Can you the seller finance the home? The more creative and flexible you are in meeting a buyer’s needs, the more success you will have in selling your home. Do not be tempted to figure what you paid for the property, add a healthy mark up and start packing!!!
Marketing your home:
I will present your home to a select group of buyers who have been pre-qualified to purchase a home like yours. The most important thing is to get your home sold and at the best price for you!!!
There are a number of actions Chad Penkhus takes to create as much awareness as possible for your home:
* Network With Other Brokers Working to Sell Your Home: I will present your home to top agents in the area and their numerous clients. I work in the top office in the Colorado Springs area and enjoy many business relationships. RE/MAX being number one in the nation allows us access to out of town buyers who have confidence in our service, training, and experience.
* Take multiple quality digital pictures of your home both inside and outside that will be placed on the Multiple Listing Service which can be accessed by the approximately 7500 local Realtors and all prospective Buyers, locally, nationally and internationally
* Place yard signs & directional signs where permitted
* Prepare ad copy for your listing brief and for local advertising publications
* Design quality marketing materials in the form of colored brochures of your home, property postcards for target markets, ad copy for media advertising– inclusive of internet sites, newspaper & magazine advertising
* Prepare a home book that details all property marketing information including the amenities & features of your home, schools for which you are zoned, neighborhood & area information, Association information, financing & promotional incentives, i.e. everything a buyer would need to make a decision on purchasing your home
- When I market your home for sale online, thousands of potential buyers can preview your home worldwide on the internet including my Website. Over 90% of all buyers of real estate surf the Web before buying their next home. Place listings on all available Internet sites, such as, RE/MAX, Zillow, Realtor.com, Trulia over 350 other sites. Your website presence is guaranteed to be stellar.
* Create marketing Brochures: I will present the very best features about your home to inquiring parties using informative and inspiring full color Email and print brochures of your home.
* Send Direct Mail Campaign: One of the many ways we will market your home is through our sophisticated direct E-mail and print market campaign.
* Utilize Printed Materials: While a web presence and direct mail campaign are very important in marketing, utilizing a variety of publications, we have been successful in reaching buyers with the homes for which they have been searching.
* Convey Appreciation and Attention of Quality: I have been involved in the construction and remodeling of custom homes. This experience gives us the insight on how to best highlight the quality and unique features your home has to offer and how to convey these special features to prospective purchasers–features about your home that might otherwise go unrepresented by the untrained eye.
Top Seller Mistakes
Mistake 1 >>> Sellers are unwilling to depersonalize or de-clutter the home.
Mistake 2 >>> Sellers who like to play tour guide for showings
Mistake 3 >>> Sellers unwilling to make repairs prior to listing the home
Mistake 4 >>> Pets at home during the showing.
Mistake 5 >>> Difficult to set a showing time
Mistake 6 >>> Sellers unwilling to negotiate with buyers
Mistake 7 >>> Unpleasant odors in the home
Mistake 8 >>> Picking the wrong agent (you won’t if you choose Chad Penkhus)
Mistake 9 >>> The home is just plain messy
Mistake 10 >>> Bad photos in the MLS
Mistake 11 >>> The home is overpriced
TIPS TO MAKE YOUR HOUSE SHOW LIKE A MODEL HOME – (for less than $200)
If you are trying to sell your home, it really pays to make the extra effort to impress your buyers.
There have been studies that show it takes buyers only seven seconds to decide whether or not they are going to buy a home once they set foot in a house. That is why it is so crucial to make a good impression. That starts with curb appeal and the front porch!
However, not all of us have the cash on hand, or the time and energy to do things that are really going to flip your home over to the next buyer quickly. For instance, not everybody has the cash on hand to install a brand new flashy Jacuzzi complete with freestanding brass towel warmers and new stone tile floors. However, you might have the money on hand to install designer faucets, paint the walls, and replace the old cabinet pulls.
Here are some quick and easy ways to make your home show like a model home for under $200. These are easy-to-do tips and the type of thing an interior decorator would advise you to do to help set the stage so your property is more attractive to buyers. The goal of this top ten list is to give you hints on how to make your home show better than your competitor’s home on the real estate market!
- Clear all Clutter – You can get rid of all of the junk in your home at no cost to you! Simply get rid of anything you don’t need and haul it away in your car to the nearest dump or favorite charity. This means getting rid of “stuff” in the front yard, back yard, hallway, and garage. Studies have shown that people perceive clutter as being indicative of a property that is decrepit or not worth much money. They also associate it with decay and the presence of vermin or bugs. Even things you are actively using should be tucked out of sight before a house showing. This means clearing your kitchen counter of appliances like George Foreman Grills, or blenders, or anything else that takes up counter space. One thing in particular you need to get rid of is ashtrays. People consider houses that have been smoked in to be less desirable and also smelly. Outside, you should make sure that your garden hoses are coiled up, your birdbath is clean of leaves, and that you do not have sports equipment or bikes lying around your front porch.
- Get Rid of Evidence of Pets – If you have a dog or cat, send them away for the day. Hide the litter box and any evidence of its aroma. Vacuum pet hair from the home daily and keep yard clean and fresh. Houses with more pets are also considered to be less desirable than ones with no pets at all.
- Get Rid of Kid Clutter and Dirt – Get rid of strollers on the porch, inflatable kiddie pools in the back yard, and any toys that may be lying around in the hallway. Get rid of baby gates and make sure there are no hand prints or crayon drawings on the wall. Studies have also shown that homes that have kid’s stuff strewn about are considered to be less hygienic or valuable that those that do not.
- Clean Up the Front Yard, Porches and Patios– The front yard and porch are very important as that is what your buyer will first see when they approach the home. Make sure that the grass is cut and that the garden is nicely tended. If you have to, reseed the lawn and plant a few decorative bushes. It also does not hurt to spruce up the front door with a coat of paint and replace the house number plates and the doorknocker with new versions. It also helps a lot to get rid of dead trees or bushes that may be on the property. Many people associate that with a lack of caring for the property.
- Walk in Your Front Door – The path to your front door and the driveway are also very important. Most of the time homeowners use the garage entrance and never go in the front door or sidewalk. Make sure that the path is clean and clear; this is a buyer’s first impression of your home and they will be standing and looking around while the agent unlocks the front door.
- Paint Rooms That Need It – If you have a wall that looks scratched up, beaten, or damaged, you are well advised to paint it. This can go a long way towards making a home look less shabby. You should also make an attempt to plaster any holes or crumbled parts of walls in your home as well.
- Replace Some Fixtures – If your chandelier or light fixtures look dated, then go to some trouble to replace them. You can also make a home look more contemporary and like it is worth more money simply by making a few cosmetic changes like changing the light switch plates or electrical plates to designer versions.
- Change the Faucets and Spouts – Sometimes you can make a kitchen or bathroom look really glamorous simply by changing out your old faucets and spouts for glamorous new ones. There are lots of different styles on the market that can instantly transform a sink into a contemporary silver masterpiece of design and many of these fixtures also cost less than $200. Furthermore, it can be quite easy to install these fixtures all by yourself. A tall spigot on a kitchen sink can make it look suddenly very European and modern. Replacing the showerhead in the bathroom with something quite snaky, long and silver with several water flow options can also help it seem more luxurious and expensive.
- Provide Flowers and Greenery – If you have cleared all the clutter, then you should have a home that looks more simple. One way to augment this air of designer sophistication is to put flowers or vases of tall grasses in several rooms. If you have a dining room table, it is quite a good idea to put a display of fruit or flowers on the center table to make it seem more glamorous or traditional. It is also quite chic to place a small display of flowers or bamboo in the bathroom. A rose floating in a bowl of water looks nice reflected in a dresser mirror in a bedroom.
- Staging – A service we provide for you. The benefits of this are usually a faster sale and more money for your property. An objective set of eyes can determine on what exactly it is that can make your home look fresh, appealing, and attractive to others. With an eye for design and just a few hundred dollars, you can usually make small changes to your home so that it is more appealing to buyers all by yourself.