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How to Market Your Home

There are six basic elements in selling your home that will influence the success of its sale.

  1. PRICE
  2. Pricing a property realistically is the single most important factor in selling a home

  • Creates buyer interest and activity
  • The first thirty days are critical; when there is no activity, price is most often the problem.
  1. CONDITION
  2. After pricing, condition and appearance of a property are the most important factors in attracting buyers.

  • A good first impression of a house and property (curb appeal) to prospective buyers is critical.
  • An appealing interior is important
  • Practical steps can be taken to make a home look it’s best
  1. FINANCING
  2. Whether a prospective buyer can or will purchase a particular home is often dependent on financing. Especially in a mortgage market with high interest rates or tight money, the attractiveness of a property will be enhanced by a seller’s:

  • Ability to offer financing assistance (assumable mortgage, payment of closing costs or discount points).
  • Willingness to accept non-conventional financing (VA, FHA).
  1. COMPETITION
  2. Knowledge of other similar houses currently on the market is significant. It assists the seller in:

  • Determining price
  • Deciding what needs to be done to make a house more competitive in terms of condition and or financing.
  • Negotiating with prospective buyers
  1. MARKET CONDITIONS
  2. The number of potential buyers is strongly affected by market conditions. What is the current status of:

  • Mortgage interest rates
  • Housing supply and demand
  1. MARKET STRATEGY PLAN
  2. The effectiveness of the marketing plan is a crucial factor

  • It’s development and implementation is the agent’s responsibility. The selection of an agent, however, should depend on the agent’s reputation and the proposed market strategy. Call us at 773-430-3000 to discuss our proposed market strategy.

WHICH OF THESE ELEMENTS CAN YOU CONTROL?

  • The condition of the home and the listing price are the elements you can control. These elements can also be changed during the time the house is on the market.
  • Offering financial incentives is also an option you may want to consider. This may warrant consideration especially in a "buyers market".
  • The marketing strategy is the agent’s responsibility. But remember, you decide which agent you will list with and therefore, which plan will represent you. If there is dissatisfaction with the way that the agent is proceeding, discuss your objections.

The market conditions and the competition are of course beyond your control. It is best to put these issues aside and concentrate your efforts on pricing, presentation, market strategy and if necessary, financial incentives.

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