Selling Your Home Amidst Competition

Although some may think it is too difficult to compete against all the foreclosures and short sales on the market, it can be done – if sellers are smart and savvy. Below are five tips every home seller should know.

1. Price Point is the Key: Every real estate professional out there will attest that the number one most important element in the selling a home is deciding on the most appropriate listing price. Speak with your local real estate agent who is knowledgeable about the local market and can provide insight into what other homes are selling for in the area.
2. Appeal to Your Audience: According to Builder Magazine/American LIVES Survey 2010, almost 65 percent of home buyers are under the age of 45, with a decent chunk of them being in their 30s. Pay attention to their needs, personalities and life stages. Get creative – incentives are a great way to draw in these young home buyers, and monetary bonuses don’t just have to come from negotiation of the listing price.
3. Leave a Great First Impression: According to one study, 70 percent of women and 62 percent of men knew the property was “right” the first day they visited the home. The front door is particularly important because this is the area where a buyer will first step up to a home – and wait for a moment providing time to look around.
4. Everything is in the Visual: According to the National Association of Realtors, more than 90 percent of home buyers begin their search online. Providing your real estate agent with vivid pictures and video of the property that can be posted on websites can really make a home stand out from the competition.
5. Hit the Right Note with all Five Senses: It may sound crazy, but appealing to all five senses will do the trick when trying to sell your home. Think sight, sound, touch, scent and taste. Paint your walls, turn off your dishwasher, scrub your faucets, light candles and put out freshly baked cookies.

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