We’ve all heard it said,
“The most important thing in any real
estate sale is LOCATION, LOCATION, LOCATION!” For years
real estate agents have been peddling that line. However, whilst
location is important, it is only one of 5 important ingredients,
when mixed together, can make the perfect real
estate sale. Here's what's needed:
Estate Sale Ingredient 1. Location
There is no disputing that the location and setting
of your home will influences its value. Buyers are generally looking
for convenience, privacy and comfortable living. A home in a quiet
private cul-de-sac will usually sell for more than an identical
home on a busy street. A home in a remote area is likely to be
less convenient, so typically will sell for less than a similar
home in a close-in area. A location with views and trees will
usually enhance the value of a property.
In short; location can help, or hinder, a real
estate sale so is an important ingredient in the sales mix.
But there is a catch. Location is something that can't be changed
by anyone in the real
estate sale and negotiation process. So, contrary to popular
belief, location is not necessarily the "most" important
ingredient in the sale mix.
Sale Ingredient 2. Condition
Given the choice, most buyers would opt for a
brand new property in top condition. That's why new homes enjoy
a marketing edge over most resale homes. And builders enhance
the appeal by offering model homes that are clean, bright, tastefully
decorated in modern colors and with the latest in amenities.
Needless to say, the condition of a property
is an important ingredient in any real
estate sale. With this in mind; a seller with an existing
home has really only two choices: They can raise the condition
of their property to meet their asking price. Or, they can lower
their price to meet the condition of their property.
Estate Sale Ingredient 3. Pricing
A seller will need to convince both a buyer and
an appraiser of the value of your property. The buyer will be
more subjective and will compare the amenities of your home to
those of other homes in the same price range. The appraiser will
be more objective and will compare size, age and cost-identifiable
features in your home against other properties that have already
So, your home must be priced within the appropriate
range. If similar houses are selling between $200,000 to $220,000
price range, it does no good to insist on selling at $270,000.
Sale Ingredient 4. Marketing
You can have the best house on the market, but
buyers still need to know about it. They also need to know why
the property is worth buying. What benefits will the buyer enjoy?
Whether selling on your own or through an agent,
effective marketing is an essential ingredient in any successful
real estate sale.
Effective marketing can make a home stand out from every other
property in town.
Estate Sale Ingredient 5. A Motivated Buyer and Seller
There's an old saying "It takes two to tango"
and this is particularly true with a real
estate sale. Finalizing any deal requires the right balance:
- a motivated buyer = increased offer price
- an unmotivated buyer = reduced offer price
- a motivated seller = reduced asking price
- an unmotivated seller = increased asking price
The best deal is usually a WIN/WIN for both parties.
Bring together a motivated buyer with a motivated seller and a
deal is always on the cards. The likely outcome: the property
will sell for close to its true market value.
So, when you think about it; selling your home
is a bit like baking a cake. It takes the right ingredients, mixed
together in the right proportions and with the right amount of
care and attention. Do that and you have the makings of a perfect
real estate sale.
© Noel Peebles, Market Leaders FSBO real
Noel Peebles is co-author of the best selling
FSBO real estate book
"Home Selling Secrets Revealed."
For details http://www.forsalebyownerguide.com