The 4 Factors of Selling A House
No matter how you choose to try to get your home sold, whether you go the For Sale By Owner route or you decide to hire a REALTOR® to help you market and sell your property, there are always four factors that will determine whether or not you have a successful sale. If one factor is lacking, the other factors must "make up" for it or you likely won't have a sale at all.
PRICE - Pricing is key, especially in today's buyers' market, to selling your home. For the fastest sale, it's very important to get the price right at the start. Markets vary, but that's usually at, or below, Market Value for the property (in it's current condition!). Determining true market value is only the first step. It's important to try to hit on the key price points for your market (and the Internet) as well, if possible.
MARKETING - If you priced your house for a $1 but you never told anyone it was for sale, would you be able to sell it? Marketing is all about getting the word out about your house. You need to be where the buyers are (the Internet) and property needs to be presented well (that's lots of GOOD photos and videos!). Simply put, agents can market a home better than a FSBO, especially on the Web. IF your a For Sale by Owner, this is one spot that you'll have to find other ways to make up the difference.
TIME - Why are you selling? It's an important question and often overlooked somewhat. If you're in a pre-foreclosure situation, job transfer or similar, time becomes the MOST important factor and the other factors must be adjusted to reflect that. On the flip side if your goal is to get nothing less than "Top Dollar" then your time on the market is likely to be longer. Overpriced? Be prepared to wait a long time. The market will eventually catch up to an overpriced house, but that could be months or years depending on how much overpriced you are.
THE SELLER - As the seller, you are the most important part of a successful sale. First, you are the ONLY ONE who can actually sell your house. You make the final decision to accept or reject any offers. Second, you're in control of several factors that will influence potential buyers on whether or not to even make an offer
Is the home staged and show ready? Are there repairs needed on the property that haven't been done? Are you making the home easy or hard to show? Have you rejected any showings?
Understanding the four factors is the first step to a successful sale of your house.