Jul 3, 2009

Check Out Your Competition

Prior to listing your home for sale, I always recommend checking out the other homes in your area that will be your competition.

If you want to get top dollar for your property, you need to be the top house in the neighborhood. The only way to know if you are is to check out the other homes in your area. Visit open houses or have your agent take you to see a few homes that are similar size and/or similar price to yours. Even though you love your own home, try to be objective and think like a typical buyer who is spending the amount you want for your house.
Every buyer that is coming into your house is also going to view these other homes. If their kitchens and baths are remodeled and yours isn't, then you need to either update it to the level of the other homes or lower your price to make up for it.

Listen to comments as people are walking through these homes and you'll hear what is important to buyers in your area and what they expect. Too often sellers think their property has extra amenities that should raise their asking price. Often they are surprised to find out that their 'upgrades' simply meet the standard expectations of buyers. Visiting homes on the market in your neighborhood will help determine how you stack up. While you're at it, check out how the homes are being marketed (both inside the property and on-line).
Typically, I view homes in my area (on a weekly basis) when they come on the market. I know what the competition is like. As a seller, you should too. Then you'll know how you rank with the competition.
You've got one shot at getting the buyers to love your house over the competition. Get it right and you won't have to worry about the competition any more. [where: 75230]

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