After too much snow and inclement weather, the spring home selling season is finally here. That means across the nation, home buyers will spend their time browsing open houses, searching for mortgage rates and start bidding on the property of their dreams regardless of if it is being sold by a private seller or a bank, or as a real estate owned property.
In the current market place, private sellers may have the competitive edge, but still need to implement a smart strategy to ensure their home selling transaction is successful. Mortgage Marvel, the industry's leading mortgage rates origination tool, recommends tapping into the power of PMS (pricing, marketing and staging) to get the job done.
In a perfect world, a home listing price for 2011 will show a discount (to stay competitive in the marketplace), but also charge a premium for being in better condition than REO properties being sold 'as is'. That price tag can be achieved by analyzing comparables (AKA comps) and the fair market value of a property. The process involves a comparison of home sales transactions for the previous six months of similar properties within a half-mile radius. Upgrades, renovations, amenities, space and the age of the home must also be used in that calculation.
Once those results have been tabulated, a visit to the local multiple listing service sites can help pinpoint a final value. Individuals simply need to conduct a virtual search for properties that have been priced in the same sales range. After that research, a home seller can look at the competition, see how they stack up against them and tweak their asking price accordingly.
When composing a home description, picky home buyers are looking for keywords including square footage, bed rooms, bathrooms, general design features (such as architectural style, outdoor living space or a newly-renovated kitchen) and if the home is being sold by a private seller. Two types of ads should be written including a long form (to be used on marketing tools such as hand outs and brochures) and a more concise listing for websites such as the local MLS. Composing the long version first will allow for easier editing to shorter copy and proofreading is a must.
In many cases, the pen is mightier than the sword, however, a photo is the other must have marketing tool for a real estate listing. Otherwise, home shoppers may think that the seller is trying to hide something and have purposely omitted the image for sinister reasons.
Mortgage Marvel defines home staging "To decorate a home on the real estate market specifically to help the property sell." The act is done to strip out an owner's personal effects and make a property appealing to the masses. The process involves cleaning house, painting the home in neutral colors to set the mood and including some furniture to make a home look more spacious. Once those steps have been implemented, the final photos for the marketing materials can be taken and the listing can be published.
In the current market place, private sellers may have the competitive edge, but still need to implement a smart strategy to ensure their home selling transaction is successful. Mortgage Marvel, the industry's leading mortgage rates origination tool, recommends tapping into the power of PMS (pricing, marketing and staging) to get the job done.
Price a Home To Sell
Home buyers looking to tap into the excitement of 2011's prime selling season have the upper hand when compared to their home-selling counterparts. The nation is flooded with inventory, many of which have been discounted by 25 percent courtesy of foreclosure. Many REO homes are in excellent condition, however, some have been vandalized by the previous (and disgruntled) owners. Regardless of the condition, those properties are typically sold 'as is'. Private sellers have to take those factors into consideration when setting the listing price in order to spark the interest of an interested buyer.In a perfect world, a home listing price for 2011 will show a discount (to stay competitive in the marketplace), but also charge a premium for being in better condition than REO properties being sold 'as is'. That price tag can be achieved by analyzing comparables (AKA comps) and the fair market value of a property. The process involves a comparison of home sales transactions for the previous six months of similar properties within a half-mile radius. Upgrades, renovations, amenities, space and the age of the home must also be used in that calculation.
Once those results have been tabulated, a visit to the local multiple listing service sites can help pinpoint a final value. Individuals simply need to conduct a virtual search for properties that have been priced in the same sales range. After that research, a home seller can look at the competition, see how they stack up against them and tweak their asking price accordingly.
Marketing a Home
A home's real estate listing is the most important marketing tool for sparking an interest in a home and getting consumers thinking about their mortgage needs. Sellers will need to compose a winning home description and gorgeous photographs to entice potential buyers. First time sellers need to take an objective approach to the task, as potential buyers are interested in creating their own memories and not be subjected to those of the previous owner.When composing a home description, picky home buyers are looking for keywords including square footage, bed rooms, bathrooms, general design features (such as architectural style, outdoor living space or a newly-renovated kitchen) and if the home is being sold by a private seller. Two types of ads should be written including a long form (to be used on marketing tools such as hand outs and brochures) and a more concise listing for websites such as the local MLS. Composing the long version first will allow for easier editing to shorter copy and proofreading is a must.
In many cases, the pen is mightier than the sword, however, a photo is the other must have marketing tool for a real estate listing. Otherwise, home shoppers may think that the seller is trying to hide something and have purposely omitted the image for sinister reasons.
Stage to Sell
Barbara Corcoran, a real estate insider turned NBC correspondence, believes that staging a home will help a seller get the right price for the property as well as make the task easier. Only after taking the time to properly stage a home, can the infamous marketing photo be taken and home shoppers be invited in to explore.Mortgage Marvel defines home staging "To decorate a home on the real estate market specifically to help the property sell." The act is done to strip out an owner's personal effects and make a property appealing to the masses. The process involves cleaning house, painting the home in neutral colors to set the mood and including some furniture to make a home look more spacious. Once those steps have been implemented, the final photos for the marketing materials can be taken and the listing can be published.
