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5 Things Your Realtor Wants You To Know

By stephanie - August 22, 2015
350 Wayland Avenue

350 Wayland Avenue, East Side of Providence $1,595,000 - 6 Beds - 5 Baths - 6,373 Square Feet

  1. The goal is to sell quickly. The longer your home sits on the market, the harder it is to sell. What this means is that you, the seller, must list your home at a favorable price to buyers. The other option would be to risk letting your home sit on the market for a few months, which “depreciates” a day-by-day in terms of home buyer favorability.
The challenge is apparent in most buyer/seller situations. Often times, sellers are optimistic about the market and deem their homes to be a good investment. Buyers, on the other hand, don’t see it that way. The key is to set the price slightly below market value for your neighborhood. This number could be as small as a few thousand dollars below market value.
  1. Buyers: If you’re sure it’s the one, go with a full price offer. Remember, if the goal is to sell quickly, what better way to appeal to a seller than proposing a full price offer? Make sure that this particular home is the one first.
Sellers hope for a bidding war, and will usually end with offers below asking price. Get your dream home under contract by giving them exactly what they’re asking for. Some sellers take the risk of letting their property sit on the market and some don’t. The intention is to work with the latter.
  1. Avoid using Zillow’s “Zestimates” in your home appraisals. If there is one thing you can take from this article, it is this: Zillow’s “Zestimates” are nothing more than a flawed computer-generated algorithm. Does it compare comps around the area? Yes. Does it take other factors into consideration, such as market changes and home remodeling? No.
These estimates are flawed and cause a lot of tension between those in the real estate world and buyers/sellers. Please, please listen to your real estate agent when he or she tells you that Zillow’s “Zestimates” are just ballpark figures. Sometimes Zillow’s market values are off by 15% or more than what a home is really worth.
  1. If done appropriately, home improvements can add to your home’s value. The key word here is appropriate. What we mean is upgrading your kitchen with stainless steel appliances is a smart and appropriate add-on expense. Spending a fortune on an elaborate and quirky kitchen backsplash is a waste of time and money.
Keep in mind that a potential buyer is trying to imagine themselves living in their new space. So in this way, less is more. Especially if these home improvements add functionality, elegance and modernity to your home.
  1. Staging will help sell your home a lot quicker, and for a higher price. According to a surveyconducted by Realtors®, buyers most often offer a 1 to 5% increase on the value of a staged home versus a non-stages home, while 22% of surveyed realtors representing sellers believe the number is closer to 6 to 10%. That’s 10% more than asking price!
By cleaning, removing clutter and staging, you’re allowing space for a potential home buyer to visualize themselves living there. Some staging companies create real transformations, believe us. Why not invest in creating the best first impression possible? The aim is to create a home that is inviting, neutral in color, and bright. A tip: The most important room in the house to stage is the living room.

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Jim DeRentis
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