If you are preparing to sell a home in Austin Texas, these 3 tips on condition and price can help you understand how crucial these components are for a successful sale. Many have heard that the three most important things about a home are LOCATION, LOCATION, and LOCATION. Well, that may be true, but location is the one thing that homeowners can't change. But two things that you CAN influence: CONDITION, and PRICE. Let's talk about those:
In preparing to sell a home in Austin, you are facing better odds than many other places in the country where the economic downturn has created huge gluts of inventory on the market. Here, the months of inventory citywide is about 7.6 (up from around 6+ in recent months, but still, not too bad.) Six months of inventory is considered to be a "balanced market", by the way. With Austin, Texas inventory numbers going UP, this makes TIP #! partcularly important:
* Get your Austin home in the best condition possible BEFORE listing it. I describe this as "looking as much as possible like a model home where real human beings don't live".
Why? Because buyers have no imagination. PERIOD. Even those buyers who say they wouldn't mind a little cosmetic fixup ALWAYS end up buying the home that is closest to turnkey, model-home condition. (Except for some seasoned investors). Why? Because really, even when buyers say they are looking for a "deal", they will ultimately pay more for a home that has already been tastefully updated with nice, neutral colors, and that has no obvious "projects" that need to be handled before they can move in & start enjoying the home. NO, letting them "pick their own colors" doesn't work! Neither do "decorating allowances"! It would be nice if they did. But they just DON'T! Which brings us to:
* Find a good REALTOR(R) to consult with you on condition AND price. An experienced REALTOR(R) will know how to tell you the truth about your home's condition, usually with compassion. Listen to them and follow their advice on what repairs and upgrades to do, UP-FRONT. Most of us have a list of reliable contractors who can complete recommended work for you and do a great job. Even if the repair-and-upgrade part of the pre-listing timeframe takes longer than you anticipated, it is better to properly prepare your home for sale by putting it in the best condition possible BEFORE listing, than to list it and then finish up your punch list. Remember: Buyers have NO imagination! Now let's move on to
* To sell your Austin, Texas home, Tip #3 is: Take your REALTOR(R)'s pricing recommendation, which should be in the range with other, similar homes with similar size and features that have sold in the last few months. Your REALTOR(R) will have to be able to justify your contract price to your buyer's lender's appraiser (NOT the tax appraiser!) with at least three solid SOLD properties in the area. They can go over the comparable sold (and active, competitive listings) with you and explain where your home's price belongs in the range of value they have researched for you. Remember that even if you're "not in a hurry", pricing your home CORRECTLY, FROM THE BEGINNING, is the other critical key to selling your home.
When it comes to selling a home in Austin (or anywhere), CONDITION AND PRICE are always the main considerations!