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Dump this house! How to
sell your home fast
5 mistakes anxious sellers
make, plus tips to get the highest sticker price
By Barbara Corcoran
TODAY SHOW
So, you need to get rid of
your house and you need to do it quick. Perhaps you have an adjustable rate
loan that is about to skyrocket, or maybe you just got a job in another
city. Whatever the reason, don’t panic. This may not seem like the best time
to dump your house, but if you follow my advice, it's possible.
Below are the five biggest
mistakes struggling homeowners make when selling their home. I’ll also show
you some foolproof home-selling tactics that will get you the highest
sticker price for your house.
The five big mistakes
overanxious homeowners make
Making small price
reductions again and again
Nothing smacks
of desperation more than incremental price drops. The longer a property is
on the market, the more jaded the buyers become. The more times the price is
cut, the staler the offering appears. Buyers reason that a lot of people
must have seen it and that a lot of people must have rejected it. And if
that is the case, then why even bother to consider it?
Instead, slash the price.
Find out what your house is worth by looking at similar properties in the
neighborhood and price it 10% below them. The most enticing houses on the
market are the newest and the cheapest. If you can be both, you’ll offload
yours in no time at all.
Hiring the wrong broker
There are many
ways of finding a good broker. Personal recommendations from friends and
colleagues are often the best way to go. If someone outside the real estate
business with nothing to gain is bringing up a broker, you can be pretty
sure you’re on to a winner. The best brokers — the top 10 percent — do 90
percent of all the business. So don’t get stuck with a lemon. You want
someone with enthusiasm and drive, someone who will give you the attention
you need and steer you through the whole messy process with courtesy and
professionalism.
Waiting it out
If you decide to
wait, you are joining the thousands of other homeowners who have also
decided to wait. When a few decide it’s time to take the plunge, you are
already too late. If you need/want to sell now, then sell now. There will
never be a better time.
Showing your house before
you get rid of your clutter
You wouldn’t try
to sell your car without first clearing it out, would you? Trying to sell
your house when it is full of clutter is the same thing. People don’t see
charming family mementos and alluring bric-a-brac; they see visual noise,
like empty soda cans and banana peels strewn on the back seat of a Chevy.
The buyer doesn’t want to see your house; they want to see their
house of the future. Find a temporary home for all of your cherished
possessions and let the house speak for itself.
Not taking the first quick
bid
This happens
time and time again. The buyer gets a bite early on and they are suddenly
filled with confidence. It feels like you’re standing over a pond packed
with a million hungry fish. The first offer doesn’t seem great and you
naturally assume there are bigger and juicier fish to be had. So you throw
the tiddler back in. Big mistake. That “tiddler” is often the catch of the
day.
Here are some tactics that will help you lure
more buyers in:
Rent a wide-angle lens ($24 to rent for three
days)
Buyers today shop by
photos. Lots of good photos on a
sunny day make your home look larger and brighter.
Sell your house on eBay
This is a foolproof way to get your home attention with really zero risk
involved. The only cost is a $150 fee. Ebay draws a lot of traffic to your
home and what makes it really great is that you can walk away at the end.
The auction is noncommittal. Even if someone meets your price, you can
always change your mind.
YouTube your house
A YouTube tour gives the buyer your personal perspective on what’s
special about your house and can be linked with most major search sites. If
you choose this method, you should be proactive in getting the video seen.
Send links of the video to any interested parties and make sure your broker
is doing the same. Insist that your broker get it on to their company’s
Web site.
Go beyond traditional realtor networks
Two out of three homebuyers start their search online. The five
highest-traffic
Web sites are:
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#1
yahoo.com
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#2
craigslist.org
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#3
zillow.com
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#4
trulia.com
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#5
homes.com
Make sure people visiting these sites are
seeing your home. If you are unable to do this yourself, ask your broker to
do it for you.
Organize a neighborhood open house
Join up with other neighbors on a Sunday to lure more buyers in. Include
a latte cart or a giant inflatable house in the backyard for kids to jump
on.
Include a financial goody bag for the buyer
For example, you could offer to prepay taxes or closing costs. You can
also pay for a year of landscaping, pool cleaning or maid service. Be
creative and see what kind of incentives you think would entice a buyer.
Offer a big broker incentive
Consider offering your broker a weekend in Paris or a luxurious day at the
spa.
Hire a professional home-stager
You can check www.homestaging.com for local members.
Remember to promote your own house
On average, it takes eight lookers to get one bid. The more people in, the
more bids you get.
Rent a local billboard in your neighborhood
This may sound far-fetched, but it is not as expensive as you might
think. You could also create magnets for your car to advertise your home
(with house picture and contact information). Or dress your kids and their
friends in “Buy My House” T-shirts and send them to town. Sometimes whacky
tactics like these pay off.
With all this in mind, get out there and see if
you can’t buck the trend. If you are willing to do what is necessary, there
is no market you can’t sell your house in.
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