A common misconception among home sellers is confusing what was paid for a property, how much was spent to improve a property or the price of listed but unsold homes in the area with fair market value.
There are many variables that determine fair market value. The most important being homes that have actually sold in your area that are comparable to yours. The best way to reach that value is to hire a full time local Realtor who knows the inventory and market values. In order to really know the comps an agent needs to regularly preview the inventory so that they can be informed on the differences between homes after they have sold.
Many of the differences between sold comps are not obvious on the MLS so seeing the homes and knowing which home required $30,000. in termite repair work and which one was at the edge of a cliff and which one had major drainage issues etc is a key factor in helping you access the value of your home in terms of how it compares to the sold comps. Taking the advice of a knowledgeable, full time and local agent's advise on your pricing is the most important key to you selling the home in a timely manner and not chasing the market down.
An obstacle homeowners face when attempting to sell a home is clutter. Professional home stagers should always be consulted and their advice followed when a homeowner wishes to sell a home in the shortest amount of time for the highest price. Professional staging sheds a home in its best light and is a critical key to a success. Like any profession, home stagers have varying degrees of ability and varying quality of furniture and decor used. When staging a home, always ask your agent for a stager referral and when you meet with the stager ask to see an example of a before and after which was impactful and resulted in a timely home sale. I personally always take the advice of Yolanda Slattery and Joanne Cureton of Turnaround Interiors in Santa Cruz when I am listing a home. Their staging of the vacant homes I sell as well as the redesigns they create for the non-vacant homes I sell are one of the most critical aspects of my marketing plan. It is their talent that helps me keep my "days on market" well below the average in my county.
Another tip for sales success, in any market, is to work with a full time local agent who knows the market and has a thorough marketing plan which includes various forms of advertising, staging, professional photography etc. Ask to see marketing materials and ads they have placed for other homes so you can determine if that is how you wish to have your most valuable asset represented.
Ask people who’s opinion you trust to recommend a couple agents to you and compare their level of service and marketing plan in addition to the resources and reach of their company to ensure you have the best representation for your valuable asset. Once you find the person who you want to work with, follow their advice. If you have chosen a full time successful local agent then they are the expert. You hired them for a reason so listen to them and take their advice in order to get the highest and best price for your property.
