10 Proven Strategies to Sell Your Irvine Home Now!

by Robert Mack on August 31, 2009

in Irvine Real Estate

With the Irvine real estate market continually making adjustments, Realtors ®, builders, banks and home sellers are looking for solutions to sell their homes faster.  One of the obvious challenges we face as an industry is a lack of experience selling in a “buyers” market.

1. Know why you are selling – If your “bottom-line price” isn’t a reality for today’s market… you should “hold the property” based on a lack of realistic expectations and/or a lack of motivation…Studies have shown it can cost up to $5,000 in hard cost to list a home that doesn’t sell – without factoring in your time and the emotional up’s and downs of trying to sell a home that won’t sell.

“What you NEED in the sale of your home” isn’t relevant to what the buyers are willing to pay…” We are clearly in a buyers market… today we must price based on their needs”

2. Pricing – When pricing the property focus on “Pending Sales”…This is what buyers are willing to pay today! Based on what you’re reading in the papers…do you believe buyers will offer more…or less than the last pended sale?  Ask yourself the question…. Do I want to lead the market…or chase it down?

If there are no comp’s…That’s the comp! No one’s been willing to play at this price point…therefore you must price it in a way where the market will talk back to you.  Would you rather turn away 10 low ball offers… then never receive one?

Don’t fall into the trap…thinking just because you have the lowest priced home for sale that it will sell quickly…you are just comparing yourself to the others that have failed to sell.  In a Real Estate market where values may still be dropping…sellers who are willing to price their home correctly in the beginning “win”…vs. the seller who waits for their price while others reduce…then sell… and take your profits with them.

Value is a moment in time…today it may be perfect…tomorrow a builder could slash their prices and your price goes down instantly.

3. Know your market place – Know exactly how many homes are on the market and exactly how many are selling per month.   If no other homes are added to the market in your area, how many months of supply is there for buyers to make choices on?  How many properties are coming on the market every month…not to mention the number of foreclosures, short sales and bank owned properties.

4. Offer incentives! – You are competing against new Irvine builders who are offering flat screen TVs, free HOA for a year, buying down rates and so much more.  You must increase incentives or reduce the price even more to be competitive.

Offer incentives to the buyers….Pay the HOA fees for a year, offer to buy down their interest rate, offer to pay non-recurring closing costs, include appliances….pick a few or all of them to attract the highest number of buyers.

Offer incentives to the agents!  There are buyers out there… and they’re working with agents. Cause your listing to stand out by increasing the commission by 1 to 2% (yes 3.5 to 4.5% on the selling agents’ side) more to the selling agent!  According to the National Association of Realtors, over 40% of buyers are accompanied by an agent…..so go fishing and reel them in!

5. Set the stage – Stage the home! Especially if it is vacant!  Now more than ever, the buyer has options. Remember, you only have “one” first impression…make the buyer say “wow!”  Make sure that the home has great curb appeal and that it is welcoming.

With so many homes on the market, there is a healthy amount of competition.  Walk through the home and do patch ups, paint touch ups, tighten cabinet handles, door knobs, etc.  The kitchen and master bath are the two most important rooms!  Take a look around and ask yourself if a buyer would remember or forget these rooms.

6. Maximize your Internet Marketing! – Over 40% of buyers come from the internet!  Make sure they are going to see your home.   Start with GREAT photography.  Add as many photos as possible to your marketing.  Homes advertised with 6+ photos get 299% more exposure vs. listings with a single photo.

86% of Irvine home buyers start their home search on the internet, 61% of buyers will walk through a home first viewed online, 74% of buyers will drive by a home found online, and finally buyers are 24 times more likely to buy a home found online vs. a home book or magazine.  Price everything in accordance with how the buyers select prices on-line. Use round numbers in increments of $50,000.

Use Craigslist.com to advertise your home as a “great deal”.  The key is advertising multiple times a day, multiple postings.

7. Get the word out in your neighborhood – Knock on doors around the property (I know it’s old school…but it gets you out in front of people…only good things come from that!)

Do “odd time” open houses, Thursday from 5:30 to 7:30 and do Big Open houses!  Invite the world!  Personally invite the neighbors and ask them “Who do you know that would like to move into our neighborhood”.  Most neighbors would jump at the opportunity to choose their new neighbors.  It’s just that no one ever asks.

8.  Target your Marketing – If your home is perfect for a first time home buyer, maybe you want to market to apartment buildings to those who rent!  Advertise headlines like… “Tired of throwing your rent money down the drain?”  “Payments as low as (xxx)” or “100% financing still available, call today for details!”

Speak with a lender and obtain several pricing scenarios.  Use these scenarios on your marketing and give the prospective buyers the information they need to be able to make the decision. Be creative!

9. Create a Virtual Tour – Don’t limit your self to local buyers.  Remember that buyers can come from anywhere.  Create a virtual tour to allow online buyers from different areas the opportunity to feel what it feels like to be in your home.  Emphasize the key factors in your home….the points that would make a prospective buyer want more.  Decide on what makes your home valuable, and why someone would buy it, and focus on presenting these to all interested on-lookers.

10.  Follow-up promptly and Sell your home – Return calls promptly! If a prospective buyer calls… call them back quickly!  The same thing applies if an agent brings a buyer!  Make sure to grab one of their cards.  You want to call them and get feedback.  How did their clients like the home?  Ask the agent how they felt about the price?

Step out of your comfort zone and ask the agent….”What can I do to help you write up an offer”.  You have a beautiful home….Now Sell it!

For an over the net current market value of your Irvine home, simply go to Irvine Property Values, or contact the Mack Team today!

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Post by Robert Mack

Robert has written 727 articles.

{ 3 comments… read them below or add one }

Arakel Arisian August 31, 2009 at 10:18 pm

Awesome article. It is really important to set the price right based on your timeframe for selling. Also, curb appeal is huge.

International Property Listing January 10, 2010 at 11:33 am

Great tips! I’ll better recommend your site to a friend of mine. He’ll surely appreciate your site a lot. 🙂

robertmack January 14, 2010 at 12:24 am

Thanks for reading and passing it along to your friend! I hope it is helpful!

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