If your in the real estate industry you know what DOM stands for. The days on market can be a huge factor in selling your house. Obviously, you want less days on market because this means you will have the money in your pocket sooner. But it goes deeper than that. The days on market has a directly correlation with the sales price. The more days on market the less money you will get for the property. Not only this but you will also incur other expenses such as tax bills, water bills, and electric bills. Let’s dig deeper to figure out how to keep the days on market down and keep more cash for yourself.
Price
I could end the article right here. This is by far and away the most important aspect of getting your house sold. If we had 2 homes that were exactly the same and one priced their house to sell at 100% of the market value and the other one was priced at 120% of the market value who would end up with more? Almost all the time the house that listed lower at the correct price will sell for more in the end. The reason for this is the right buyers will be looking at the house and they will get a contract in the first week or two. On the other hand, the second property is going to sit on the market potentially for months. At this point not a lot of buyers are going to be looking at it and the ones that do look at it are going to be asking for a huge discount.
Presentation
This is almost as important as the price. If you have ever looked online at real estate photos you know the difference a good photo can make. On the other hand, I’m sure you know how bad photographs can effect the presentation. The most common one that pops into my mind is the bathroom picture with the reflection of the person in the vanity mirror. And they get worse, I have seen pictures of dirty carpet, corners of rooms, and piles of clothes. Just make sure your getting professional photographs and they are using a wide angle camera. Presentation doesn’t stop there. You can’t put lip stick on a pig and call it a princess. With this in mind, you need to make the little repairs. Such as, new carpet, paint, holes in the wall, and dirty bathrooms just to name a few. Also, have someone help you stage the house. You can use all your own furniture just move it around or remove it from the house if you have to much stuff.
Updates
This can fall under presentation, but it can cost a little more. Updates could include new appliance, bathroom renovation, kitchen renovation, or a new roof. Do things that make sense. If your house is totally outdated there is no use in renovating the kitchen. I seriously doubt buyers will walk through and say “this entire house is old, but it has a great kitchen, let’s buy it”. But if your house is totally updated with a really old bathroom it’s probably going to make sense to renovate that bathroom.
Again use your common sense on all these issues and do the things that make sense.
