Preparing to Sell a Home in the LBI Real Estate Market
Selling a home on Long Beach Island involves many steps. A home must be priced correctly, it must be marketed well and listing agent must understand the home sales process. Likewise, it is important for a seller to understand their role in the transaction. A home is an emotional investment every bit as much as it is a financial investment. This is especially true on Long Beach Island where many homeowners have fond memories of themselves and their families spending time at the Jersey shore. There are a few things to remember when selling a home on Long Beach Island that can help make the sales process easier and more money overall.
Things to Remember When Selling a Home on Long Beach Island
Impartiality can go a long way to creating a smoother transaction that can result in a higher sales price for the seller. There are a few ways this can be demonstrated. For example:
- A home must be priced in accordance with recent comparable sales
- Repairs are different from renovations and can have a minimal impact on the value of a home
- Interview multiple agents, even if one of the agents is your friend
Above all else, pricing a home correctly will determine the amount of activity a seller receives. There is no secret formula to advertising a home online and the truth of the matter is once a property is entered into the multiple listing service, it will be available to most agents and most online search portals. While there are things that can be done to make a home stand out more online, for example I create individual property websites for each of my listings, the price is the number one determining factor in the amount of activity. We all think our home is special, and it really is, however we must approach a sale through the eyes of the buyer. This involves being realistic about what a buyer wants, what a buyer does not want and either making changes to the home or pricing in accordance with these needs.
Repairs and renovations are two vastly different matters. Repairs and maintenance of a home will ensure top dollar for the price bracket you are competing with but they will not increase the overall market for your home. For example, if you have a home that should be priced between $600,000 and $650,000, repairing/replacing an old roof will not increase the value to $700,000. Rather, it will ensure that the sales price will be closer to the $650,000 mark then it will the $600,000 mark. A renovation on the other hand, for example installing a new kitchen or adding square footage to the home could potentially increase the market value of the house.
Not all listing agents are the same and the sad reality is there is little to no training for most real estate agents on Long Beach Island. By and large, many agents will only sell one or two homes in any calendar year and this greatly impedes their ability to successfully market and negotiate a home for sale. Many sellers will list with a friend or an acquaintance who they know has a real estate license rather than seeking the best person for the job. This can be a fatal flaw that could potentially cause a great deal of money. By interviewing multiple agents you will learn the difference in both the approach and the knowledge of it seasoned agent versus a part time agent.
Selling a Home on Long Beach Island
In order to successfully price and market a home the listing agent must have a thorough understanding of how Internet advertising works, flood insurance, the value it adds to a home and be able to proactively answer a buyers questions. Only through aggressive marketing and pricing can a home sell quickly on LBI for top dollar. For more information about things to remember when selling a home Long Beach Island or the LBI real estate market in general, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org