Selling a home is a significant milestone, and understanding the dynamics of the real estate market can make a world of difference in achieving a successful sale. The process often feels like balancing on a tightrope, deciding whether selling your home is more about winning a beauty contest or a price war.

Hi, I'm Lisa Salt with RE/MAX Vernon Salt Fowler, and today we're going to delve into both aspects to see how they influence your home selling strategy.

The Beauty Contest

When it comes to the aesthetics of your home, first impressions are everything. As they say, you never get a second chance to make a first impression, and nowhere is this more important than when you're selling your home, especially in today's competitive real estate market. How your home looks can literally be the deciding factor for potential buyers.

In the past, buyers would do drive-bys to check out homes for sale. Today, buyers are more likely to sit at home, surfing the internet and looking at pictures of houses online. The process has reversed; now, curb appeal means how your home looks online.

Tips to Win the Beauty Contest

1. Curb Appeal: The exterior of your home sets the tone for what buyers can expect inside. A well-manicured lawn, clean driveway, and freshly painted front door can create a welcoming first impression. Simple additions like attractive landscaping and outdoor lighting can enhance your home's curb appeal. However, don't spend a fortune on extensive landscaping, as it may not provide a good return on investment.

2. Interior Staging: The inside of your home should be presented in the best possible light. Professional staging can make a significant difference, helping buyers visualize themselves living there. You can also do a lot yourself without spending a fortune. Decluttering, rearranging furniture, and adding neutral décor are key components of effective staging.

3. Repairs and Upgrades: Addressing minor repairs and updates can prevent potential buyers from being turned off by small issues. Fix leaky faucets, replace outdated fixtures, and apply a fresh coat of paint. Replacing an old hot water tank or Poly B piping can also prevent issues during home inspections.

4. Photographs and Virtual Tours: High-quality photos and videos are essential in today's digital age. Buyers begin their search online, so professional photography and video are crucial to make your home stand out from the competition.

The Price War

While appearance is crucial, pricing your home correctly is equally important. The right price can attract more buyers and even lead to multiple offers, driving up the final sale price. However, this can't happen if the house is overpriced.

Strategies to Set the Right Price

1. Analyse the Market: Conduct a comparative market analysis (CMA) with your real estate agent to understand current market conditions. Analyse similar homes that have sold recently, those currently on the market, and properties that failed to sell. This will help you set a competitive price.

2. Strategic Pricing: Sometimes, pricing your home slightly below market value can generate more interest and potentially spark a bidding war. This strategy can be risky but may result in a higher final sale price. Discuss this approach with your agent to determine if it suits your situation.

3. Price Adjustments: Be prepared to adjust your price based on market feedback. If your home isn't attracting showings or offers, it might be necessary to reconsider your pricing strategy.

4. Incentives: Offering incentives such as paying for closing costs or including appliances can make your home more appealing without having to lower the price.

Conclusion

So, what is it? Is selling your home a beauty contest or a price war? In reality, it's both. The aesthetics of your home and the price you set are intertwined, each playing a vital role in attracting potential buyers. By enhancing your home's appearance and setting a competitive price, you create a compelling package that appeals to buyers on an emotional level. People buy emotionally and then justify it with logic—they buy the pretty house but justify it with the price.

Work closely with your real estate agent, stay flexible, and be ready to adapt your strategy as needed. With the right balance, you can achieve a successful sale by winning both the beauty contest and the price war, and then move on to the next chapter of your life with confidence.

If you want to learn more about staging your home for sale, including easy ways to stage your home yourself with a little elbow grease, watch our next video on how to stage your home before professional photos.

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About the Author: The article above, Selling Your Home: Beauty Contest vs. Price War, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally helped thousands of families buy and sell homes since 1993. 

Looking to buy a home in the Vernon/North Okanagan area?  Check out "Everything You Need to Know About Buying a Home" article. It’s free of charge and will save you a ton of time!

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We help people buy and sell real estate in the following Okanagan/Shuswap areas: Vernon, Armstrong, Enderby, Lake Country, Lumby, Westside and Salmon Arm/Shuswap.

Call or Text 250-549-7258 or email webinfo@saltfowler.com