Homes Selling 101

I own this home in east Sarasota and decided to sell it. So I listed the home back in June. Is it the best time to be a home seller? For some yes, others no. It really depends on your situation. In my case, I bought the home back in 2003 and have other uses for the money and desire to simplify a little. The lakefront home has a pool, 3 car garage, was built in 2003, 3 bedrooms, 2 bath, den and in a great family neighborhood. It is a very rentable house. If I am unsuccessful in selling it I will rent it.

Obviously, right now it is a strong buyers market. Every seller needs to be aware of the current market conditions when deciding whether to sell or not. If you are not that motivated to sell it is probably best to just not list your property. I guess I would describe myself as slightly motivated. I am motivated to sell it for around what I consider is a fair market price.

Preparing the property
You want to get this stuff done prior to putting the home on the market. I fixed all of the little neglected items that every home has and used touch up paint where necessary. Clean. Clean. Clean. No one likes a dirty home. The inside is looking good.

Two pallets of mulch please. I had Home Depot drop off 2 pallets of mulch to spread around the garden beds. I trimmed the trees, spread the mulch and pulled the weeds. The outside is looking good.

Pricing
This is the most important part of the equation. I could have the best property with the most visible marketing plan but if I am unrealistic on price it still won't sell.

So I go to the Sarasota MLS and pull up the homes that have recently sold in The Enclave. Since January 1, 2007 there have been 5 homes that have sold in the neighborhood. That is good. I have some data to substantiate our asking price. In this market, there are pockets where there are no comparable properties so pricing is tough.

So I do my homework and keeping the current market conditions in mind establish an asking price of $389,900. The price is a little ambitious but not too much. When you are the seller it is hard to stay unemotional when deciding on a price. We naturally want to put as much money in our pocket as necessary. I am still the least expensive home in the neighborhood so I shouldn't miss any showings.

Marketing
Professional photographer comes out and takes photos. I think he did a good job. He certainly did a much better job than I would have done.

High quality property brochures are made

500 "Just Listed" direct mail pieces are produced

The SKY Sotheby's International Realty sign goes in the yard.

I display the home on this website and comment on it on my blog. This blog actually gets quite a few visitors.

The home is put on the SKY Sothebys website, Sothebys website as well as Realtor.com, Trulia.com and all of the other national real estate websites.

500 "Just Listed" direct mail pieces are mailed to expose the home to potential buyers.

Finally, the property is entered into the Sarasota multiple listing service (MLS).

Showings and price adjustments

I listed the home on June 12th. There was an initial rush of showings which is normal. Everyone waiting on the sidelines for new listings like this come see it. That is why proper pricing from day one is important.

After getting feedback from the agents who showed my house I decided to lower the price to $374,900. I was getting a steady number of showings. After around 20 showings I got more feedback from the agents and decided to lower the price to $364,900. So, I have had the home on the market at this price for about 3 weeks.

I have been meaning to write this a for a couple of weeks but have been busy. I am writing it now because someone is interested in the home. There are no offers yet but it is looking positive. I will post again if the home goes under contract.