1) Evaluate the condition of your home
2) Analyze its value against comparable homes on the market, and
3) Create a customized marketing plan to attract buyers.
If you’re serious about selling, you can't rely on online calculators to estimate your home’s value. Your home’s value is influenced by recent sales activity within the Kelowna real estate market, the competition it will face from similar homes, the current number of houses for sale, your home’s condition, and the marketing strategy that is used to promote your home's strengths and ensure that qualified Buyers are viewing it.
I conduct a thorough comparable market analysis. These homes are what buyers are using to gauge what they are really getting for their money. Home sales data only provides one dimension of potential value. Having knowledge of what’s going on the market, what homes are going under contract for, and what they are selling for is key to determining the market value of any property. Potential Buyers are doing their homework and you need a professional on your team who is doing the same for you!
The next step is to inspect your home in person. When I assess your home’s value, I look at the Location, Architecture, Interior Layout, Outside Areas, and the Overall Condition of your home. These elements are weighed against the competing inventory Buyers are previewing as they search for homes; how does your property measure up?
These factors are what Buyers will both consciously and unconsciously consider when ranking and valuing what a home is worth to them. Remember, a home's true value, regardless of assessment, is the price a Qualified Buyer is willing to pay.
Once I've established your home’s value, I create a pricing strategy to attract the right Buyers. A common mistake is to price the home far above market value. A sure-tell sign a home is overpriced is that there are few to no showings. In the age of the internet, Buyers are savvy; they are well aware of what homes are currently on the market and they'll simply go elsewhere if your home is overpriced.
Typically, an over priced home will sit on the market for a while and then the Seller will drop the price. Once the market senses the weakness, you can expect low offers with buyers not trusting the assessment of the home’s value. Also, if a home sits for too long on the market, this can lead to Buyers thinking that there is something wrong with the property. When you price your home “in the market” you will generate a lot more interest. Buyers’ interest translates into demand, which can lead to lots of showings and hopefully, multiple offers.
When it comes to finding potential buyers for a home, there are critical steps that must be taken before you list it for sale… steps that determine whether or not your property will be discovered by Qualified Buyers. Unfortunately, some agents upload poorly taken photos into the Multiple Listings Services and hope that the price sells the home. I firmly believe that your home needs to be shown at it's absolute best to pique interest the minute it hits the market.
As part of my Property Marketing Plan, I use my standard process to ensure your property can be found online and to show off it's best qualities to potential Buyers. These steps include hiring a professional photographer to take photos of your home, advertising your listing and upcoming open houses on social media, driving traffic to your listing using paid Facebook and Google Ads, and using the most effective real estate search sites. I always employ the most up to date technology, including virtual tours, to ensure that your property is getting maximum exposure while Buyers are opting to #StayHome and pre-qualify listings online.
I also tap into my vast network to ensure that all of my contacts know what listings I have coming to market before they are even posted online.
And to get even more exposure, Coldwell Banker provides a uniquely global reach as we are an international company with thousands of offices located in 49 countries. As a result, your home is seen by tens of thousands of people across the world who are searching for homes in the beautiful Okanagan.
In 2018, 44% of home Buyers found their home online (we can only assume this number went up in 2019 and will continue to grow steadily). Therefore, I also include SEO, PPC, and social media extensively (all online marketing technologies) to get your home found online, to attract qualified Buyers and to bring more offers.
~Nikki Sakamoto, Kelowna REALTOR®
I've created a customized Seller's Checklist to help my clients prepare for showing their homes, and to ensure that their homes are presented at their absolute best. Download a free copy here:
Note: As a Kelowna Realtor® specializing in Central Okanagan properties, my geographical service area includes Peachland, West Kelowna, Kelowna, Lake Country and Oyama.
~Nikki Sakamoto, REALTOR®