My husband and I are thinking of selling our house this spring, but are concerned about the market. A lot of homes in our neighborhood have been sitting for a while. Is there anything we can do to improve our chances of selling?
-- Mia K.
 
I am so glad you asked. Today's sellers are anxious. True, there are many factors a seller can't change – the market, their home's location, style, age, lot and (my favorite) their next door neighbor's unkempt front yard.   

Yet there are two critical factors over which each seller has complete control: condition and price.

First, let's discuss condition. A few years ago, worn carpet, chipped paint and dated wallpaper could not detract even the most discerning buyer. Today things are vastly different. With more properties on the market, buyers have the luxury of choice. If a buyer is focused on a certain area in a certain price range, on any given day they may have 30 different properties to choose from. And choose he will – the one in the best condition no doubt.

So what are buyers looking for these days? Clean, neutral, well-maintained, updated, and plain old move-in ready. So scrub, paint, caulk, mulch and replace that old carpet. Your home will show better than the ones on your very same cul-de-sac – and as a result, it will sell.

Count on your Realtor to offer specific ways to improve your home's show-ability. It may be that freshly painting your family room, de-cluttering in your home office and replacing a worn kitchen floor will make a dramatic difference. Although you should avoid truly costly projects, keep in mind that sometimes you have to spend money to make money. A small investment to improve your home before it hits the market will earn you thousands at the closing table.

As for price, many sellers will price their home just a fraction higher than they think it will sell. They want to give themselves some "wiggle room" in case a buyer offers a lower price. This can be a huge mistake. Studies show that pricing your home just 10 percent higher than its true market value may actually cut the number of prospective buyers that see your home by 50 percent. That's a pretty big risk, especially when you need as many buyers coming through that door as possible.

My advice? Price your house where it will sell. More often than not, it will. Your agent will provide you with comparable sales to educate you about the market. Be sure to look very carefully at the other homes currently on the market, too. In other words, know your competition. If you're still having trouble selecting the right price, check out some open houses in your neighborhood. Make an honest assessment of how your home compares to the others and price it accordingly.

Though the Richmond market is not entirely resilient to national economic challenges, it remains solid relative to other areas. Those homes that are priced appropriately and are in good condition are selling – and they are doing so quickly. In fact, we're seeing full price contracts and even the occasional bidding war on the homes that follow these simple rules. Control what you can, and you will not be disappointed.

Jennie Barrett Shaw is a Realtor with Keller Williams Realty and a Richmond-area resident since 1987. She helps buyers and sellers maximize their investments in real estate by serving as a knowledgeable and ethical advisor. She currently lives in Westover Hills with her husband Travis, and their two yellow labs. Questions for Ask the Agent can be submitted to asktheagent@richmond.com.

Editor's note: "Ask the Agent" will be expanding to twice a month this month. Look for the next installment in two weeks.

Previous Ask the Agent columns
w March 6: Refinancing
w Feb. 7: Assessments