How to get a maximum selling price from your Anchorage home

During the first six months of this year, the original listing price to final sales price on Anchorage residential properties dropped by 3.21 percent, according to a recent Multiple Listing report. On a $500,000 home, that means the final price, not factoring in any buyer-assisted closing costs paid by the seller, fell by over $15,000, with an ultimate sales price of $485,000. That adjustment basically wipes out any positive appreciation over the past four years and takes us back to the property values of 2014. Subtract from $485,000, $5,000 in buyer-assisted closing costs and $4,000 in home-inspector designated repairs and the seller ends up with a walk-away value of $476,000.  Probably not what the seller was expecting in a market with low inventory.

There are, however, exceptions to every statistic, and here's how you can make your home that exception so that it sells closer to your asking price; perhaps not in the first day but the first 30 days. Today's buyers expect the home to show like it is brand new even if it is 30-plus years old, which is the average age of Anchorage's housing stock. For a seller, that means painting out the blue or pink in the children's bedrooms and replacing stained and fraying carpet. Next is getting rid of that old chair pushed into the corner, as well as picking up all the odds and ends on the floor that have been accumulating since you moved in. Much of today's value is based on square footage, perceived or real, so making your home appear more spacious and larger is very important. Add some seasonal pillows with matching throws and fresh towels and shower curtains in the bathrooms. Go to Pantone, Pinterest or Houzz to find the latest fashion colors (hint, it's blue, not my favorite color).

None of these staging suggestions will work if you and your realtor haven't priced the home to be competitive in the current market. Appraisers look at past and pending sales but buyers look at what's on the market today and so should you and your real estate agent. Past sales are important only for the appraiser to justify the sales price to the lender but irrelevant in getting showings.

The best way to determine the value of your home is to look at the competition, which is what the buyer is doing. Start online but remember Zillow is not accurate when it comes to making "Zestimates" because Alaska is a non-disclosure state. You can get better and more information by visiting www.alaskarealestate.com, which is an instant hook-up to the statewide Multiple Listing Service. You can find additional photos and more information under documents there than on any other site.

However, there is nothing like a physical visit to your competition. So visit your neighborhood open houses. We're lucky in Southcentral Alaska because real estate agents here still believe in open houses as a good way to market their listings and attract buyers. In today's virtual world, you can buy a home online without ever setting foot inside it, and some out-of-state buyers are doing that, even in Alaska. When you're local, be a buyer for a day and shop and compare your competition before establishing your asking price.

Every home has a range of value based upon its age, condition and location. In today's market only homes that don't show their age, have been extremely well-maintained and are in a desirable location such as in a cul-de-sac. Larger lots with mature landscaping or an inlet and mountain view are going to sell in the top of their range. Depending on how quickly you want your home to sell, price it in the mid to low range.