If you are thinking about trying to sell your home this spring, I’d like to offer some “realities” of the real estate world. I hope you find them helpful. I’ve been doing this eight years as a Help-U-Sell broker and have over 300 completed transactions under my belt in that time. While I might not have seen everything, I’d like to think I’ve been through just about every kind of transaction. The following are just some observations for your consideration.
1. Interview at least three agents. This trip you are about to embark on is a partnership. NO, you are not hiring us to sell your home; you are hiring us to market your home. There is a big difference between the two. Talk with friends who have sold their homes to get a recommendation. Of course, I’d be lying if I didn’t say that I hope I am one of the agents, but I might not the right fit for you and your situation.
1. NO amount of marketing will sell an overpriced home. This is rule number one of marketing. So, when your agent provides you with comparables and suggests a price range, don’t try to add 10% because you think there is something “unique” or “special” about your home that doesn’t exist anywhere else. Your best chance to sell your home happens in the first 30 days it’s on the market. That’s when it’s fresh and new to buyers. Statistics show the longer the house is on the market the less you will get for it. If your goal is to sell it, be realistic about the value because…..
2. Buyers will pay you what they think your home is worth. The internet has become the great equalizer. Buyers have access to as much information about your home as any agent and, especially if they are working with a buyer’s agent, I can almost guarantee they are going to walk in the door armed with that knowledge. If you’ve been in your home awhile and have done some upgrades to it, great! But, don’t expect to receive a “dollar for dollar” return on your investment. It just isn’t going to happen.
3. Have a strategy and take ownership of it! There are really only two when selling your home and the one you choose depends on your motivation. The first is for those who might be “testing” the market and aren’t pressed the sell right away. In that case, you might choose a price and stick with that price in hopes that someone will eventually walk in and agree with you and give you your asking price, or something close to it. The second is to choose a price range that you are comfortable operating in. As I tell sellers, “this isn’t brain surgery.” But, as the seller, you can’t just sit back and bitch at the Realtor that your home hasn’t been shown, had offers, sold, etc. You hire us to market your home! As I stated before, the word sell is not present in that statement. We can’t sell your home, neither can you. The buyer must buy the home. That means the location, price, features, etc. must be right for that buyer. So, don’t be afraid to call the Realtor and make changes to the price along the way. YOU control that.
4. Don’t get emotional. Selling a home can be stressful and this is where, sometimes, human nature takes over. Yes, this is your pride and joy. The home you built, your kids grew up in, etc. But, you have decided it no longer works for you. This is just another business transaction and, as hard as it can be, you have to tell yourself that. That means that sometimes you are going to have to be flexible with the buyer to meet a time frame, give up an appliance, negotiate for seller assistance, etc. Look at it from the bottom line. Can you live with your decision? Be rational, not emotional.
5. Unclutter! Buyers don’t want to see your family pictures in the home they are considering for purchase. That doesn’t mean you have to strip the walls bare, but you are moving, right? Start boxing some things up. Buyers understand if there are boxes in the garage or basement. The benefit to you is that if, after the move, you don’t go looking for things that are in those boxes you didn’t need them.
6. Every market is different. Yes, there are markets around the country where homes are selling quickly, inventory is tight, prices are appreciating, and homes are selling for over their asking price. Educate yourself on what YOUR market is doing. Ask your Realtor for facts and figures before moving forward with the sale of your home. For example, what is the average sale time in our market?, what is the median price of homes?, how is that better or worse than last year? Those are all valid questions that will help you when you decide to sell.
Best of luck to you and I certainly hope you will consider Help-U-Sell this spring if you are buying or selling!