Selling your home is not for the faint hearted and can be full of challenges and pitfalls. Even when you are excited and looking forward to where you are going next it can be a long emotionally exhausting process. So, why wouldn’t you want to do your best in getting everything right and making sure that the process is as smooth and as short as possible?
The market has been historically buoyant over the past few years. Yes, you may be securing a higher price for you home and multiple offers meaning a quicker sale, but, this in itself poses its own challenges. The bottom line, when selling your home, whether it’s a BUYERS or SELLERS market, is expensive, time consuming and just plain exhausting.
So, here are the harsh realities of selling, telling you like it is, if you want to have any chance of success in selling your home.
1. KNOW YOUR LOCAL REAL ESTATE MARKET
What’s moving in the market? If you don’t know, make sure your Real Estate Agent does. If your Agent doesn’t know, find another one who does. Real Estate will always be local and to be able to sell your home, it’s critical to know what the local trends are for your neighborhood. Buyers are the most educated and informed we have ever seen so it’s important your home is positioned correctly.
2. A CLEAN, UNCLUTTERED HOME SELLS
We are starting to sound like a broken record but it’s true! A dirty home knocks thousands of dollars off of your profit. It’s true, a big chunk of money can be lost for not putting in a little elbow grease. Perhaps one of the greatest payoffs to home selling will be the time you spend cleaning and decluttering your home.
3. HOMES PRICED RIGHT SELL
Price your home to sell. From the very first day that you list your home for sale, you will attract the most qualified and most interested Buyers. The first few weeks of a new home listing shines brightest. A fresh new listing draws the attention of Buyers waiting for a new home to hit the market and those Buyers who just started looking will see your home priced right, and will break down your front door to take a closer look. A listing that stagnates on the market for weeks and months on end becomes stale and often stigmatized as to why has the home hasn’t sold. They’ll either assume something is wrong with the home or that it’s priced too high. If Buyers think that something is wrong, they’ll want a discount and if it’s been on the market due to being priced too high, they’ll think you’re beginning to get desperate because your home hasn’t sold and that you’d likely start to consider taking a discount. Avoid the discounts, price it right, and increase your chances of having multiple interested Buyers.
“We can always come down” is simply the worst marketing tact.
4. OVERPRICING YOUR HOME HELPS TO SELL YOUR NEIGHBOUR’S HOME
It’s true! Picture this. Buyers are qualified to buy a certain price range so they’re looking at homes that they can afford; your competition, your neighbors. If your home is priced too high, they’ll never see it as it will not come up in the home search. Your home will be coming up in a higher price range; likely homes that are larger with nicer features and more appealing. This price range of home Buyers will look at your home but will skip over your home because they can buy a larger home with the same features for the same amount of money; why would anyone pay more for less space? Know how to price your home right.
5. CASH IS NOT ALWAYS KING
Cash does not always rule the roost. When financing Buyers have to compete with Cash Buyers, they can make their offer look very appealing in a number of ways that can beat out the Cash Buyer. First, by making sure they’ve presented their offer without any errors, making sure it is accurate and complete. Next, they’ll want to make sure their Pre-Approval letter indicates their strong ability to secure the mortgage to buy the Seller’s home. In addition, a Real Estate purchase contract has many different time frames, the Buyers can make sure that they’re going to be quick in adhering to speedy time frames and also, you’d be surprised how many Buyers and their stories of how they’d live in the Seller’s home can pull out a Seller’s heart strings, particularly if the Seller holds a lot of favorable memories from the home.
6. SELLING A HOME IS INCONVENIENT
Knowing up front that you’re going to be inconvenienced once you’ve decided to sell your home, will make the home selling process a lot easier to handle. You’re going to have to get your home ready to sell, you’re going to have to do some packing and you’re normal everyday living schedules will likely be interrupted by visiting prospective Buyers. When you’re able to anticipate this, it can make the process a lot less painful. Prepare to be inconvenienced.
7. REPAIRS LEFT UNDONE WILL COST YOU MORE MONEY THAN THE REPAIR ITSELF
Repairs that you’ve been meaning to do will be a lot less expensive to complete if you do them BEFORE you sell your home. Once the needed repair is evident to a Buyer, they’re going to pad the actual cost to repair as they’re adding a layer of emotion to the cost. What do I mean by this? When they see a simple repair that could have been fixed, they wonder what else is in need of repair and they’ll wonder did you really maintain the home properly. They’ll wonder what may be lurking beneath the surface, hidden and not visual to the naked eye. They get a bit frightened in the unknown and will want a little bit more of a reduction, just in case something else pops up once they were to buy your home.
8. BUYERS LOVE TO NEGOTIATE THE HOME SALES PRICE AFTER THE HOME INSPECTION
Oh yes, the time to nickel and dime for all the needed repairs. In an inspection there will always be a hundred of little things and hopefully, you aren’t blindsided with an unknown major needed repair. If you have any needed major repairs, this should be known ahead of time and disclosed to any prospective Buyers prior to the presentation of their offer. This way you know the offer reflects the defect. As discussed above, fix your repairs so as not to give a Buyer a reason to want a discount. The inspection period will always welcome a skilled negotiator. Make sure the Realtor you hired, is an effective negotiator as they’ll be worth their weight in gold here.
TOP TIP! Get a pre-listing inspection done. This will help you recognize things that need to be done prior to a buyer finding them
9. BUYERS LOVE TO GRILL SELLERS PRESENT AT HOME SHOWINGS
When a Buyer has scheduled a visit to view your home, it’s important for you to leave for more reasons than one. First of all, you want the Buyers to be able to stroll through your home and feel comfortable without you breathing down their necks, as you want them to envision themselves living in your home. Picturing themselves in your Kitchen around the dinner table, or relaxing in the family room listening to their favorite music or watching TV and also imagining your home to be the perfect spot to entertain friends and family. And, even more important is that you don’t want them to try and wiggle out any details from you regarding why you’re moving that could give them a reason to offer you less money for your home. A favorite tactic for Buyer’s Agents and Buyers is to try and find out valuable details that indicate you “need” to move.
10. SMELLY HOMES SELL FOR LESS MONEY
Nothing is worse than a smelly home from pets, smoking, overpowering air fresheners and scents or even cooking. Sure, we love our pets but they can leave behind those not so pleasant smells. If you’re a smoker, you need to plan well in advance to take your smokes outside to freshen up your home’s interior. Perhaps you adore foods with very pungent spices, these favorite dishes that you cook should be put on hold until after you sell your home and get moved out. A thorough cleaning of your home, along with the fabrics, rugs and carpets will go a long way in removing pet, smoking and food odors.
Follow us for part 2 of 2 coming soon!!
Melanie Press, Realtor®/Broker/Owner
She/Her and why this is important
902 394 7071 | melanie@impresspei.com | realtorinpei.com
Photo Source: Canva
This article is not intended to solicit buyers or sellers currently in contract with other members of the PEIREA. Using this article in full or part without permission is a violation of copyright laws. Copyright © 2019 Melanie Press Real Estate at Impress Island Realty
Impress Island Realty is a Licensed Real Estate Brokerage and Broker Member of the PEI Real Estate Association (PEIREA)
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