In a market where home inventory is low and demand is soaring, sellers may think that their home will move in mere minutes–and at a price that defies even the loftiest expectations. When left untethered, these dreams of big prices and warp speed sales can spell disaster–and major disappointment.
Here are six simple points sellers need to know before putting it on the market.
1. Staging matters–big time!
Everyone knows the old adage, “Homes that don’t show well don’t close well.” But still, time and time again we see sellers rail against the time and cost associated with staging a home. Afterall, if they love their home as it is, why shouldn’t everyone else? This is a situation where sometimes showing trumps telling. As sellers, view 2 separate homes; one where the home is staged and one where the home is not.
Your decor may be a beautiful expression of your personality, but sometimes less is more.
2. The market sets the price, not the owner.
It’s understandable that many home sellers think that their home is above the price that the market dictates. Sentimental value often translates into an inflated sense of the
home’s worth, but when it comes price, the winning opinion is always the market’s opinion. You know it’s impossible to effectively price a home without taking into account the competition. Unfortunately, too many sellers don’t.
3. Small renovations may mean big bucks later
In many cases, the cost of a home repair is less expensive than a potential buyer perceives the cost of the repair to be. If buyers over estimate the cost of fixing the problem, it may negatively impact the offer amount and end up costing the seller more in the long run. Be honest with yourself about your home and it’s imperfections that could cost you the deal.
Before you list and start marketing the property, you may need to make some small renovations which could boost a home’s value and its showing potential.
4. Incentives can help close the deal faster.
Offering practical incentives might not sound sexy, but those that fill legitimate buyer needs have the power to differentiate a listing from the competition and attract just the right attention needed to get the home sold for the right price.
Be prepared with ideas on how to sweeten the deal if the right offers don’t come rolling in. Being prepared could help you beat out the competition for a fast sale.
5. Serious buyers never stop the hunt.
Too many sellers see the winter months as the slow season. The reality is, there are plenty of upsides to listing and marketing a home when everyone else is taking a break.
Holding off on listing could ultimately make selling harder than it has to be.
6. Real estate is a local business.
The last few years have turned real estate headlines into high-profile news. Home prices are on the rise. In fact, last month home prices were up 11.9% over the year past. While this is great news for the country as a whole, remember sellers that real estate is a local industry and that asking price isn’t everything.