THE SELLER’S CHECKLIST
When we sit down to review your home’s value following the market analysis, there are a few things to keep in mind. As an established local brokerage, we’ve sold hundreds of homes and learned a lot along the way. Listed below are some of our findings.
Listen to an Expert’s Advice on Pricing
Frankly, most people think their home is worth more than it is. Whether the market is up or down, people have a tendency to overvalue their own possessions. The reason you probably bought the home to begin with is because you valued it more than anyone else. Consequently, the same holds true in today’s market. The vast majority of buyers will not understand the justification of the higher price tag based on how you feel about the home. While you cherish the memories in your home, let your Sands Realtors expert help you determine its value on the market.
Understand that Active
As you compare the competition, be aware that those current asking prices don’t yet indicate a sold home. While you should know surrounding listing prices, don’t let them be the only factor in deciding your home’s sales price.
Set the Right Price in the Beginning
The industry secret is to list the property at the right price from the start. Some sellers aren’t pressed for time, so they overprice their home and wait for buyers to bite, thereby thinking they can lower the price if it doesn’t sell. Statistics have shown that this strategy results in a lower final sales price. Consider this:
• Your $300,000 home is placed on the market for $305,000
• Buyers see today’s dollars and a good deal, you close quickly at $302,500
• Gain: $2,500
• Your $300,000 home is placed on the market for $320,000
• The home sits without buyer interest, so the price is lowered to $310,000
• Still too high for buyers who factor in the home’s days on the market, the home finally sells at $297,500
• Loss: $2,500
Verdict: It’s a gamble to overprice your home. Sure, you might hit the jackpot and find a buyer willing to pay, but more often than not, you are chasing a falling knife with inevitable price drops.
Realize Home Upgrades are Debatable
It’s also important to remember that your home’s special upgrades don’t automatically translate to a higher price tag. Your pool can be viewed as a maintenance expense, and your $10,000 custom shelving could possibly just get you a blink from buyers. Remember: These upgrades may not be special to the purchasing party.
Think Like a Buyer
One of the most important mentalities to have when selling your home is that of a buyer. Buyers are comparing your home to everything else available at the time, so picture what would – and would not be – attractive about your listing. Your price should then reflect your findings.
Avoid Seller’s Remorse
Sometimes homes sell quickly. That’s the goal, right? Well, even quick sales raise concern. If you end up with a quick sale, you might think you sold too low and find yourself having seller’s remorse. Just remember – if you reviewed the comps and considered the advice of your agent when setting the price, and if you look at all the other aspects of the contract (e.g. perhaps you got the lease-back you wanted and thankfully the buyer didn’t ask for costly repairs), chances are you didn’t sell too low – you simply priced it right. Getting the sale done quickly will save you time (you won’t have to prep for yet another showing!) and perhaps a quick sale will help you secure a contract (and a deal) on the home you’ve been eyeing. Don’t fret over a quick sale if the total deal helped you meet your objectives.
WANT TO LEARN MORE?
For immediate assistance, contact your Sands Realty agent. Alternatively, complete the contact form and a buyer specialist will be in touch with you within 24 hours. We look forward to hearing from you!