If you are a conventional Seller in this real estate market you know just how frustrating it can be to sell your home. In today's real estate market you are facing hurdles around every corner that can sabotage the sale of your home including:
- Competition against low foreclosure prices
- Buyers who place multiple offers on more than one property
- Home Buyers who have not saved up enough for a down payment + closing costs and need help from Sellers for the closing costs or a reduced offer price.
- Home Sellers often have very little room to come down in asking price or help with closing costs because of the drop in home values and what they personally owe to the bank on their mortgage.
- More and more Buyers have poor credit scores
- Fewer loan / financing products to place Buyers in
Now that you know what your up against you can develop a strategy to sell your home and move forward to the next phase in your life - Follow these steps you can control and you can almost be guaranteed to sell:
- Listing Price and Home Condition - You need to have the BEST / LOWEST priced home in your neighborhood the DAY your home goes on the MLS.
- Listing Price: Do not make the mistake, though often times well-intended, of listening to your Realtor's suggestion on price, and when it is lower than you had hoped say to them, "If it does not sell in 30 days we will reduce the price." There is a term in Real Estate called, "Chasing the Market." This means in layman's terms that eventually with all of your price reductions over the course of the several months your home is on the market, that you will actually end up selling your home FOR LESS then you could have sold it at your Realtor's original recommended list price.
2. Home Condition - Be the home in the BEST condition in your neighborhood.
- Condition: Stage, Fix, Stage, and Repair - Fix the drywall that has water stains, paint your home in neutral colors to attract more buyers, work on the curb appeal, make your house sparkle, now is the time to get your AC serviced if you have not done so in 5 years (though I recommend regular AC maintenance), update your light fixtures, de-clutter, de-personalize, clean out your closets so that buyers can see how much storage space there is. Ask for the help of a professional stager, or the input of your Realtor. My husband and I have helped many of our clients with simple things such as sharing what the Seller can do to play up their homes best features. Sometimes it really is as simple as re-arranging some furniture.
Another strategy Shane and I employ when discussing list price and property condition is the same as Mike Aubrey from HGTV's Real Estate Intervention and we will take our Sellers on a tour of their competition and the homes that are for sale in their neighborhood and community. We will also show the comparable sold, pendings and active reports to the Seller. This helps tremendously when understanding where the Listing Agent is coming from in their pricing strategy.
When Selling your home, here are a couple of other helpful tips to keep in mind:
- In Real Estate, it really is about Location, Location, Location! If your home is on the best lot in your community you are extremely fortunate. That will help tremendously and will attract a very large pool of buyers. However, keep in mind that simply because you have the lake view, does not mean in this market that you will get what you are hoping for in an offer price, or that you make money on the sale of your home. It does mean that your home will more than likely sell much quicker and at a better price in this market. If your home backs up to another house or a major road, understand that a buyer will not be willing to pay more for your home. The very things that are taking away value from your home, a buyer will also know will take away value from the house when they go to sell.
- Seller concessions or Realtor bonuses have not been proven to sell a home. As Listing Agents, my husband and I would recommend coming lower on your asking price instead of providing a Realtor bonus. It is in your best interest to do so. Seller concessions such as carpet allowances or paint allowances can work against you. Buyers want homes they can move right into. Do the work first, don't give them a reason to have your house be placed in the # 5 slot on their list, or even come in at # 2. You want the Numero Uno spot and to be # 1 in their mind.
- If you cannot do the work before you sell to fix up your home, then your price will need to reflect that. Be aware that you will need to price lower than fixed up comparables in order to help your home stand out and receive an offer. Buyers are pretty savvy these days. As easy as it is for them to find their dream home on-line, it is also just as easy to check out the pricing for new floors at Home Depot or Lowes.
- Hire a Licensed Professional Realtor in your state to assist you. Clean and stage your home so that they can take photos and make a virtual tour that will wow the Buying audience.
- Treat it like a business and set aside your emotions. That is so difficult to do as Sellers watch what little value they had in their homes disappear. If you can set aside your emotions, you will be better able to move forward to the next stage and opportunity in your life. If you have difficulty setting aside your emotions, you will have a challenging time with the negotiations and pricing. You don't want to be a stumbling block in the sale of your home. Dear Seller, you have enough challenges to overcome.
- DO keep your sense of humor! Laughter is after-all the best medicine!
If you have any questions at all about selling your home, please do not hesitate to call and ask us. That is what we are here for. Providing Excellence and Service in Real Estate.
Proudly serving Fort Myers, North Fort Myers, Estero, Lehigh Acres, Sanibel Island, Captiva Island, Bonita Springs, Fort Myers Beach, Naples and Marco Island.
Shane and Joy Goushaw
Licensed Professional Florida Realtors
Sandals Realty
Cell: 239-823-5280
Fax: 239-245-8042
Visit our website at: www.FortMyersRealEstateFloridaHomes.com
Visit our blogsite at: www.WeLuvFortMyers.com
Good information, thank you. I've bookmarket it.
Patricia
Thank you for stopping by Patricia and for your comment!
Joy