Selling can be stressful. Check out these tips to make it smooth!
20 Proven Facts About Selling Your Home
I love my home. My family has lived here or over five years and unless, for some unknown reason, we move out of town, we will never move again. It works for us. However, if we ever had to up and move, I am not under the impression that EVERYONE would want to buy this house. And not surprisingly, your home is the same. When you are preparing to put your home on the market, this list of facts will come in handy.
You should know your market. Or, at least your agent should. Real estate is local. Market trends change all the time. You/your agent should know the area, what is selling, and what is NOT selling.
Your home should be clean! A little bit of time can net you, literally, thousands of dollars. Maybe forgo the kitchen renovation and get out the Magic Eraser!
Your home should be priced correctly. The time your home hits the market is the time it shines brightest. Homes that sit on the market become stigmatized so don’t overprice. Priced too low? Buyers will assume something is terribly wrong.
Selling your home is going to be inconvenient. Buyers will want to see it at times that just don’t “work” for you. Let them see it anyway. Not much is as frustrating to a buyer and their agent than having showings declined.
Repairs done upfront will be less expensive than the eventual hit to your bottom line. Needed repairs have a cost in the buyer’s mind. But there is also an “emotional cost” when a buyer puts an offer together. Fix that hinge because to the buyer, it’s more. It’s a door that doesn’t work properly!
If you overprice your home, you are helping your neighbor sell. If someone is considering your home and the competition, your overpriced home turns a similar home into a deal if you are asking too much.
Buyers will ask for a price reduction based on an inspection. Hopefully you aren’t blind-sided with a major issue. Inspectors will put it ALL into a report. The more small items you fix ahead of time, the less likely your prospective buyer will feel the need to ask for a reduction in price.
When your home is being shown, make like a tree and leaf! Not only will buyers feel more comfortable when they can envision themselves living in your house, but they will ask questions. The questions they ask about the age of the mechanical systems of the house are pretty harmless. But they will try to get to your motivation to sell. If they can pry out of that you have already taken a new position in Lexington, they will understand that you may be “motivated”.
Smelly homes sell for less. If you smoke, do not smoke inside anymore. The smell is hard to get out and when it’s fresh, buyers will turn around and leave before they even see your lovely countertops. Run that exhaust fan when you are cooking! Pets? Replace carpet and do the best you can to reduce the smell.
Cash is not always king. Cash is attractive and sometimes cash buyers can elbow out the competition. But if a buyer is well qualified, a well written offer can be just as good. Whether the check is from a checking account or a lender, you will be paid in full at the closing. Consider all offers.
A well-maintained home will sell for more. Sure, you can’t go back in time and keep up with maintenance, but knowing ahead of time that you should keep up on the honey-do list will net you more in the end.
Communication is important. Don’t irritate the may involved parties by putting off communication. Be available, prompt, and courteous throughout the entire process.
Take “you” out of your home. Buyers want to imagine themselves in your home. Clear the gallery on the fridge, take down all the pictures of your grandchildren. The more a buyer can get past the “youness” of your home, the easier it will be to visualize the home as “theirs”. Buying a home is emotional, do not discount that.
Photos matter. Most (90% even) buyers start their search online. Limited or poor-quality photos? Prospective buyers will keep on clicking. Smith & Wilson Realty offers a professional photographer when you list with us!
Do not hide defects! Legally, you MUST disclose the condition of your home and its systems. A nightmare would be a call from an attorney long after you have closed and are done with your home entirely.
Cooperation is important. Do not put on boxing gloves when it is time to negotiate repairs. Deals do fall through at this stage. Work with your buyer so that the transaction is a win-win for all involved.
What you love may not be what your buyer loves. Is the basement bright red? Well, it’s time to consider a neutral paint job. Do not give buyers a chance to clash with your personal taste. I can look past your purple passion kitchen. But I’m not your target. Some buyers cannot imagine a space in the future. What they see is what they are buying. Give them a blank canvas to look at.
Be ready to move. The closing date is usually the move in date, but not always. That said, be ready to give possession at the time agreed upon. It is very inconvenient when the buyer shows up with a stuffed moving truck and the house is not vacated and clean.
Make sure that you and your agent scrutinize the financial ability of prospective buyers. Buyers that are financing the purchase should be able to reasonably prove that their credit will allow the completion of the sale. It is disheartening to learn that a deal is falling through because the buyer wasn’t credit worthy.
Experience sells. Hire a skilled and experienced agent to walk you through the process and make the it easy. Selling a home is emotional. A trusted agent is the buffer that will take the emotion out of the sale to net you the most money in the shortest time.