It is summertime–time for sailboats, cocktails on the patio, and vacations with the kids. It is also a great time to sell your home! Selling your home is a big deal. Often times, there is a lot of pressure, whether it is time or money, or potentially both, selling your home can be difficult. These four tips will help you to avoid the most common mistakes, and hopefully, instead of being difficult, it will be smooth sailing.
- Over and Under Estimating
Of course, you and every home seller wants to sell their home for the greatest asking price as possible. After all, your blood, sweat, and tears likely went into that place, not to mention the upgrades, the money, the time, and the amazing memories. But, you have to balance all of that and use a more formulaic, non-sentimental approach to determine the fair market value. Your agent will help you to examine the comparables in your neighborhood, evaluate your home’s unique features, take into consideration all the upgrades you have made in comparison to homes on the market, and ultimately, help you to determine an asking price that is fair and realistic. You don’t want your house to sit on the market too long because you asked for too much, and you don’t want to low ball yourself to the point that it sells the next day, and was worth so much more.
- Taking the Highest Bid
You may be familiar with the saying, ‘if it sounds too good to be true, it probably is. ‘ Sometimes a quick and high bid comes with contingencies that make it an offer you should refuse. All buyers are not equal, so find out which buyers have contingencies, which are offering less but don’t want or need you to make any repairs. Maybe there are owners who will pay all closing costs but offer less on the asking price. What if one of the low bids is a cash offer and will save you all kinds of fees and costs? Find out what you are getting with each bid. A strong real estate agent will do all of those things for you.
- Spending Too Much Money or Too Little Money
You do have to spend time preparing your home for sale. The little things like painting, cleaning, staging can have a huge impact on the sale of your home. You have to declutter before you move—you have to declutter before you sell. You may not feel like it, or know where to put the clutter, but it can make a big difference. Additionally, according to Realtor.com, staging your home helps you to sell your home way faster (88% faster than those who didn’t stage) and for a greater asking price. Home buyers want to be able to see themselves in your (hopefully their) home, and you have to set the ‘stage’ for them to see that picture.
Fixing the big things can have a huge impact too, but you have to balance what has to be done to get the price you want and what you are willing to leave as is while recognizing it may impact the sale price. Should you replace the 25 year old furnace? If it works great, leave it! But, take that into consideration when you determine your asking price, or when you are considering the bids that come in. How about the roof? Old plumbing? Outdated electric? Ask your agent to help you to determine the cost ratios and help you determine what to fix and what to keep.
- Find the Perfect Agent
This tip is the most important of all! Take some time to find the right selling agent for you. There are many out there, but they are certainly not all the same. You need an agent that is willing to: get to know you, to know your home, to know the neighborhood, to know the comparables, and to get your home on possible listing sites. Good agents will want to know as much about you as they do your home, so that they can work hard for you and get you the best results possible for you.
Regardless of what you do, selling your home will likely always be somewhat stressful, but it can be smooth sailing when you find the right agent!