Buyers continue to have the upper hand, which means you’ll have to play it smart. Your first move?
Avoiding these common pitfalls.
Prospective buyers have plenty of reasons to dive into the real-estate market. Despite some encouraging housing data, buyers will continue to have the upper and in this home-selling season. But that doesn’t mean your house won’t sell; it just means you’ll have to make smarter moves to land a buyer.
With the help of my expert team we have compiled a list of home-selling moves to avoid this spring.
1. Thinking your home is the exception: It’s natural to be emotionally attached to your home, especially if you’ve lived there a long time. But allowing this affection to obscure the realities of today’s real-estate market is a serious mistake. If your local market is declining in value, you’ll need to price your home at a compelling level. That will require a painful decision: to price the property at or below comparable homes in the area, even if the price point is less than what you think your home is worth.
Overpricing a home because of an emotional attachment only makes selling it that much more difficult.
2. Not scouting the competition: Another reason sellers might price a home too high is that they’re simply unaware of the dynamics of their real-estate market. To sell your home, it’s essential to have a firm grasp on the conditions in your area. Sellers should study the pricing trends and sales data in their local market. But the data tell only half of the story. To fully understand the market, sellers should get a first-hand look at the nearby homes that are also up for sale.
Sellers should go look at open houses in their area to see how their homes really compare.
3. Not prepping the property: Since buyers have many options these days, home sellers need to ensure that their property is in tip-top condition for showings. That means making any and all home repairs, ensuring that the indoor and outdoor portions of the property are immaculate, and removing clutter.
You want your house to look cared for.
4. Being present during open houses: It’s important for the sellers to be away from the home during open houses, as their presence can be unnerving to would-be buyers. Some sellers have the mistaken idea that they are the best people to sell their house, and that is not the case.
Remaining at home during an open house can make would-be buyers uneasy.
5. Taking negotiations personally: The negotiation process can be tough on sellers, as buyers may demand concessions such as price reductions or help with closing costs. Although such requests might be irksome, it’s important that sellers consider them just another part of a business transaction. It is not meant to be personal; the buyer is looking to buy as carefully as they can and pay as little as they can.
Remember It is not about you, it is about them.
6. Sneering at offers: Even if you aren’t crazy about a buyer’s offer, don’t dismiss it out of hand. You need to be willing to negotiate with anyone and everyone who puts in an offer, even if it is one of those low-ball offers.
Don’t ignore any offer, because those people might really want the property.