Catherine Schaeffer, DanSco Realty
Real estate is cyclical, and the market we are currently in within SunBird is more of a balanced market, meaning sellers need to put the best product possible on the market and buyers have options.
When your local real estate market is balanced, it’s important to approach the selling process with a realistic mindset. In a balanced market, bidding wars are less likely, and the chances of either party, the buyer or seller, having complete leverage are slim. These conditions, however, are all the more reason to make your home stand out amongst competing listings. Making repairs, deep cleaning, and boosting curb appeal can result in higher selling prices and less days on market.
Neglecting obvious and necessary repairs prior to sale. According to the National Association of Realtors, nearly half (44%) of recent home buyers said they steered clear of homes needing obvious repairs or homes that were dirty.
Refusing to remove your clutter and junk prior to the sale. Clutter eats equity and kills deals. With all that extra stuff in the way, potential home buyers can’t see the home for its true potential, and the final sales price and days on market will reflect that.
Mispricing your home. Some sellers pick an above-market price so there’s “room to negotiate,” but that won’t help if the price scares buyers off from negotiating in the first place. Work with your real estate agent to review prices for comparable homes and pick a price that will get your home sold while still accomplishing your financial goals.
Not setting the stage for showings. Remember, buyers purchase with their hearts and not their heads. Create a comfortable atmosphere for showings (but don’t go overboard with music or too much potpourri).
Letting your ego get in the way when negotiating. In a negotiation, both parties should strive for agreement rather than trying to hold onto power with the last word. Too many sellers become emotional while negotiating and lose out on creating a deal. Remember, you don’t always need to have the last word.
Neglecting to complete a full set of disclosures prior to closing. This one’s simple. Be honest and reveal everything (plus, what you don’t reveal will be discovered by the buyer). How, you say? Because your neighbors know!