Real Estate Matters
By Elisa Jo Eagan
Selling your home can be the beginning of an exciting new chapter, whether you are selling to take a new job in a new city, scaling down and moving to a retirement community, moving closer to your kids and grandchildren, or upgrading your space for your growing family. However, any of these scenarios come with their share of challenges.
Sometimes sellers create those challenges through problematic assumptions and actions. Clear communication with your real estate professional can help you make better decisions before you list, while your home is on the market, and all the way to the closing table. If you are looking for a more profitable and stress-free home sale process, avoid these common pitfalls.
- For Sale By Owner (FSBO)
According to statistics gathered by the National Association of Realtors, about 11 percent of homes sold are sold without the help of a real estate agent or broker. Those homes are typically sold for much less than their publicly listed counterparts, and without the marketing, or pricing information that would have helped them garner top dollar.
- Intuitive Pricing
Many sellers have “an idea” of what their home should be worth and how much it should sell for. However, frequently this type of sixth sense for home value doesn’t stand up to the scrutiny of the marketplace. Ultimately the market will decide what your home is worth and your agent has the comparable properties and buyer insights to help you determine the right price for listing your home.
- Ignoring the Listing Agent
Some sellers think of their listing agent’s professional advice as a mere suggestion. However, your agent has his or her finger on the pulse of the market, including repairs, updates, and upgrades that add value and get your home sold more quickly. Ignoring their contribution could mean more days on the market and a lower price at closing.
- Failure to Declutter
Similarly, while all agents suggest decluttering and depersonalizing the space before the home goes on the market, many homeowners choose not to follow through. Indeed, some listing photos feature messy living spaces, crowded kitchen counters, and disorganized bedrooms. That is no way to attract buyers or top-dollar offers.
Get serious about decluttering your home. Pack away personal items and some of your photographs. Neutralize your space to appeal to as many potential buyers as possible.
- Staying Home for Showings
Many sellers think no one can convey the many highlights of their home like they can. They linger at open houses, leave reluctantly, or return early during private showings and chat it up with potential buyers. In reality, buyers really need to focus on their own thoughts, of envisioning themselves living in the home, keeping their own counsel as to their level of interest and discussing specific questions with their own agent.
- Leaving No Room to Negotiate
You may have a firm financial bottom line in mind, as well as a preferred closing timeline. You may be unwilling to budge on paying any of the buyer’s closing costs at closing, on home repairs, or on what happens to the appliances. Remember that negotiation is part of the home sale process. Being unwilling to accommodate any buyer needs may mean losing a potential sale. Look for areas on which you are willing to negotiate in order to keep the sale moving forward.
- Believing Under Contract Equals Sold
There is no doubt that it is exciting when your home goes under contract, but that is just the beginning of the process. There will be additional things to consider and decide along the way, as well as a home inspection and an appraisal process to navigate. Celebrate that your home is under contract, but keep your eye on the closing and be prepared for whatever challenges may come.
The bottom line is that preparation before you list your home, patience during the process, and the help of a qualified real estate professional can help facilitate the entire sale process. Keep both your goals and perspective at the forefront in order to navigate to a successful closing.
For more real estate advice and questions, call/text Elisa at 609-703-0432 or see TheRealEstateGodmother.com.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
