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 to move to a retirement community, relocating to be closer to your grandchildren, or upgrading your space for a growing family – all of these scenarios come with their share of challenges.
Sometimes sellers create challenges unnecessarily through problematic assumptions and actions. Fortunately, communication with your real estate professional can help you make better decisions before you list, from the time your home comes on the market 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% of homes sold are sold without the help of a real estate agent or broker. Those homes typically sell for much less than their publicly listed counterparts and lack the marketing or pricing information that would help them garner top dollar. In addition, because they don’t have the marketing resources of a real estate agent or brokerage, many owner/sellers struggle with capturing buyer interest and traffic.
Intuitive pricing
Many sellers have “an idea” of what their home should be worth and how much it should sell for. However, this type of sixth sense for home value frequently 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. Forget the speculation of the neighborhood and base your sale price on real facts and market analysis.
Ignoring the listing agent
Some sellers think of their listing agent’s professional advice as a mere suggestion. However, your agent has their finger on the pulse of the market, including repairs, updates and upgrades that add value and help your home sell more quickly. Ignoring their contribution could mean more days on the market and a lower price at closing.
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, home repairs, or conveyances such as 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 where you are willing to negotiate in order to keep the sale moving forward.
Believing ‘under contract’ means ‘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, including 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.
Personalizing the home inspection
When you take pride in your home, it can be overwhelming to see a home inspection report that identifies problem areas and a long list of items to be repaired. You may feel that the buyers are trying to take advantage of you or that your agent is not seeing things your way.
Remember, the home inspection is not personal and is not meant to be an insult. The buyers are trying to protect themselves and their financial interests, just as you are.
The bottom line
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 to navigate to a successful closing.
Have an awesome Valentine’s week! Enjoy with your sweetheart and share the love with your loved ones and friends!
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!”
