Top Seller Fails to Avoid when listing your home

 

Top Seller Fails to Avoid when listing your home!

Annette Bui| Updated May 13, 2020 | Mortgage Programs 101

It’s always an exciting time to plan to move and list your house whether you are upgrading for your growing family or empty-nesters looking for something more manageable. While it is life-changing about taking the big step and getting ready for a new space. It is also crucial to consider how to manage your departure from your soon to be former home. While it is easy to make emotional based decisions when selling your house, a place with many memories and hard work with any updates or remodeling over the years. However, to consider these tips to avoid during your sale. As a seller, is it vital to be considerate of these mistakes when selling your house and be prepared for the process to maximize your return and avoid unnecessary delays in your transition?

Overprice

Anytime there is a low inventory available in you market, it is often a mistake that sellers believe they can price it higher than what someone is willing to pay. Bear in mind, regardless of the agreed upon price that the amount a lender will approve will still be based upon whatever is lower between the purchase price and the appraised value. This means, if the appraisal comes back lower than the price that the buyer would have to bring in the difference or you would need to renegotiate the price. Discuss with your real estate agent to see what fair market value would be as it will be dependent over the past six to twelve months and often within a half mile radius depending on how many similar properties have sold in the area. Be realistic with how much value any improvements or upgrades make a difference to your home value.

Emotional based negotiation

While it is common nowadays for the average homeowner to stay in their house anywhere from 7-10 years. This is quite a bit longer than what used to be and thus, build sentiment over time. While many homeowners often have recovered from the last recession. Many families still hold value to their family memories from their first home to first child. Each room and fixture have a story that families and created over time. However, it is crucial to consider during negotiation the true value a buyer is willing to pay. Fair market price does not always reflect the actual costs of improvements you’ve made over the years. Thus, having a realtor who specializes in the local market can help leverage your position more

Curb Appeal and Staging

While décor and personal style is a beautiful way to show case your family’s unique story. Often, it’s easy to believe that it is equally appealing to buyers. Keep in mind, you want to avoid having taste and preference differences detract from how presentable your home is. Furthermore, day to day lifestyle makes it easier to accumulate clutter over time. Thus, the value that comes from staging your home comes a greater value adding piece to the selling process than you think.

In today’s current market condition, it may be an ideal time for you to consider selling if you are ready to make a change to grow your family. Productive ways to do so would be to speak with a local real estate agent and get advice on your neighborhood and consult with a lender to learn what your new purchase may look like.