All the news points to the heat and low-inventory trends in today’s market. The good news is, many sellers have the confidence to get in the game. The bad news is that too many will do so thinking they will sell for top dollar in a flash.
According to Ralph McLaughlin, Housing Economist, “What’s quickening the pace of sales? It turns out it’s homes priced at the low end of the market.” National numbers show that homes are selling slightly faster than normal, but your sellers need to know that quick moves require competitive pricing.
2. Under Estimating What Needs To Be Done To Their Home Before Selling
Too many sellers think “low inventory” means low competition. When pickings are slim, updates become much more important. If buyers believe there’s limited opportunity to get the home they’re dreaming about, they often become unmotivated and discouraged at the whole process. When inventory is low and buyers are facing multiple offers this is discouraging enough without looking at homes that are poorly kept and then thinking this is all they can get. To get an idea of what you need to consider before selling look at our blogs on getting your home ready to sell. sborchelt.golyon.com or skrohn.golyon.com then go to our blog and scroll down to see the posts.
Sellers need to understand who they are competing with make sure you know other homes in your area on the market and what are they selling for and how do they compare to your home and your asking price.
3. Unrealistic Expectation Of What Buyers Can Do
Contrary to many sellers beliefs, most buyers don’t have the money or desire to make critical repairs and updates when making a purchase. If it is repairs that need to be done before closing on a contract the buyer can't make the repair. So as a seller do your due diligence of what needs to be done for health, and safety issues, then look at the updates the home may need. A good realtor will point out things that should be done before putting the home on the market.
Sellers need to understand the real value of making critical repairs. Check out NAR’s 2014 comparison of repair costs vs. resale value of home repairs for real numbers on how much they stand to make with improvements.
4. Scenting Strain
In an effort to “sweeten” the showing, some sellers can go too far. When sellers try to make their houses smell TOO good, it can be just as awful (as bad smells).
As a part of your staging plan, don’t leave the “scenting” to chance. Use some of these easy smell-neutralizers that are guaranteed to deodorize without overwhelming:
Bowl of Vinegar Overnight — Sit a bowl of vinegar in a smelly room overnight and it will help soak up the unwelcome odor.
Happy Hour Spray — Add 2-parts water and 1-part cheap vodka into a spray bottle and spray almost any area in the room. The mixture grabs the smell and evaporates.
Have Coffee and an Orange — Coffee grounds and orange peels are great odor neutralizers. Add one of them to a bowl in the room, inside the trash can, or down the garbage disposal to ensure showing-friendly smells.
5. Not Protecting Privacy
Like it or not, showings can be an information security risk to you the seller. As a part of your “un-cluttering” be sure to look for an thing lying around that could put your security at risk. From important documents to valuables, like jewelry and electronics, think about things you need to protect. Your home should never be shown with out a realtor with them but none the less always protect your personal items. Also, make sure prescription drugs are put away, not left in medicine cabinets.
For finding out what the market in your neighborhood is doing, what the net value of your home is and getting ideas on what your home may need before listing call us today.