3 Things Sellers Wish They Knew Before Selling a House
Being a real estate agent for a few decades, I’ve seen home sellers, homeowners, and buyers in a wide range of transactions. Something I have learned is that there are no two transactions exactly alike. You have so many people involved in a real estate deal including buyers, sellers, multiple agents, escrow, lenders, appraisers, inspectors and so on that every single dynamic in each transaction can be different. But, there are some similarities between homeowners when they go to sell. As a homeowner myself I have bought and sold many homes over my lifetime including international and so these ring true not only for sellers in the future but just about all the sellers I’ve had in the past.
Here are three things most sellers wish they knew before listing their home.
#1. They wish they would’ve priced it correctly at the beginning.
Just about every homeowner tries to list their house too high. And, this is understandable. You want the most profit from the sale of your house and if you can get it, why not go for it? The pitfall and the dangers to this are that is usually does not sell. Here’s the kicker; if you have a real estate agent that is very familiar with micro markets, communities and individual neighborhoods and they know how quickly homes are selling, you can listed at a higher price but be aware, if the appraisal does not come in at the asking price, you will have to drop the price anyway or have the buyer come up with the difference (which can happen as well). It is crucial to listen to your real estate agent and to choose an agent that is very familiar with homes in your neighborhood. Homes in a particular neighborhood that are hot, they might sell quickly and just don’t last very long on the market might be ideal for overpricing as long as you can get that price from an appraisal or you know that the buyers will make up the difference. In a hot seller’s market you may also get multiple offers so pricing your home more than market value could have the positive effect of getting more offers in at a higher price.
The point is, this is a very tricky and strategic decision that you and your real estate agent have to make. It’s important to listen to what your agent is saying, trust the research, and go with the value that the agent feels appropriate. Not every real estate agent is going to be perfect, and there have been times where different strategies can backfire. Markets can drop instantly, making the home not worth as much. Remember, the home is only worth what a buyer will pay for it, so it’s important to know the market in a neighborhood or community to price it correctly from the very beginning.
Related: Should we buy first or sell first?
#2. Don’t skimp on the photos.
Photos literally will make or break a sale. I’m not talking about altering photos or displaying something that isn’t. It’s not a good idea to falsely advertise a home but offering good photos with good lighting can work wonders for real estate listing. And, it doesn’t matter if you have a $300,000 house or $3 million house, great photos help sell the house. Talk to your real estate agent about having professional photos done. If you are debating between professional staging and professional photos I would really suggest having professional photos done. You can fix up the home and make it as attractive as possible but those photos are going to be the first thing that buyers see, and you can draw them in or turn them off completely based on those photos. You don’t have a second chance to make a first impression, gosh that was cliché.
#3. Pick the right Realtor®
A Realtor® in a real estate agent two different titles. Most do the same thing and are both licensed and trained to sell real estate but, a Realtor® has been trained in additional ethics and codes of conduct and has to carry a higher standard for customer service and fiduciary duties to their clients. Yes, real estate agents should do this, but those that have the extra title of Realtor are held to a higher standard in general. Now, this is not to say that any real estate agent can sell your house, but choosing the right agent or Realtor® is really essential to getting your home sold for the right price. You want to ask your agent several different questions that you feel comfortable with the way they price your home, market your home, and conduct business on your behalf with negotiations and selling strategies.
Ask how long they’ve been in business. How many houses they’ve actually sold, not just listed or facilitated for the buyer. Ask how quickly their homes sell. Also, ask how many listings they like to take on at one time. There are some agents that have a variety of assistance to take over once you sign on the dotted line. Do you like this or would you prefer to work one-on-one with the agent from start to finish? Do you like the idea of a team working together to get the job done for one agent that’s sole responsibility is selling your house? These are all things you want to know so that you feel comfortable and confident that your agent is working for you the entire time, will market and advertise your home to the right buyer, and get the most profit from the sale.
Call me today to find out more about how to get the right agent, take the right photos and get the right price from the sale of your home in Palm Beach Gardens, Jupiter and surrounding cities.
Additional Selling Resources:
The Difference between Cash and Financed Offers – By Peter Westbrook
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