Photo: © Courtney Keating - Dreamstime
The goal for any home seller is to sell a property quickly at the best price for the market. Here are six characteristics that will help home sellers succeed.
1. Realistic Expectations
Real estate agents do not pluck listing prices out of thin air. Every price range they recommend to potential home sellers is the result of meticulous research: of the property, the neighborhood and the current real estate market. Most of the factors that affect a property's saleability―location, interest rates, the local job market―are outside the seller's control. Other things, such as the condition of the home and how it is presented, are within the seller's control. Highly effective home sellers address the things they can control and accept the things they cannot. You might not like what the market is saying, but it doesn’t lie.
A flexible home seller is open to suggestions. Listen to your agent and heed his or her advice regarding pricing the home for sale, marketing the property and making it show ready. Flexible sellers are prepared to lower the price if they are not getting any showings. Flexible sellers are prepared to stage and remodel the home if they are getting showings but no offers. Delaying a sale by being inflexible can cost you money in extra mortgage payments.
Homes sell faster when the seller stops thinking about the property as his home and starts thinking about it as product to be packaged for sale. Sellers who find it hard to emotionally detach from the home often sabotage viewings or reject offers, because they are not ready to leave their home. Be honest with yourself. If you are not ready to sell, don't. If you are, then pack up your emotions and accept that it is time to move on.
4. A Big Picture View
Giving way on price is not the same as giving way on the deal. Effective sellers think about all aspects of the deal. A seller who wants to move quickly may be prepared to lower the price in return for faster closing. Requests for repairs, no matter how galling, should be carefully scrutinized. Would you really want to lose a buyer over a $200 repair bill?
Selling your home is a time-consuming business. You must be available to speak to your agent and make urgent decisions concerning the list price, marketing strategies and any offers that come in. Remember, you can't sell a property if would-be buyers can't see it. Make sure that buyers can view your home at all reasonable hours. No showings on weekends might suit your lifestyle, but it certainly won't suit your buyers.
You don't need a degree to sell your home, but you do need a clear understanding of the home selling process. Sellers who understand how home sales work have a clearer idea of the hurdles buyers must jump to purchase a home and can better pre-empt a buyer's needs. Figure out what escrow means and what happens between the contract and closing. Speak to your agent. Ask him or her to fill you in on the local market, the lending environment and the types of things that buyers are looking for in your neighborhood.