Since the Greater Seattle and Bellevue area home values have declined, and we have an uncertain economy and housing market, what should a home seller do?
In today’s video, we are going to go over 7 tips for sellers to be successful. Here we go!
When I first got into the business 18 years ago, my Broker told me that selling a home boils down to 2 things: it’s a pricing war, and a beauty contest. Of course, there are a lot of details and components that go into selling a home. But, in simple terms it does come down to the price and the attractiveness (or features) of each home.
1) Price your home correctly from the start. Ready for the truth? The most common reason why homes don’t sell is due to the price being too high. It’s only natural to want the absolute highest price possible. But the overwhelming data shows that overpricing a home, will usually cost the seller more money in the end. That’s because when a home sits on the market for too many weeks or months, it becomes old news, stale, and buyer’s wonder why it is not selling.
When you first hit the market, be sure to price your home competitively so buyers see the value. Also, because the market is fluid and always changing, it is important to be open to any necessary price adjustments if that’s what the market data indicates. Don’t wait too long to respond to the data either. Otherwise, this could cost you more money, or you might be chasing the market down.
2) Listen to market feedback. When buyers and agents tour your home, it’s important to know their thoughts and impressions. Now, this does not mean you should care too much about every individual opinion. Because, let’s face it, there are people out there who might make strange comments. However, when you hear a pattern of remarks, it’s important to take note. If the feedback you hear is consistent and something easily remedied, consider taking care of it.
3) Keep emotions in check. This is a tough one since it is usually hard to separate the business from the emotional side of selling a home. Maybe it’s not the right time for you to sell, and you should listen to that voice. But, if you want to or need to sell, then it’s important to start thinking about this place as your former home, and not yours anymore. Things may take longer, or you might sell lower than you’d like. When you can mentally strengthen your mindset and go into this with the right expectations you are much better off.
4) Prepare your home as best as possible. We say best as possible because everyone’s situation is different. Some sellers don’t have the means or time to make the house look perfect. But do the best you can, within reason, to make your home look fantastic. The better it looks, the better your chances of standing out amongst the other homes for sale. Also, try to maintain it in show ready condition. This can be a tough one if your home isn’t selling within a couple of weeks. Since you don’t know when that right buyer is going to tour your home, it’s important to keep it looking it’s best.
5) Offer buyers an incentive. For instance, if your home is not getting the activity or offers you were hoping for, consider sweetening the deal. This could be anything from including furniture or the home theater system, to providing a credit for new carpet or paint. Currently, the incentive that is making the most impact on buyers is to help them pay down their interest rate.
It’s no secret, buyers are now forced to pay much higher interest rates than in years past. Sellers, you can turn this into an opportunity. By helping pay down the interest rate on the buyer’s loan, you not only make the buyer’s monthly payment more affordable, but you can help yourself net more money than the alternative, which could be a more substantial price drop.
6) Market your home effectively. Are the listing photos top quality? Is there a self-guided virtual tour? Is there a professional video tour that highlights special features for buyers to really see the value? Marketing is what grabs people’s attention. In this day and age, we only have a few seconds to make an impact. Make it count!
7) Hire the right agent. Experienced, skilled, a sincere desire to help, aggressive in negotiating and representing your needs, trust, the list goes on. There are a lot of characteristics that make a quality agent. In this changing market, it is crucial you work with someone who has experience navigating more challenging markets. When selling a home, there is just too much at stake to settle.
If you want to stay informed on the market trends, be sure to check out our monthly market update videos!