Are you looking to sell your current home to pursue your Coronado Island real estate dreams? Or maybe you're a current Coronado home owner, ready for your big payoff. If you're considering selling your home (no matter where you are) there are few simple things you should keep in mind. Yes -- these are the tenants of successful homesellers and we're sharing them with you so you'll be more successful in achieving a great new buyer for your property so you can move on to your next big chapter. Here's the deal:
#1: Value is Objective
A Home’s Value is not determined by the seller to the agent. It is determined by what the market is willing to pay for it an any given time. Paying attention to the CMA and market trends is they key to success in selling your home!
Humans are egocentric. We estimate the value of things based on our unique perspectives. That egocentricity has always been the challenge in real estate. Sellers see their properties as being superior to others in the neighborhood, and buyers are on the other side of the fence, busy comparing properties with a steely eye, and determined to get a good deal when they purchase.
So how does a home seller develop an objective, non-emotional approach when listing a home? First, find a reputable real estate agent that you trust, and second, take the professional advice they offer. It is far too tempting for sellers to “hear” that the agent recommends a lower price than expected, and yet the seller still insists on listing at a higher price based solely on emotions, or a wish and a prayer.
A good Comparative Market Analysis (CMA) is a home seller’s friend. It will help manage expectations up front and by relying on accurate data, a seller will be able to price their property so that it will actually sell. Over priced properties often don’t get shown by agents, and even when they are, buyers are reluctant to make an offer for fear of insulting someone. They’ll avoid the discomfort and conflict and search for more realistic sellers elsewhere. And the end result is that the home sits on the market, getting stale. After a while, the perception is that something is wrong with the property, or why wouldn’t it have sold by now?
The other pitfall of pricing a home above what it’s worth, is that a seller actually helps sell their neighbors’ homes, because those houses that are priced properly appear more attractive. Last, some sellers believe that they may get the rarified buyer willing to pay their asking price, but the transaction still won’t be completed because the buyer will be unable to get financing approval because the house won’t appraise at the sale price.
#2 First Impressions Matter
First impressions are critical — so make your house sparkle inside and out! Curb appeal really does help get buyers in the door and once they are in, you’ll want to make them happy there.
Unless your home is being sold as a fixer-upper, you will want to present your house in the best condition possible. Today’s buyers are looking for properties that have been renovated, or well maintained and are in good repair.
I recently sold a four-bedroom home above market value and it was a pleasure. The seller spent several weeks before listing, replacing old countertops with granite in the kitchen and the baths, had the walls freshly painted, de-cluttered and reorganized closets, and brought in a handyman to check out the house top to bottom, everything from windows and screens, to cabinets and doors, and all lighting and plumbing fixtures throughout the house. Everything was in working order when we hit the market. The result was a home that really stood out above its competition.
A wise home seller will avoid thinking that a potential buyer will want to update the kitchen and bathrooms, or change out the dingy carpet, or repaint tired walls. Most buyers don’t want to inherit deferred maintenance items unless the house is being offered at a rock-bottom price. By presenting a property in great condition that is also clean, clutter-free, and fresh looking, a seller has increased the home’s appeal and value. It really pays off!