7 Important Tips to Follow When Selling Your Home
Set Realistic Expectations: There is a difference between selling your home in a "seller's market" vs. selling your home in a "buyer's market" and you must keep that in mind when deciding when to list your home. While a lucky few may be able to sell their homes in the first week or receive multiple offers in that time frame, the reality is that these stories are the exception not the rule. Listing a home for sale is not always an easy process, leaving many sellers anxious and frustrated. However, with a realistic view of how things will proceed, you will be able to handle any curveballs that might come your way, often allowing you to be pleasantly surprised with the outcome rather than feeling crushed if the details aren't quite as you imagined.
Pay Attention to the Current Market: The Real Estate Market is constantly changing and educating yourself on those changes is a wise decision for anyone trying to sell his or her home. It's important to remember that while your Agent can advise you on the current state of the market in order to assist you, you are the one who will ultimately set the listing price of your home. If you overprice your home during a competitive market, you will receive fewer offers and will most likely be forced to lower the price in the end anyway. Setting a realistic price based on valuable current market information provided by your Agent will allow your home to sell more quickly and with less disappointment.
Be Flexible: Being available to show your home at a moment's notice is part of the selling process. This may include having to leave your home during a showing in order to make the potential buyer more comfortable to freely assess the house, thus allowing the buyer to seriously consider your home as an option. Yes, this may be an inconvenience, but it is an inconvenience that can pay off in a very big way if you allow yourself to be flexible to the schedules of home buyers.
Let Patience Prevail: It is easy to become impatient if your home does not sell within the first week or two of listing. However, if you have chosen an experienced Agent, you must allow both your Agent and the market to work for you in order to bring about your desired outcome. If you have listened to the recommendations of your Agent (from minor home repairs and preparations all the way to the suggested listing price), there is not much more you can do on your end so remain patient in order to reduce the stress on everyone involved. Ultimately, the final sale of your home will be based on the combination of the listing price, the home's condition, the hard work of your Agent and pure luck.
Approach Each Offer With Humility: There may come a time when you receive an offer that you deem much too low for your home. You may even be offended by the offer, but don't let your emotions or pride distract you from your goal. The bidding process is nothing but a business transaction; it's not personal. If the offer is too low, your best response would simply be to make a counter-offer. This shows the potential buyer that you are happy that they are interested in your home, but are not quite ready to lower the price to that extent. A good attitude and willingness to accept that you might not get your original asking price can allow for a respectable and fair compromise by both parties.
Remain Open to Reasonable Requests From Buyers: During a "buyer's market", many sellers are hesitant to provide specific concessions requested by potential buyers as it would have to be paid out of the seller's own pocket. However, refusing to fix something such as a $500 item or failing to provide an inexpensive home warranty can cause a buyer to move on to a more accommodating seller, leaving the original seller to wait on another interested buyer. Meanwhile, the seller is still paying a mortgage on a home that is taking longer than expected to sell. This doesn't mean a seller should acquiesce to every item demanded by a buyer, but staying open minded with regard to reasonable requests is very important.
Cooperate with Your Agent and Other Parties: As stated earlier, your Agent can be a huge asset when selling your home. Agents are experienced and understand what appeals to buyers. Their suggestions should not be taken lightly, despite your hesitation, if you are looking to sell your home quickly and efficiently. Working together as a team with your Agent will provide you with the best opportunities for a successful outcome. And, just as you would expect the buyer and other parties involved to cooperate with you, it is important that you are also cooperative in turn. The sale of a home requires the collaboration of numerous people and it is imperative that everyone be willing to meet in the middle in order to make the transaction as smooth as possible.