Advice for First Time Home Sellers in Real Estate

Posted by Matthew Lahti on Sunday, June 16th, 2013 at 4:56pm

The housing market has changed.  First time home sellers cannot use the same resources their parents did years ago.  The newspaper has some staying power, but the internet is a gold mine for REAL ESTATE.  Mix that with mobile devices and stiff competition and suddenly you'll realize the home market changed the rules.  Sellers are willing to sweeten the pot by adding extra incentives and taking more time to stage the home.  Buyers have the right to get a home inspection and a seller disclosure form.  It's no longer about making a profit, and after reading this, you'll see why.

The largest number of people looking at the home comes within the first three weeks, and the MLS listings and online viewings are the reason.  Take this opportunity to price the house right the first time.  Come up with a realistic cost from a reliable realtor.  We know the staring price and the final selling price of surrounding homes in your neighborhood.   We can price it in the price range where you receive the most views.

Promote your home on as many outlets as possible—newspapers, social networks, online real estate websites, your website, mobile devices and QR bar codes.  Have phone numbers and an email address available for buyer responses.  Have a great listing and quality photos to attract buyers to your home.  A great REALTOR is the key to promotion and selling your home.

Entice them by adding extras.  Washers, dryers, stoves, refrigerators and flat screen TVs are great examples.  This is great for anyone who doesn’t know where to place these items in their new home.  It encourages them to pick your home over the competition.  However, don't expect to use these perks as a way to gain extra money from buyers.  More than likely buyers won't buy your home.  If you don't want to use these as extras, it cannot stay in the home.  It must be removed from the property.

Get the home market-ready.  Don't place the home on the market until the repairs and replacements are made.  Unless the buyer plans on using the home as rental property, buyers do not want a to-do list of items that need fixing.  They want the home ready to go the day it's purchased.  Give the home an upgrade by painting the walls in soft neutrals and replacing carpet.  Clean up clutter and empty the trash.  Finally, make the home feel like a home by leaving a photo on the countertop. 

It's hard to admit, but to get the house sold, be prepared to lose money in the final deal.  It used to be that the price you set is the price buyers have to pay to get the home.  No more.  Real estate has become a bidding war, and buyers are the ones that start the bidding--even if it's less than the asking price.  When buyers give a bid, it's not what's listed in the paper most of the time.  Sellers have to make a decision:  take the lower pay or wait.  The test doesn't come after the first few rejected offers.  The test comes after many rejected offers.  If you're sick of taking care of the home, be prepared to suck it up and take a lower offer.

Today's housing market is about selling the home.  To sell the home you must please the buyer and compete with other homes in the same neighborhood.  It takes time to get a good offer, so contact us for more information selling a home and the real estate market.

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