Seller Tips

OK Sellers, we have a little tough love for you today. Now is a great time to sell your home and most homes are sold within the first week of going on the market.  However, here are three ways that Sellers are (unintentionally) sabotaging the sale of their home:

– Overbearing Statement Pieces/Paint

While Skyline Realty Boise loves to celebrate our clients’ unique personalities and sense of style, we have to be the voice of reason when it comes to placing your home on the market.  When potential buyers are walking through your home it is pertinent to have minimal barriers for the buyers to imagine their furnishings in the home or their family.

A beautiful orange accent wall may compliment your furniture but it would be very distracting for a potential buyer.  Another thing to keep in mind is putting away most of your family photos and clearing clutter / oversized furniture.

Keep it neutral and keep it simple!

– Greeting Potential Buyers at the Door

When touring homes with potential buyers there is nothing more awkward than the seller being present!  This ties back into allowing the buyers to envision themselves in your home with minimal barriers.  When a seller is home the house becomes less of a blank canvas for the buyers and they may concentrate more on the feeling of ‘intruding’ versus the home and how it fits their needs.

If you are worried about the safety of your personal belongings please remember that these potential buyers are accompanied by licensed real estate professionals.  Licensed professionals are held to several standards of accountability and how they protect clients/customers.

When you have scheduled showings, make the home available (without you).  Go walk the dog!

– Over Pricing Homes

Yes, the market is hot.  Yes, it is a seller’s market. Yes, home prices are rising. No, you cannot have any price you dream up!  It is so important to stay within the comparable home prices of your neighborhood.  Your agent will prepare a Comparative Market Analysis (CMA) of your home and how it stacks up against other homes in your neighborhood that are similar to your home.  This tool is vital in selecting the best listing price for your home as it will be most similar to the tools other agents, buyers, and bank appraisers use to determine the value of your home.

If you have the highest priced home (without proper justification) in your neighborhood, you will sell the other homes faster and your home will become what is known as a stale listing.

The longer your home sits on the market the more money you are losing.  You will most likely be making more mortgage payments and increasing the chances of list price reductions or paid concessions at closing.

Optimal pricing with be profitable and sell your home quickly.

To find out more information on your home’s value and how to sell it successfully, contact us at (208) 895-9944.

Some homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). The popular belief is that by selling your home without an agent you can retain more money by not paying out commissions.

However, according to the National Association of Realtors, “for sale by owner” properties lose 28% of the price they could have gotten if the owner went with an agent (taking commission into account). USA Today did a study and found they really only lost an average of 21%.

Here are four reasons to reconsider your For Sale by Owner:

            #1 – Liability

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory.  Are you aware of all the contracts and information that you must provide throughout a transaction?  Are you aware that some activities could be illegal even with the best of intentions? This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

            #2 – Time

Will you be able to let anyone in during the week to see the property? (if not, fewer offers = less money).  Do you have the time to field all the calls, faxes, and inquiries that will come with multiple offers? One missed phone call or fax could kill a deal.  You will also need to make time to negotiate with buyers who want the best deal, buyer’s agents who only represent the interest of their client, investors, attorneys, home inspection companies, appraisers, and possibly your bank.

            #3 – Exposure

Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home.

You will get the most money for your home in the first week that it’s on the market (in this market), and the longer it’s on the market, the less money people are willing to offer. If you try the “for sale by owner” approach and then change your approach to work with an agent, you will also have already eliminated the buyers who saw it in the first place, who may have low-balled it thinking you were easy prey, and who are not willing to make a second offer – they’ve moved on.

            #4 – More Money

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000.   This doesn’t mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer. Click here to see what we can do for you.