By Patrick McCarran
Real Estate Broker
Thinking of selling your home? Here are what I think are some common mistakes and how to avoid them to maximize your experience and return.
Overpricing is the trap that many homeowners fall into. It’s an understandable mistakeyour home has been special to you, but is one that could prove costly if it slows down the sale or makes other homes look like a better value in comparison.
Try to avoid an emotional assessment, work with a Realtor familiar with your area. Look at sales data for homes in the neighborhood including listing prices, sold prices, how long it took for the homes to sell, and how they compared in upgrades and curb appeal to yours. You may want to visit homes that are currently for sale in your area to compare.
Remember that the market is seasonal and can change quickly, comparables from several months ago may not give you an exact picture of the current market. Determine if there are more or fewer new listings at present. Are prices up or down? If it’s a soft market, there’s likely to be a larger gap between listing and selling prices. If homes are selling quickly there may be multiple offers that drive prices up which can make appraisals an issue.
Take a good, objective look at the condition of your home. Does it have “curb appeal,” is it inviting and attractive? With a few basic improvements your home will shine and give a good return on investment. Freshen up paint and flooring, update faucets and light fixtures. Clean, well-kept homes with an appealing appearance always have an advantage. Be sure to gather up any clutter and put it away. Potential buyers need to envision themselves living in the home.
Buyers are definitely looking for turn key, move in ready homes. They certainly do not want to fix the roof or broken tile in the floor. They may pass and not buy your home or it may lower the value of the home in their mind and their offer. Get the work done before you put the home on the market and avoid offering a carpet credit.
Understand the Listing Agreement. Ask about commission, fees, concessions, and timeframes. Understand who and how you are represented. Be sure that you understand the timeframe for representation. Discuss details such as when you want to hold open houses, advantages of having pre-inspections, how will it be marketed. Get an estimated list of various fees and changes that will need to be paid at close or though escrow such as HOA docs. Your escrow will be the smoothest when everyone is on the same page in the same book and have a clear understanding of what is expected and nothing is left to question or chance.
Patrick McCarran is a local Realtor and Broker He can be contact by phone or text at (925) 899-5536, pmccarran@yahoo.com or www.CallPatrick.com. An independently owned and operated office. Equal Housing Opportunity.