Are You Turning Buyers Away?
The housing market has predominantly been a seller’s dream since 2013 and thus far through 2016. New home sales have hit a new record high since 2008, and home prices in some cases have risen again to record-breaking values. As a South Florida real estate brokerage, we know how to sell your home for top dollar and secure a buyer that will close. However, we’ve definitely seen some strategy errors by sellers in our time as well that have turned buyers away from their otherwise attractive homes. If you’re looking to sell your own slice of South Florida real estate, here are some things you should avoid.
Setting an Unrealistic Price
Believe it or not, setting the price of your home on the low side may actually create multiple offers and instigate a “bidding war” in which the price of your home is bid up to its agreed-upon market value. Keep in mind that over-priced homes just don’t sell in the absence of an over-inflated housing bubble. An experienced professional will be able to advise you on how to price your home accurately and competitively depending on your goals and timing requirements.
Not Hiring an Agent
If you’ve never sold a home before, trying to sell your home on your own isn’t likely going to maximize your experience or sales proceeds. A real estate professional has the ability to price your home competitively, understands how to anticipate and handle issues that may arise, and has the expertise to take care of all the necessary paperwork. Hiring a professional also helps to keep you from getting too emotionally involved, with your realtor acting as your buffer and advocate in to the marketplace. It can be very frustrating and difficult to negotiate with prospective buyers and their agents, so having a middle man is very helpful. Finally, your real estate professional can qualify prospective buyers to ensure they are financially able to close the deal before wasting time in contract with the wrong buyer.
Hiding or Neglecting to Fix Problems in Your Home
If there are multiple unattended repairs or signs of wear and tear in your home which are noticeable at first glance, a prospective buyer is bound to question what else in your home is not up to par — creating a lack of trust from the get-go. All problems in your home will be spotted by the home inspector anyway, so there really is no point in putting time and energy into hiding them. It’s also Florida law for all sellers of real property to disclose any known defects that may affect the material value of the property, so hiding these deficiencies will put you at risk for a lawsuit if something goes wrong. Our best advice is to either fix the problems or offer the buyer a credit to have them fixed. The last thing you want to do is hide or ignore those issues, minimizing your opportunity to capture your highest price and then forcing you to deal with costly fees once your home is under contract to make repairs. Again, hiding defects is illegal and unethical, and ultimately it will cost you more in the end.
Leaving Your House a Mess
First impressions are incredibly important, which you’ve probably heard time and time again. This applies to many situations in your life, especially when selling your home. When a buyer comes in and sees your clutter, dishes in the sink, food on the counters, unmade beds, dirty laundry on the floor, hair clogging a drain, toothpaste spit all over the sink, etc.— it really makes it hard for a buyer to imagine living in that home. Don’t just shove everything in your closet either, because they’re going to want to look in there as well. It’s best to show your home in the most attractive showing condition possible, like a model home. It takes work to sell your home, which is why we encourage the use of a real estate professional to help you with the best game plan and execution possible.
Failing to Market Your Home
Some people think that all they have to do to sell their home is upload one photo of the front of their house on a website or craigslist, and then put a “for sale” sign up in the yard. It’s usually the exact opposite. Most buyers are looking at homes online now, so they want to see pictures, lots and lots of pictures. Upload as many photos of your house as possible, have public open houses, send our post cards, etc. To attract the largest prospective pool of buyers to your home, which will create competition and naturally deliver your best buyer, a licensed professional will engage a detailed, sequential and comprehensive marketing plan to maximize exposure of your home.
With the continual growth of the housing market, our qualified professionals at Stein Posner are prepared to facilitate the best possible deals for you. To get started, call a South Florida real estate agent at Stein Posner today.