Consider a pre-listing inspection
Especially if your home is more than 5 years old. In North Carolina contracts include a due diligence clause which allows Buyers the right to walk away for any reason or no reason at all during the due diligence (inspection) period. Having your home professionally inspected gives you the opportunity to address any serious issues in advance using the contractors you choose and on your timeline. They ward off unwelcome surprises and possible deal killers. Keep in mind if funds are tight that COMPASS Concierge can front you the money for repairs.
Use a Trusted Professional. AKA Realtor® (note the designation).
Realtors who have the ® designation are held to a higher standard and must comply with ethical requirements.
Homes in which sellers try to market and sell their property themselves often end up taking much longer and sell for a lot less than when owners utilize an agent. The number of owners selling without an agent has steadily decreased over the the past few years as sellers understand that they need help navigating the transaction and maximizing their returns, not to mention protecting themselves from possible liability. How do you know who to trust to sell likely your most expensive asset?
Research: Do they maintain steady sales in your market area?
How is their website and marketing? Do they invest in high quality photos and video? Can you find reviews on line?
Interview: Be sure to ask about their marketing plan for your property. What is their outreach for potential buyers? Can they provide examples of properties similar to yours that they have sold? Are they full time or is this a ‘hobby.’ Do they have support in the instance they are not immediately available?
Pricing Your Home Accurately
Markets are hyper local. Once you have selected a Realtor® who understands this, you need to align your list price with current market value. There is a given range in each area. Your Realtor® can help you determine where your home falls within that range based on many factors, including condition of the property. This can be tricky because as a seller you normally are emotionally attached to the home (77% of owners getting ready to sell believe their home is worth more than the recommended list price). Looking at it objectively- as if you were a buyer allows you to price it correctly upfront helping you net more money in the end.
Respond Accordingly When the Market Tells You Your Home is Priced Too High
Overpricing happens. Markets can change quickly due to many factors. It can be difficult to predict exactly how the market will respond. Particularly if it is a luxury home with unique features or location. Making the adjustment within the first 30 days reads as a ‘correction’ not ‘desperation.’ Here are some rough guidelines on how much to adjust:
If you have had 0 showings in the first 2 weeks, you are likely about 10% overpriced.
If you are getting multiple showings but no offers, you are 5-7% overpriced.
If you are getting offers under list price, pay close attention- buyers are letting you know the current market value for the home.
If priced correctly, you should see an offer quickly.
Prepare Your Home To Maximize The Marketing
STAGE the home. Clean the yard. Properties that are not properly staged have historically sold for less than staged and well-prepared homes. Your Realtor® can look at your home with ‘buyer’s eyes’ and identify what needs to be done to ensure you are ‘photo-ready’. Hayes Collaborative provides you a detailed preparation list and assists with staging your home so it shows its best. We use professional architectural photographers to produce the highest quality photos and videos to attract the maximum number of buyers.
COMPASS marketing utilizes AI technology to identify where buyers are coming from. Digital Marketing is also a given with Hayes Collaborative. We will advertise on social media to create the highest level of exposure for your home.
Keep Your Emotions At Bay
It’s natural to have an emotional attachment to your home. It can be difficult to remove all of the memories you’ve created when it is time to sell. However, the more you can view selling your home as a business transaction, the better decisions you will make. Doing the following will help you keep a level head throughout the process of selling.
Remember the market sets the price. Your broker should be knowledgeable about your hyper-local market and can show you the comparables to determine the best listing price.
Process the feedback agents provide but don’t take it personally. Remember, everyone is looking for something particular when they are buying a home. If you are sensitive to feedback, ask your Realtor® to review all feedback first and provide you with pertinent suggestions and feedback only.
Consider the ‘constructive criticism carefully.’ The red Dining Room wall that you think warms the room and makes it special may be considered too personalized for a buyer. If your Realtor® has suggested you paint it and now buyers say the same, you should consider doing it.
Try to keep an open mind when you receive a low offer. Some people are always going to come in low. Consider it a starting point, and remember an opening offer is rarely the most a buyer is willing to pay if they truly want your home.
Plan Well In Advance
Whether you are downsizing, moving out of town, or selling an investment property, it’s never too early to reach out to your trusted advisors (including Realtor®) to start a conversation. Nothing makes a bigger difference in your bottom line than effective preparation and will net your the most money.
