Important facts if you are thinking of selling your home
- Know your local real estate market – It’s critical to know what the local trends are for your neighborhood. Ask your realtor do a market analysis to compare your home to homes sold recently in the area.
- A clean, uncluttered home sells – A dirty home knocks thousands of dollars off of your profit. Perhaps one of the greatest payoffs to home selling will be the time you spend cleaning and decluttering your home.
- Homes priced right sell – Price your home to sell. From the very first day that you list your home for sale, you will attract the most qualified and most interested buyers. The first few weeks of a new home listing shines brightest. A fresh new listing draws the attention of buyers waiting for a new home to hit the market and those buyers who just started looking will see your home priced right, and will break down your front door to take a closer look. If a listing is on the market for weeks and months, buyers will assume something is wrong with the home or that it’s priced too high. If buyers think that something is wrong, they’ll want a discount. Avoid the discounts, price it right, and increase your chances of having multiple interested buyers.
- Well maintained homes sell for more money – A well maintained home provides a sense of well being to any prospective buyer as they imagine that the home having been well cared for and likely will not provide them with too many worries down the road after they’ve bought the home. Red flags are virtually non-existent with a well maintained home as compared to a home that appears to not have been maintained. This peace of mind comes with a price tag that results in the buyers willingness to pay more for a well maintained home.
- Make repairs before you sell your home. Repairs left undone will cost you more money than the repair itself. Once the needed repair is evident to a buyer, they’re going to pad the actual cost to repair. If they find repairs, they may wonder what else is in need of repair and question whether you maintained your home properly. They may ask for more of a reduction just in case something else pops up once they were to buy your home.
- Trying to hide a defect will haunt you – You never want to get a call from an attorney indicating that the buyers that bought your home are now suing you for not disclosing that home structural issue that you were aware about, yet thought you’d keep it to yourself so you can sell your home for more money. Always be forthright. Being slapped with a lawsuit is never welcome news to a home seller.
- Smelly homes sell for less money – Nothing is worse than a smelly home from pets, smoking or even cooking. Sure we love our pets, but they can leave behind those not so pleasant smells. If you’re a smoker, you need to plan well in advance to take your smokes outside and freshen up your home’s interior. Perhaps you adore foods with very pungent spices. Put those dishes on hold until after you sell your home and get moved out. A thorough cleaning of your home, along with the fabrics, rugs and carpets will go a long way in removing pet, smoking, and food odors. If you have carpeting where pets had accidents, replacing carpeting would be advisable.
- Selling a home is inconvenient – Knowing up front that you’re going to be inconvenienced once you’ve decided to sell your home will make the home selling process a lot easier to handle. You’re going to have to get your home ready to sell; you’re going to have to do some packing and your normal everyday living schedules will likely be interrupted by visiting prospective buyers. When you’re able to anticipate this, it can make the process a lot less painful. Anticipate to be inconvenienced.
- Don’t overprice your home. Overpricing your home helps to sell your neighbor’s home! Buyers are qualified to buy a certain price range so they’re looking at homes that they can afford; your competition, your neighbors. If your home is priced too high, they’ll never see it as it will not come up in the home search. Your home will be coming up in a higher price range; likely homes that are larger with nicer features and more appealing. This price range of home buyers will look at your home but will skip over your home because they can buy a larger home with the same features for the same amount of money; why would anyone pay more for less space?
- Buyers love to negotiate the home sales price after they have a home inspection. In an inspection there will always be many little things. Hopefully, you won’t be blindsighted with an unknown major needed repair. If you have any needed major repairs, this should be known ahead of time and disclosed to any prospective buyers prior to the presentation of their offer. This way you know the offer reflects the defect. Fix your repairs so as not to give a buyer a reason to want a discount. The inspection period will always welcome a skilled negotiator. Make sure the realtor you hired is an effective negotiator as they’ll be worth their weight in gold here.
- Leave your home for the showings. Buyers love to grill sellers present at home showings. It’s important for you to leave for more reasons than one. First of all, you want the buyers to be able to stroll through your home and feel comfortable without someone watching them because you want them to envision themselves living in your home and it to be the perfect spot to entertain friends and family. And, even more important, if you have a discussion with them, they may get details from you regarding why you’re moving that could give them a reason to offer you less money for your home. A favorite tactic for buyer’s agents and buyers is to try and find out valuable details that indicate you “need” to move.
- Cash is not always best. When financing buyers have to compete with cash buyers, they can make their offer look very appealing in a number of ways that can beat out the cash buyer. First, by making sure they’ve presented their offer without any errors, making sure it is accurate and complete. Next, they’ll want to make sure their pre-approval letter indicates their strong ability to secure the mortgage to buy the seller’s home. In addition, a real estate purchase contract has many different timeframes. The buyers can make sure that they’re going to be quick in adhering to speedy timeframes and a letter given to the sellers by the buyers can be helpful of how they would love to live in the seller’s home.
- Communication is important and can jeopardize home sales – Once the decision has been made to sell your home, it’s critical for your communications to be prompt and timely. Keep your phone available and answer your realtor’s requests for answers to questions that the prospective buyer may have. If you don’t answer, it could delay signing/initialling a contract update. This can irritate all parties to the sale of your home. Be available, prompt, and courteous when selling a home.
- Buyers must envision themselves living in your home – This involves taking the “you” out of your home. When you’ve decided to sell your home, it is now important to realize that your home now needs to read like it could welcome anybody to suit their family. Remove all the memories on display. Neutrality must now be present in your home. This is because too many buyers can’t look beyond the “youness” of your home to picture themselves there, so it’s best if you make it easy for them, so it will be easy for them to buy your home.
- Photographs and videos can sell homes. If there are poor quality photos or minimal photos on the MLS, then buyers may skip over your listing. Over 90% of buyers start their home search online and they want to “see” homes and not read about them. They want to see high quality photos and videos.
- Cooperation is the name of the game! When an exchange occurs such as with a home sale, a little bit of cooperation will go along way and quite often, ending with a favorable outcome for a home seller. Don’t fight the buyer tooth and nail, as they’ll immediately withdraw to put on their boxing gloves and in this scenario everyone loses. A little give and take, more times than not, results in superior results.
- Neutralize your home of your purple passion, your bold reds, or your mounted hunting treasures. Not everyone can look past the passion of others. Do not give a buyer a reason to find distaste in what you desire. When you sell a home it is not the time to show the world what makes you tick, you want to show how buyers can fill your home with what makes them tick.
- Closing date is move out date – It’s important to understand that when the closing date comes around, all of your belongings must be packed up and moved out, leaving behind a clean home ready for the buyers to move in once they’re given the key at the closing table. Unfortunately, you won’t be able to stay a few days after closing to finish a few things you just never got to it.
- Requiring that a buyer meets financing eligibility increases your likelihood of selling your home – First of all, real estate agents shouldn’t even be showing buyers your home unless they know the buyers credit, income and assets have been reviewed to make sure they can indeed afford to buy your home. Unfortunately, not all real estate agents adhere to this common sense business practice and will show prospective buyers homes that they don’t even know if they can afford. Make sure the real estate agent that you hire, scrutinizes any incoming buyer’s offer for their ability to actually be able to pay for your home.
- Experience sells – Hiring a skilled, trusted, real estate professional gets homes sold in the shortest amount of time for the most amount of money. Your choice of a real estate agent matters. Dan and Denise have 15 years of real estate experience and offer personalized service by assisting in whatever areas you need. They have worked in many areas of the Twin Cities, including Lino Lakes, Blaine, Centerville, Forest Lake, Scandia, Wyoming, North Branch, Columbus Township, Stacy, Maplewood, St. Paul, Vadnais Heights, New Brighton, Arden Hills, Spring Lake Park, Coon Rapids, Anoka, Andover, Fridley, New Hope, Maple Grove, Elk River, Minneapolis, Oakdale, and Woodbury. They’ve also worked up north in the sales of homes and cabins. Call, text, or email Dan and Denise at 612-730-9226 or mortensonrealtygroup@gmail.com for a free consultation.