When the time comes to sell your home, there’s a lot of work to be done to prepare it for the market. After all, you want it to sell for the highest price possible in (usually) the least amount of time. When handling homes for sale in Fairfield and homes for sale in Vacaville, there are some cold, hard facts though, that the home seller should be aware of. Whether you’re selling a home for the first time or you’ve gone through the process before, some of these issues will likely come up. Here are 20 facts every homeowner should consider when getting ready to sell their home:
- Real Estate is Local. Knowing what’s moving the local market is critical. This is where your Realtor comes in. He or she can discuss neighborhood trends that can affect the sale of your home, such as comparable homes for sale in the neighborhood, whether home prices are rising or falling, etc. Finding a local Realtor is a major aid in dealing with homes for sale in Fairfield and homes for sale in Vacaville.
- Clean and Uncluttered Sells. The impression a prospective buyer gets when walking into your home can have a big effect on the offer price, to the tune of thousands of dollars less being offered. Put the work in ahead of time to clean and organize your home before you start showing it.
- Price It Right from the Start. A fresh new listing shines the brightest and attracts the attention of buyers waiting for new properties to hit the market. If the price is too high for the market to begin with, chances are that it will stagnate on the market. Homes on the market for a long time often become stigmatized – Buyers begin to wonder what’s wrong with the home for it to take so long to sell. This increases the odds that any offer received will be less than the asking price, as buyers will believe that you’d likely be open to discounting the price by that time. If your home is priced right, on the other hand, the odds of receiving multiple offers for your home goes up. Again, your Realtor can be an invaluable resource when it comes to pricing homes for sale in Fairfield and homes for sale in Vacaville properly.
- Selling Your Home is Inconvenient. You’ll be spending time preparing your home for sale, like cleaning, packing, and repairing, not to mention accommodating visits from prospective buyers, all while carrying on with your normal daily routine, like going to work and school. Bottom line: Prepare to be inconvenienced.
- Repairs Left Undone Will Often Cost More Than the Repair Itself. If there are needed repairs to the home that you haven’t gotten to, you should have them done before putting your home on the market. Why? For one, if prospective buyers see there are needed repairs, it can cause them to wonder what other items are in need of repair and how well the home has been maintained. Buyers may also hesitate at the thought that other unknown repairs may pop up. These unknowns often cause the buyer to request a price reduction for more than the known cost of repairs, just in case other issues arise after the purchase is complete. This is a key element to watch for in homes for sale in Fairfield and homes for sale in Vacaville.
- Overpricing Your Home Helps Sell Your Neighbors Home. If the price of your home is high compared to your neighbors’ similar homes, chances are good that buyers won’t choose yours. In fact, your home will likely be compared to other homes in the same higher price range that are larger or have nicer features. Think about it: If someone can buy a larger or nicer home for the same price as yours, which do you think they will choose? And how many potential buyers will pass your by because similar properties are available for less money?
- Buyers Love to Negotiate the Price After Inspections. The various inspections buyers or their lenders have conducted during the inspection contingency period of homes for sale in Fairfield and homes for sale in Vacaville will almost always note several issues needing to be addressed. Assuming major repairs were completed prior to putting your home on market (see #5 above) or are reflected in the selling price, issues such as missing outlet covers, missing GFCIs, small leaks and other relatively minor repairs may still need to be completed. The buyer may request that the repairs be completed during the escrow period or may ask for a credit to address the issues after closing. You can reduce the chances that this will happen by addressing these issues ahead of time and not give a buyer a reason to ask for a discount.
- Buyers Love to Grill Sellers at Home Showings. Many sellers believe that being present while their home is being shown is a good idea – in our experience with homes for sale in Fairfield and homes for sale in Vacaville, it’s not the case. Sellers think, “who knows more about the home than the me?” But there are a couple of good reasons NOT to be there during a showing. For one, buyers need to feel comfortable during the visit. They need to be able to speak frankly with their spouses or their agents and talk about the things they like about the home and things they don’t. That’s hard to do with the seller standing nearby. Another reason to leave during the showing is that buyers and their agents often try to obtain details from the seller on why the home is being sold. If a buyer knows you “need” to move, it could give him or her a reason to offer less money for your home.
- Smelly Homes Sell for Less Money. Whether it’s from pets, cooking or smoking, unpleasant smells can be a big turnoff. You may need to plan well in advance to remove unpleasant odors from your home. If you have pets, for instance, it may be necessary to have the carpets cleaned prior to going on the market. If the carpets are soiled, you may be better off replacing them or adjust the sale price accordingly. If you smoke, you should consider smoking outside to freshen up the interior. If you like to cook foods with pungent spices or oils, these types of dishes should be put on hold until you move. Remember to clean fabrics and rugs around your home, as these items can hold onto odors. Homes for sale in Fairfield and homes for sale in Vacaville that avoid these smelly smells will be preferred.
- Cash is Not Always King. Don’t automatically assume that because someone is offering to pay for homes for sale in Fairfield and homes for sale in Vacaville in cash that it is always the better offer. In many cases, a well-written offer from a qualified buyer who is financing the purchase may have advantages over a cash offer. For instance, the buyer may be in a position to remove contingencies faster than a cash purchaser or may ask for fewer concessions from the seller. Keep in mind, too, that the money you receive at close of escrow is the same, whether it comes from the buyer or a lender.
Part 2 of facts homeowners should consider will be coming soon so stay tuned!
Adapted from Lynn Pineda, Realtor, Keller Williams Realty Coral Springs, www.imagineyourhouse.com