Sellers: 3 ‘musts’ before you sell
This week we have a great article by Tara Nelson of Trulia entitled, 3
Multiple Personality Market Musts for Smart Sellers. Whether you’re in
a ‘hot’ market (like the Silicon Valley) or not, there are essential things that
every Seller should know before they sell their home. Are you thinking about
selling your home? Do you know these things? The Dawn Thomas Team can help!
1. Get your own team of advisors- ”There is no substitute for having an experienced local real estate agent, mortgage broker, personal financial planner and a tax advisor who can give you customized, personal advice based on what’s going on in:
2. Keep your own counsel- By this I simply mean that it absolutely behooves you to run your own numbers in detail and get clear on the lifestyle changes you hope to make in the course of selling your home, ideally before you even make the first call to a professional. If your market doesn’t seem to be rebounding like it is elsewhere, you might not have the margin or cushion of expecting to get more than you’re asking for your home or being 100% certain it’ll fly off the market, stat.
This renders it essential that you know exactly how much you owe on your home, what your budget for repairs and pre-listing property preparation is (if any). It’s also essential to go into your conversations with professionals knowing precisely what your goals and priorities are for the transaction, including whether you want to move up (and why), move down (and why), sell at top dollar no matter what that takes, sell quickly, get out of an upside down mortgage – and how these goals rank in order of importance in your personal value system.
3. Base your pricing and marketing strategy on uber-local, uber-current research- No matter what the market is doing, you should always prepare, market and price your home with reference to the comparable sales data: the most recent sales of similar homes in the geographic area immediately surrounding your home. (Your agent will help you source the relevant data.)
But this time-tested real estate rule of thumb gains extra importance if you’re listing in a market that is not playing by the same rules as the rest of the country. It doesn’t matter whether you read that New York Times article about Manhattanites getting harassed on social media by prospective buyers pleading to pick their offer out of the throngs they receive.
If the data shows that the average home like yours in your neighborhood is selling for 4 percent below asking, and after an average of 45 days on the market, you need to account for that by making sure:
1. Get your own team of advisors- ”There is no substitute for having an experienced local real estate agent, mortgage broker, personal financial planner and a tax advisor who can give you customized, personal advice based on what’s going on in:
- your local market (even down to the neighborhood level)
- your personal finances
- your personal career
- your personal life vision
- your personal family situation and
- your personal dreams and goals.
2. Keep your own counsel- By this I simply mean that it absolutely behooves you to run your own numbers in detail and get clear on the lifestyle changes you hope to make in the course of selling your home, ideally before you even make the first call to a professional. If your market doesn’t seem to be rebounding like it is elsewhere, you might not have the margin or cushion of expecting to get more than you’re asking for your home or being 100% certain it’ll fly off the market, stat.
This renders it essential that you know exactly how much you owe on your home, what your budget for repairs and pre-listing property preparation is (if any). It’s also essential to go into your conversations with professionals knowing precisely what your goals and priorities are for the transaction, including whether you want to move up (and why), move down (and why), sell at top dollar no matter what that takes, sell quickly, get out of an upside down mortgage – and how these goals rank in order of importance in your personal value system.
3. Base your pricing and marketing strategy on uber-local, uber-current research- No matter what the market is doing, you should always prepare, market and price your home with reference to the comparable sales data: the most recent sales of similar homes in the geographic area immediately surrounding your home. (Your agent will help you source the relevant data.)
But this time-tested real estate rule of thumb gains extra importance if you’re listing in a market that is not playing by the same rules as the rest of the country. It doesn’t matter whether you read that New York Times article about Manhattanites getting harassed on social media by prospective buyers pleading to pick their offer out of the throngs they receive.
If the data shows that the average home like yours in your neighborhood is selling for 4 percent below asking, and after an average of 45 days on the market, you need to account for that by making sure:
- your home is impeccably staged (note – impeccably doesn’t have to mean expensively)
- your home is aggressively priced, vis-a-vis the other homes your target buyers will probably be considering
- your home is as accessible as possible for showings
- even if your compatriots in San Francisco and New York don’t have to be quite as vigilant about these things.
- how long the pending homes were listed, on average, before they were changed from Active to Pending
- how far above or below the asking price the average home in your area sells for – with reference only to very recent, very nearby and very similar property sales
- how many offers the average home in your market receives before going into contract.”
This blog is courtesy of The Dawn Thomas Team who is an
award-winning Real Estate Agent team at Intero Real Estate Services in Los Altos
650-701-7822. We help nice people with selling and buying homes in the greater
Silicon Valley and Beyond!
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