Seller's Steps to Success!
Maryland Home Sales can be a frustrating time for sellers, here is some advice to follow to avoid many of the situations:
Base asking price on market value rather than needs or emotions.
Sellers often base their price on what they paid for, or have invested in their home. This can be an expensive mistake. If your home is not priced competitively, buyers will reject it in favor of other larger homes for the same price. The buyers who should be looking at your house will not see it because it is priced over their heads.
The result is increased market time, and even when the price is eventually lowered, the buyers are wary because nobody wants to buy a home that nobody else wants. This can results in low offers and a buyer's unwillingness to negotiate. Everyone wants to realize as much money as possible from a sale, but a listing priced too high often eventually sells for less than market value.
"Showcase" your home
Sellers who fail to make necessary repairs, who don't spruce up the house inside and out and fail to keep it clean and neat chase away buyers as fast as their Realtor can bring them. A property that is not clean or well maintained is a indication that there may be hidden defects resulting in increased cost for the buyer. Buyers always build in a large margin to cover the cost o repairs and when offering on such a property. Sellers are usually better off doing the work themselves ahead of time.
Don't over-improve the home prior to selling.
Sellers often spend thousands of dollars doing the wrong upgrades to their home prior to offering it for sale in the mistaken belief that they will recoup this cost. Do upgrade your home for your personal enjoyment, but if you are thinking of selling, you should be aware that only certain upgrades are cost effective. Always consult with your Realtor prior to committing to upgrading your home.
Choose the right Realtor for the right reasons
Many homeowners list with the agent who leads them to believe that their home will sell for the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. In the real estate business, an agent with many successfully closed transactions usually costs the same as someone who is inexperienced. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.
Leave the "Hard Sell" in the closet!
Buying a home is an emotional decision. Buyers like to "try on" a house and see if it is comfortable for them, and that's hard to do if you follow them around pointing out the improvements you've made that are important to you. Good Realtors let the buyers discover the home on their own, pointing out only features they are sure are important to them. Many sales are lost by overselling. If buyers think they are paying for features that are not important to them personally, they'll reject the home in favor of a less expensive home without those features.
Take the first offer seriously.
Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced Realtors know that more often than not, the first buyer ends up being the best buyer. Many sellers have had to accept far less money than the initial offer later in the selling process. The home is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers wish they could find the prospective buyer who made the first offer.
Know your rights and obligations.
The contract you sign to sell your property is a complex and legally binding document. A contract written improperly can allow the purchaser to void the sale, or cost you thousands of dollars. Have an experienced Realtor who knows the ins and outs fully explain the contract you are about to sign to you or have your lawyer review it before acceptance.
Market the property effectively.
The right Realtor will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home. Good marketing opens the door that exposes the property to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The two most obvious marketing tools (open houses and print advertising) are only moderately effective. Just 1% of homes are sold at open houses, and advertising studies show that only 3% of people purchased their home because they called on a print ad! Agents use these tools to attract future prospects, not to sell the house. Being aware of these steps will help ensure you receive top dollar when the time comes to sell your home!