As simple as it sounds, making the decision to sell is the most important first step. It is not an easy decision and is going to be largely based on your personal timing. The market can be booming, home values might be accelerating, and the media might call it a seller’s market, but if you’re not ready to sell, none of that really matters. Likewise, the market can be tanking, prices can be in free fall, and you may even have negative equity, but when you have to sell, you’ll sell.
Selling your home is all about your personal timing.
The sales process is much easier when you’ve made the decision to sell versus having to be convinced that you’re doing the right thing throughout the entire process. In some instances, external factors such as tax implications may make a sale less attractive. In those cases, it is necessary to seek professional guidance and weigh out all the options before making the decision to sell.
Price your home too high and it will sit. Price your home too low, and while it may sell quickly, you could potentially be leaving money on the table that could have gone into your pockets. So which is better?
Again, it bears repeating that it depends on your own personal timing, but the general rule of thumb is that over-pricing your home in hopes that home buyers will get you to come down on price, does not work. In fact, it has quite the opposite effect. Instead of attracting offers, over-pricing your home helps sell your competition. Think about it. Do auto dealerships try to over price each other to get customers though the door? We all know the answer to that question is “No.”
Instead of over or under pricing the home, why not just price it right?
There is no glory in under-pricing either. I cringe at statements like “SOLD $70,000 over asking price!” as this is the equivalent of shouting “I underpriced it by $70,000!” Granted, if your home suffers from deferred maintenance and is in need of repairs, the sales price should and ultimately will reflect those items that require attention, but that doesn’t mean we need to give away the farm. There’s no need to hide from a repair or a blemish that cannot be cured prior to placing it on the market. Instead, acknowledge it, adjust the price accordingly, and prep it for market.
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It’s always a good practice to interview more than one agent. You will notice that many of the top producing agents share similar strategies and marketing techniques. This does not make one necessarily better than the other. Some people prefer Nordstroms and some people prefer Saks 5th Avenue. Ultimately, when you’ve got two great agents, it boils down to who you feel most comfortable with. Avoid interviewing two or more agents from the same office. A great agent will be able to provide references and client testimonials. To schedule a consultation, call me toll free (888) 727-0REH or email Magic@REHrealestate.com.