updated 02/03/2021
Barry Kunselman | 303.887.0588 | Contact Barry
Why do homeowners sell? It may be a new job waiting on the other side of the country, the old house simply cannot accommodate the family anymore or it may be that the owners can no longer make their monthly payments.
Selling a home is a complex business process and making these 3 mistakes may cost you the sale.
NOT HIRING A PROFESSIONAL PHOTOGRAPHER & STAGER
Nothing is more frustrating to a buyer than looking for a home online only to see there are no pictures or the pictures are taken with a smartphone and not turned in the right direction. My buyers rarely ask to see homes that do not have pictures online. After moving to a company that offers free staging and magazine quality photos I have seen my listings sell for more money than the other homes in the neighborhood and quicker. Regardless of the condition of the home, staging and professional photography will always get you higher than average prices in the neighborhood.
I have seen homes that have not been updated in 20 years sell for more money because staging with modern and new furniture made the home feel more updated than the home really is. Hiring a professional photographer & stager will positively impact your bottom line.
NOT HIRING A GOOD AGENT
- Real estate agents are trained & licensed to sell real estate. Although real estate agents command a hefty
commission (usually 5-6% of the sale price of your home), trying to sell your home on your own, especially if you haven't done it before, is probably ill-advised.
- A good agent will help you set a fair and competitive selling price for your home that will increase your odds of a quick sale.
- Buyers are more candid with real estate agents. An agent can help take some of the high emotion out of the process by interacting directly with potential buyers so you don't have to and eliminating tire kickers who only want to look at your property but have no intention of putting in an offer.
- An agent will also have more experience negotiating home sales than you do, potentially helping you get more money than you could on your own. Further, if any problems crop up during the process - and they commonly do - an experienced professional will be there to handle them for you.
- Experienced agents are familiar with all the paperwork and pitfalls involved in real estate transactions and can help make sure the process goes smoothly.
Where a broker truly earns their commission is negotiating on your behalf and getting you into your next home. As a broker, we strive to get the highest and best price for our sellers. Sometimes the buyer who is willing to pay the highest price is not the best buyer for your home. Making sure the buyers is qualified and motivated to purchase your house is key to getting to the closing table. There is nothing more frustrating for a seller than excepting an offer from a buyer who is either not qualified to buy your house or not in love with your home. Asking the buyer's broker simple questions like, why is your buyer interested in my seller's home, can they be flexible closing either soon or later? If my seller does not take this offer does your buyer have another house they are interested in?
NOT LISTENING TO THE MARKET
OVERPRICING
If your house is on the market for 60 days and you have not received an offer and all the feedback from possible buyers are telling you the home is overpriced, there is a good chance you are going to have to lower the price if you want to sell your home. Every market is different. My condo listing in Downtown Denver sold for full price after sitting on the market for 70 days. The condo market downtown is very different than the Denver housing market, so it is important your broker understands the market your home is in.
Absent a housing bubble or a maybe a record low inventory market, overpriced homes do not sell. Don't worry too much about setting a price that's on the low side because, in theory, this will generate multiple offers and bid the price up to the home's true market value. In fact, underpricing your home a bit can actually be a strategy to generate extra interest in your listing.
Any smart buyer will negotiate, and if you want to complete the sale, you'll have to play the game. Most people want to list their homes at a price that will attract buyers while still leaving some breathing room for negotiations. This will allow the buyer to feel like he or she is getting a good value and allow you to get the amount of money you need from the sale. Of course, whether you end up with more or less than your asking price will likely depend on whether you're in a buyer's market or a seller's market and on how well you have staged your home.
DESIGNED TO SELL
If you are serious about selling your home and have a game plan and motivation to move on, take pricing very seriously. If you and your agent disagree about the price, but not by a lot, it’s worth trying the higher number. But have an upfront plan to reduce the price quickly, and use that price reduction as a marketing activity.
The market will respond positively to a seller who shows they are serious about selling.
Thinking of selling your Denver home? Click on the image below to find out what your home may be worth in today's market.
If you want to find out an accurate price for what your home could sell for, I’d love to provide a free market analysis for you. We can help sell your home at the right price with the least amount of hassles and surprises. Contact Barry Kunselman at PorchLight Real Estate Group 838 Broadway Denver Colorado,80203 Office: (303) 733-5335 Direct: (303) 887-0588. www.buydenverurbanhomes.com
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