In a market this hot, why is your house still sitting on the market?
My friend just bought a house sight unseen and $400K over asking price, she closed on her home 2 days later, $200K over asking price. Yet, my other friend has had her house sitting on the market for almost a month. In a market this hot it leaves those sellers, like my friend, who have had their property lingering, bewildered. It is very upsetting to have the place you have called home for so many years, not getting the attention you believe it deserves. Social Media videos are capturing waiting lines for open houses yet my friend isn’t getting any traction.
So where’s her contract? What happened?
We are here to help, sell your Bay Area home.
Here are some tips, tricks and advice to help you sell your home.
1) Get GREAT help.
Finding the right people can make or break this process. As mentioned before: I have 2 friends (currently selling their homes): One friend opted for a novice realtor, eager to prove himself, yet overly compensating as a know it all. The other choice was seasoned investor. Who do you think made the right choice? In order to answer this question, do your homework and do not be afraid to ask questions. What are the pros and cons of each route? In the end my friend who chose the direct home buyer with a proven track record closed in a week.
As soon as someone starts talking down to you, get rid of them. You want someone who will take a call at 10 pm at night to calm your nerves. “Big Egos are big shields for lots of empty space.” This echoes throughout life, often the one who talks the most knows the least. My Father, God rest his soul, used to say: ” Stand up to be seen, speak up to be heard and sit down to be appreciated.” Do not get bulldozed by an agent’s vocabulary and fast pace. If they aren’t willing to slow down and assure your understanding, they aren’t who you want to entrust with one of the most important decisions of your life.
I believe the person who takes the time to walk you through the nuances of financing, lays out step by step the deal structure is the person you want by your side. Go with more than just a gut feeling, check their references. They should be more than happy to give them to you. They should be patient and never overbearing. If you want great results, due your due diligence and partner with professionals that share your values.
2) Don’t make too many improvements.
Too often we see over-improved properties – one little problem with that is not everyone has the same taste. In business they say: KISS, keep it simple stupid. You don’t want to overwork the canvas. Keep your lines and color palettes clean. Go to town on throwing out your junk. Moreover, most buyers want to add their own custom touches. Therefore, leaving some work to be done actually becomes a selling point to excite buyers.
3) Make necessary improvements.
Don’t leave that leak in the basement. The foundation and bones of the property must be intact. Having to buy a new roof, a new HVAC will cut your price more than if you took care of it yourself before the buyer uses it as a negotiation tactic. You can proactively get your home inspected by a professional or follow our blog series on how to inspect your own home and DIY tips.
4) An outpatient facelift
Give your home a little pep, clean it up. Painting the walls and updating the landscape are the cheapest way to a greater return. Make sure you uniformly address your home as a whole. Don’t put all your attention into the floors but leave the walls in need of a new coat of paint. The last two are of the utmost importance, often a reason people choose not to work with a realtor is how you must keep your home immaculately clean at all times. Forget about it, if you have toddlers like my poor second friend who is struggling to get her house sold. It can cost a pretty penny to higher a stager but it is an option. Remember, less is more.
5) Pricing matters.
If you are like me and get so pulled into these reality real estate tv shows, I am always fascinated by how clients come to a price point. I always find it odd that buyers are so drawn to the $599,999 price point as opposed to $600,000. It is a trick of the trade that doesn’t seem to be going anywhere. The reasoning is simple, the round bold numbers are usually cut off points for people working within a budget so pricing it, just below a whole number such as $600,000, you’re getting a lot more traffic. Your price should be in congruence with comps in the area. If you are $300 over the average price per sf, people are going to want to know why. If your best efforts to advertise your property aren’t causing your weekends to be overrun by showings, you have probably overpriced your house.
6) Every property will sell, that is a guarantee.
There is a buyer out there for everyone. If you find yourself beating your head against the wall, give us a call and we would be more than happy to give you a fair cash offer today.