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Home Selling Hard Truths You Should Not Ignore
Selling a house is one of the largest transactions many of us will make in our lifetime. Here are some hard truths to abide by when entering the market:
Priced too high, even the best marketing plan in the world will not sell the property.
Stubbornly holding out on your set price, will work in favor of your competition. Being stubborn and unwilling to take the advice of a professional is a guarantee your house will expire.
Digging in your heels: Buyer’s don’t care how much you need to net from the sale. They will not overpay.
Buyer’s distrust For Sale By Owners. Whether rightly or wrongly there is a strong negative perception surrounding FSBOs as unwilling to negotiate, stubborn, overpriced and far too risky.
Pricing is not enough. You must get the word out aggressively, putting it on a few websites does not generate enough interest. You’re always losing out to your competitors who, using a Realtor, are reaching ten times the buyers that you are.
Overpricing houses, even in a Seller’s market, ultimately means the house stays on the market much longer AND sells for much less than it would have if priced correctly from the start.
The market will penalize you if your priced too high. You see this played out all of the time… few initial showings leads to a price drop. Too many price drops, ultimately hurt your efforts to sell. When someone does become interested, the offer is significantly lower still.
Just waiting it out strategy never works in the Seller’s favor! The longer the days on market the more questions in the Buyer’s mind which also leads to doubt which then results in a drop in value and thus, a lower purchase offer if any at all.
Emotionally disengage: When a house goes on the market, it instantly become a product for sale. As such the house follows the rules of commerce that all products must adhere to. Tip: Depersonalize and take the emotion out of it!
Flaws Can Be Overcome If Priced Right – Flaws such as location, steep lot, power lines or needed repairs will sell when the price is right.
Josh Murray is The Broker Owner of Linked Realty/Top Michigan Realty Group, a firm that specializes in all aspects of Residential Real Estate in Metro Detroit. Josh Murray received Hour Detroit's Top ....
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