2017 Aug 29th

5 Mistakes Sellers Make

Yes, it is absolutely a seller’s market and has been for a while.  Nonetheless, sellers still make mistakes.

Not Decluttering / Depersonalizing

How you live in your home is not how you sell it.  First of all, if your property is tenant occupied, your best bet is usually to have the tenants vacate and then clean and paint before you even think of selling.  Some staging is always a good idea and can be done quite reasonably.  If you live in the property, you should pack up all your personal memorabilia and put it in storage. Closets often need some work and most sellers with small children need to eliminate a bunch of clutter.  Most homes in our market show like model homes.  If you’re does not, you won’t get the interest or the price you otherwise might.

Not Being Prepared

When you’re selling a condo, it’s vitally important to have your association info organized and ready.  The buyer is going to ask for financials.  Does your association have reserves?  Does it have a budget?  Is 10% of your annual operating expenses allocated as a line item in the budget to be used to replenish reserves?  Who is the management company contact? How much is in reserves? Do you have board meeting minutes?  Is a copy of your Master Deed and By-laws ready to be handed over?  You don’t want to wait until you are in Attorney Review to find all this out.

Not Knowing Where you are Moving to or Having a Plan.

Things sell so quickly, sellers need to have an idea of where their next home will be once they sell.  Perhaps you plan to rent for a while.  Will the landlord give you any flexibility should you then decide to buy?  If you are buying, have you asked your realtor to find you the absolute best agent in the neighborhood you’re thinking of moving to next?  What will you do if your closing is delayed?  There are lots of moving pieces that must be coordinated and advance planning will help the transition be a smooth one.

Not Pricing Right

Pricing a home to sell for the most money possible in the fastest time possible is an art, not a science.  There are a range of acceptable prices for every property but there is also a relationship between price and views.  The lower the price, the more views, the more visits, the more likely you are to get an offer and even multiple offers.  It’s common today for smart agents to recommend prices lower on the range to drive traffic and then let the multiple buyers bid up the sales price.  But remember, in addition to price, a seller should consider downpayment amount, what lender the buyer is using, if the lawyer is local and much more.

Just a few quick thoughts but real issues that make a difference in the success of your sale.  Give us a call at 201 993 9500 to discuss at length how we can help you sell your property.  There is a lot more knowledge and experience to share!

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