Even the most steely-eyed sellers can get emotional when it’s time to list their home. It’s where they raised their children, gathered friends for annual holiday parties, or painstakingly executed their design vision over many years. If they’ve been in the home many years, they may not be aware of the latest rules and regulations governing transactions. And if they’ve never sold a home before, they are truly in uncharted territory. The financial and legal complexities, the emotional terrain, or the physical labor involved in preparing for a sale may feel daunting.
Inexperienced sellers have never before contended with buyer demands. They many not initially accept suggestions that neutralizing their home or adding small upgrades can make the property more competitive in the market. Using data, and the familiarity with nearby comparable homes, supports some suggestions.
Buyers today typically expect a home to be in move-in condition. Many first time sellers don’t realized that relatively minor repairs can shift their home from fixer-upper to move-in ready. Those who choose not to upgrade may find themselves facing a significant price reductions. If you don’t fix up your house, the buyers will go around the corner and buy from someone who did and they’ll pay more. The costs of modest repairs, such as repainting, installing carpet and refinishing or replacing kitchen cabinetry, are often recouped at resale.
Selling after decades of owning , some common seller issues become more difficult simply because of how long a first-time seller has lived in a home. Decluttering can be hard for people who’ve been in their home five years or more. For older sellers who’ve lived in a home for their entire adult life, it many feel impossible.
It’s not just emotional resistance a seller is experiencing. First-timers may simply not be aware of how clearing out personal items improves the odds of a sale. Sellers who have never dramatically decluttered their homes before do it in stages, clearing one room at a time. Slowing down the pace can ease the mental and emotional pressure involved in getting rid of personal items and once sellers see the results in one room, it can encourage them to continue working on the rest of the house.
Even seasoned sellers can feel like newbies when market conditions have changed dramatically since their last sale. A seller who sold a property during a downturn market may be unprepared for the stress of handling multiple offers in a tight inventory environment. Although it’s a nice problem to have, it can be overwhelming.
The biggest challenge, for all sellers in a tight market, is determining which offers will hold up. When inventory is low, buyers can get swept up in the heat of the moment and bid 10% over list price only to realized later they won’t be able to qualify for financing.
In conclusion, education are what every first-time seller needs. When a sale isn’t going the way the seller had imagined it would, they need to look for strategies to offset the negatives. A professional Realtor can certainly help a seller through this process by the knowing the conditions market condition, having numerous resources and knowledge.
NAR.Realtor magazine 2017