How to Dodge Having Seller’s Sorrow
Are you thinking about selling your home? If so, a lot of marketplaces in Southern California are experiencing a “seller's” market where inventory is low and sellers find themselves in the driver’s seat.
A lot of markets in the Southern California area are pretty darn hot as homes are selling for more than asking price. And with the marketplace heating up – real estate agents are fielding more and more calls from would-be sellers wanting to list their homes. It seems like a great time to sell. But how can you know for sure if it’s the right time for you to sell?
So, how do you know if you are ready to sell your home? The last thing a would-be seller wants is to experience seller's sorrow. Unlike experiencing experience buyer’s remorse where getting out of a contract is fairly easy through contingencies or other out clauses. You want to be certain about selling your home because you don’t have those same luxuries. And that is why before you sign the contract – it is prudent to be certain you’re ready to list and sell your home.
To ensure you are ready to sell your home. Here are a few strategies to follow to make the sales process go as smoothly as possible and you dodge having seller’s regret.
Hold off until you’re sure and ready to commit
You have to be sure about selling before you commit to the selling process. The home selling process happens rapidly, especially in the hotter markets in Southern California. And even though a quick selling process is favorable for would-be sellers, to sell a home properly – sellers still need to plan well in advance. Selling a home is a big deal, and you should not approach it lightly. It takes ample time to find the right local real estate agent, and more importantly – would-be sellers have to be connected throughout the entire selling process.
When homes are selling like hotcakes – the last things a seller wants is to hit the marketplace and fail to sell. Until you’re fully ready to commit to selling your home – there is nothing wrong with watching from the sidelines. It is truly best to jump in and sell your once you’re truly committed to the home selling process – too many things can go wrong if you have doubts about your financial or physical situation.
Pricing and presentation
Pricing and presentation are key factors in selling your house quickly and for top dollar. You want your home priced well so that the market reacts well – but not too low, so you don’t get top dollar. One of the most important discussion a seller has with their agent is the pricing strategy.
Besides pricing – a seller must focus on presentation. Even in a “sellers” market, you want your home looking its best. There's something about a home that stands out; buyers are just funny in that way. And when buyers walk up to a home that appeals to them – they usually do whatever they can to buy it.
Bottom line: the best way to avoid having seller’s sorrow is a quick sale that fetches top dollar.
Don’t be afraid to negotiate with buyers
When you are in a hot selling market – there’s nothing wrong with seeing if you can get the best terms possible. Remember – you’re in the driver’s seat in a “sellers” market. There are plenty of would-be buyers competing to buy your house which means you don’t have to settle for unfavorable terms and conditions.
Keep in mind – having the luxury of a competitive bidding situation may not always be the case. But if you’re in a competitive bidding situation – the willingness to negotiate along with having a clear plan in place can help you get through the sale process successfully.
Have a clear exit plan
Before selling your home – it is important to do the things necessary such as applicable clearing out, minor painting along with other things to make your home stand out to get the price you want. And when you do the things it takes to sell your home properly, some sellers don’t expect to receive several offers above the asking price wanting to close in 30 days within a few days after listing.
The problem: The sellers had nowhere to go. They didn’t have a plan. Like many sellers today, they heard the market was healthy again. And after dreaming for years of finally getting what their home is worth, they jumped in while “the getting is good” without thinking it all the way through.
Even though receiving several offers in the first few days of listing is music to most sellers ears – it is a big problem “if” the sellers have nowhere to go. Just like you need to implement a great selling strategy – you also have to have a good exit plan, too.
Bottom line: you have to think it through and have a plan ready for when you finally get the price and terms you want – it is a big mistake for sellers not to have an exit plan ready before selling.
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