By LeAnn Sink, Lizette Realty, Lexington, KY - June 9th, 2016
ASSUME......We all know the joke behind using the first 3 letters in the word assume. I won't got there, but I will explain how home seller's assuming their house will sell like wild fire in today's "seller's market" is their biggest mistake. Here's how......
Definition of a Seller's Market: A seller's market is one in which there are more buyers than homes for sale. Since supply and demand are off kilter in favor of the seller, homes will be higher priced and will sell quicker and for more money than in a buyer's market where there are more homes than buyers forcing sellers to sell for less just to get it sold. Multiple offers for the same home carry on and sometimes consumers are paying over list price for homes. It's true. I'm seeing it happen nearly every day here in Lexington, KY. BUT, and there's a huge BUT that many sellers are overlooking....... Isn't there always a BUT?
If you're thinking of selling, this sounds like a piece of cake to you, right? You have a house to sell and there are zillions of buyers out there fighting for the same properties. Multiple offers are flying. Your house should sell in like a nano second. Right? Some do, actually. I'm seeing that too. Some houses are receiving showing appointments before the agent can even get back to the property to put a lockbox on the door! And some are going into contract before a handful of agents can even get a showing appointment. BUT, and here's where the big BUT comes in........
Here's the secret........ These homes look good, smell good and feel good when you walk through the door. These are homes that are in good condition, well cared for and spruced up before listing. The sellers have repaired things and repainted and cleaned. These are homes that the sellers have taken the time to prepare before placing on the market. These sellers have put in their "sweat equity" prior to listing. Sometimes these houses are also staged. These are smart sellers. Their homes are "move in ready". They realize that if they do a little homework, their hard work will pay off immensely. They will more than likely get list price for their home, if not more, and they will be in contract quickly. They mean business! They will soon see this.....
Do you want to be in the same boat? You must, must, must think twice before about the condition and appearance of your home prior to listing. Just because it's a seller's market today, don't assume all you need to do is slap a sign in the yard. Buyers are pickier and more demanding than ever. Will your home stack up? Do some research on homes in your area that are going into contract quickly. Look at the pictures and see how well the home shows through photos. Chances are, their bath and kitchen counter tops aren't cluttered, all the baby pictures are packed away and the dining rooms are being staged as dining rooms and not play rooms, etc. Do not fall into the category of thinking just because it's a seller's market out there your home will sell in a snap, because for every home going into contract on day #1, there's 100 that are sitting as just "listings". Price or condition. Price or condition. That's the key. You want BOTH.
Here's my tips to get your home first on the list for showing appointments and to have your agent's phone blowing up with showing appointments.
#1. Clean, clean, clean. Even the windows, please. Especially the windows! And dust the ceiling fans.
#2. Freshen up the front entry inside and out. Sweep the porch, put out seasonal flowers, repaint the door. Many times you don't enter your home through the front. It gets neglected.
#3. Look at the landscaping. Pull out weeds and dead shrubs. Yes, I have to tell people to do this!
#4. De clutter - remove all the little things on counters and window sills. Remove family pictures - Get a jump start on packing! You're taking them with you anyways.
#5. Do not leave out personal, bathroom counter top items, suck as hairspray and toothpaste. Put them away in baskets under the sinks. Same goes for the kitchen. Stow away or throw away.
#6. Stage a little! Replace old, worn bedding and pillows. Freshen up bathrooms with new bath & hand towels. Spend a few bucks and get fancy hand soaps at TJMaxx, etc. For around $4, these look 3x that.
#7. Fix anything that needs fixed: holes in walls, leaky faucets, crooked cabinets doors, etc. Your buyer's home inspector will find these anyways, so better to do it now than in a time crunch before closing. Also, repairs that might cost you a few dollars to fix, feel like thousands to a potential buyer. Oh yeah. Buyer's over exaggerate these things all the time.
I lied, #8. PRICE it RIGHT! Ask your Realtor for help in this department. We are trained to run comps and we know the market. You are doomed if you over price from the beginning because you want negotiating or "wiggle" room. Buyers are smart. They do their homework too. Chances are they already know what your home is worth and what they will offer before they even walk in the door. Over pricing a home never works. It just sits around waiting for someone who will use your "days on market" as a their own negotiation tool to wiggle you down to what you should have asked to begin with. By the time that happens, you could have already been outta there! Just keepin' it real.
Looking to buy or sell in the Lexington, KY or Georgetown, Ky area? I'm your gal. Give me a shout. I'm always ready to work and I like to keep it real.
Yours truly,
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