1. Understand the Windsor-Essex Real Estate Market – What’s moving the market? If you don’t know, make sure your agents does. Understanding the current Real Estate climate in Windsor-Essex is critical to know what the local trends are for your neighbourhood.
2. A tidy, uncluttered home sells – A messy or cluttered home can knock thousands of dollars off of your profit. Money can be lost for not putting in a little elbow grease. Perhaps one of the greatest payoffs to home selling will be the time you spend preparing your home for the sale.
3. The list price matters – Price your home to sell. The first day you list your home will attract the most qualified and most interested Buyers. A listing that stagnates on the market for weeks and months on end becomes stale and often stigmatized why the home hasn’t sold. They’ll either assume something is wrong with the home or that it’s priced too high. If Buyers think something is wrong, they’ll want a discount and if it’s been on the market for being priced too high, they’ll think you’re getting desperate because your home hasn’t sold and that you’d likely consider taking a discount. Avoid the discounts, price it right, and increase your chances of having multiple interested Buyers.
4. Selling a home is inconvenient – Knowing up front you’ll be inconvenienced while selling your home, will make the home selling process a lot easier to handle. You will have to get your home ready to sell, you’re going to have to do some packing and you’re normal everyday living schedules will probably be interrupted by visiting prospective Buyers. When you’re able to anticipate this, it can make the process a lot less painful.
5. Repairs left undone will cost you more money than the repair itself – Repairs that you’ve put off are a lot less expensive to complete if you do them BEFORE you sell your home. Once the needed repair is evident to a Buyer, they will use this as an advantage to pad the actual cost of the repair. When buyers see a simple repair that could have been fixed they wonder what else is in need of repair. They’ll wonder what may be lurking beneath the surface, hidden and not visual to the naked eye. They get a bit frightened in the unknown and will want a little bit more of a reduction, just in case something else pops up once they were to buy your home.
6. Overpricing your home helps to sell your neighbours home – It’s true! Picture this. Buyers are qualified to buy a certain price range so they’re looking at homes that they can afford; your competition, your neighbors. If your home is priced too high, they’ll never see it as it will not come up in the home search. Your home will be coming up in a higher price range; likely homes that are larger with nicer features and more appealing. This price range of home Buyers will look at your home but will skip over your home because they can buy a larger home with the same features for the same amount of money; why would anyone pay more for less space?
7. Buyers will negotiate the sales price after the home inspection – The time to nickel and dime for all the needed repairs will be immediately following the inspection. In an inspection there will always be a hundred of little things and hopefully, you aren’t blindsighted with an unknown major needed repair. If you have any needed major repairs, this should be known ahead of time and disclosed to any prospective Buyers prior to the presentation of their offer. This way you know the offer reflects the defect. As discussed above, fix your repairs so as not to give a Buyer a reason to want a discount. The inspection period will always welcome a skilled negotiator. Make sure the Realtor you hired, is an effective negotiator as they’ll be worth their weight in gold here.
8. Buyers love to grill Sellers at home showings – When a Buyer has scheduled a visit to view your home, it’s important for you to leave for more reasons than one. First of all, you want the Buyers to be able to stroll through your home and feel comfortable without you breathing down their necks, as you want them to envision themselves living in your home. More importantly, you don’t want them to try and wiggle out any details from you regarding why you’re moving that could give them a reason to offer you less money for your home. A favorite tactic for Buyer’s Agents and Buyers is to try and find out valuable details that indicate you “need” to move.
9. Smelly homes sell for less money – Nothing is worse than a smelly home from pets, smoking or even cooking. Sure we love our pets but they can leave behind those not so pleasant smells. If you’re a smoker, you need to plan well in advance to take your smokes outside to freshen up your home’s interior. Perhaps you adore foods with very pungent spices, these favorite dishes that you cook should be put on hold until after you sell your home and get moved out. A thorough cleaning of your home, along with the fabrics, rugs and carpets will go a long way in removing pet, smoking and food odors.
10. Cash is not always King – Cash does not always rule the roost. When financing Buyers have to compete with Cash Buyers, they can make their offer look very appealing in a number of ways that can beat out the Cash Buyer. First, by making sure they’ve presented their offer without any errors, making sure it is accurate and complete. Next, they’ll want to make sure their Pre Approval letter indicates their strong ability to secure the mortgage to buy the Seller’s home. In addition, a Real Estate purchase contract has many different time frames, the Buyers can make sure that they’re going to be quick in adhering to speedy time frames and also, you’d be surprised how many Buyers and their stories of how they’d live in the Seller’s home can pull at a Seller’s heart strings, particularly if the Seller holds a lot of favorable memories from the home.
11. Well maintained homes sell for more money – A well maintain home provides a sense of well being to any prospective Buyer as they imagine that the home having been well cared for and likely will not provide them with too many worries down the road after they’ve bought the home. Red flags are virtually non-existent with a well maintained home as compared to a home that appears to not have been maintained. This peace of mind comes with a price tag that results in the Buyers willingness to pay more for a well maintained home.
12. Delayed or ignored communications jeopardize home sales – Once the decision has been made to sell your home, it’s critical for your communications to be prompt and timely. Now is not the time to ignore your Realtors requests for answers to questions that the prospective Buyer may have or to delay signing/initialling a contract update. This type of lollygagging can irritate all parties to the sale of your home. Be available, prompt and courteous when selling a home.
13. Buyers must envision themselves living in your home – This involves taking the “you” out of your home. When you’ve decided to sell your home, it is now important to realize that your home now needs to read like it could welcome anybody. Begin your packing before you get your home listed for sale and remove all the memories on display and all the things that say “you” live there. Neutrality must now be present in your home. This is because too many Buyers can’t look beyond the “you-ness” of your home to picture themselves there, so it’s best if you make it easy for them, so it will be easy for them to buy your home.
14. Photographs and Videos sell homes – Photographs do matter. Over 90% of Buyers start their home search online and they want to “see” homes and not read about homes; they want to see high quality photos and videos. Poor quality photographed homes will have Buyers snubbing their noses at your home.
15. Trying to hide a defect will haunt you – You never want to get a call from an Attorney, indicating that the Buyers that bought your home are now suing you for not disclosing that home structural issue that you were aware about, yet thought you’d keep it to yourself so you can sell your home for more money. Being slapped with a lawsuit is never welcome news to a home seller. Speak the truth.
16. Cooperation continues to be the name of the game – When an exchange occurs, a little bit of cooperation will go a long way and quite often, ending with a favorable outcome for a home Seller. Don’t fight the Buyer tooth and nail, as they’ll immediately withdraw to put on their boxing gloves and in this scenario everyone loses. A little give and take, more times than not, results in superior results.
17. What you love isn’t what a prospective Buyer loves – Neutralize your home of your purple passion, your bold reds, or your mounted hunting treasures. Do not give a Buyer a reason to find distaste in what you desire. When you sell a home it is not the time to show the world what makes you tick, you want to show how Buyers can fill your home with what makes them tick.
18. Closing date is move out date – It’s important to understand that when the closing date comes around, all of your belongings must be packed up and moved out. Unfortunately, you won’t be able to stay a few days after closing to finish a few things.
19. Requiring that a Buyer meets financing eligibility increases your likelihood of selling your home – Real Estate Agents should only show Buyers your home when they know the Buyers credit, income and assets have been reviewed to make sure they can indeed afford to buy your home. Make sure the Real Estate Agent that you hire, scrutinizes any incoming Buyer offers for their ability to actually be able to pay for your home.
20. Experience sells – Hiring a skilled, trusted, Real Estate professional gets homes sold in the shortest amount of time for the most amount of money. Your choice of a Real Estate Agent matters.
To learn more about how I can help you buy or sell your home in this competitive marketplace, or about what the current market conditions mean for you, contact me today. With a long track record of success, I will work to provide you the best experience possible for your next real estate transaction.
