October 2018 Quarterly Update:
Don’t Sabotage Your Home Sale – 7 Roadblocks to a Successful Sale
- Having unrealistic expectations. Since we’ve been in a seller’s market for many years, it can be easy to have unrealistic ideas of how fast your home will sell and for how much. It’s a bit like hoping to win the lottery with your sale! However, overpricing your home can cause it to sit on the market for months. Even if you find a buyer willing to pay what you’re asking, your home may not appraise at such a high price. No lender will offer a mortgage at a price over the appraised value, so you could be out of luck unless you have a cash buyer.
- Refusing to make necessary repairs. If you refuse to make needed repairs you may lose money or have the sale fall through entirely. Some examples are: chipped paint, missing handrails, missing smoke/carbon monoxide detectors, leaky basement, windows/screens that don’t open, no GFCI outlets in kitchen/bathroom, and electrical wires not in the junction box. Buyers want a well-maintained home – a little elbow grease can go a long way toward a successful home sale!
- Not using a professional photographer or neglecting curb appeal. Today’s buyers shop for homes online first. If they don’t like how your home looks online, they won’t want to see it in person. Also, make sure to de-clutter and stage your home prior to having photos taken to show it at its best. Similarly, if your yard is cluttered, lawn needs mowing, or walkways/driveways aren’t shoveled in winter, you will lose curb appeal. If a buyer doesn’t like how your home looks outside, they may not want to look inside. This is a case where the book is definitely judged by its cover.
- Thinking all your clutter can be overlooked by a buyer. You want a potential buyer to imagine themselves living in your home. If your home is cluttered with personal belongings, that can be distracting to a buyer. Crowded rooms and unnecessary clutter make a space look and feel smaller. De-clutter and pack up personal items to make your home more desirable.
- Staying home or leaving pets at home during showings. Being present for showings can make buyers uncomfortable. So can having pets present – many people are afraid of or allergic to dogs or cats. Potential buyers should feel comfortable and at home so they can visualize themselves living there. Stay away during showings and take pets with you whenever possible.
- Making showings difficult to schedule. Limiting the hours your home can be shown or requiring a lot of advance notice will result in fewer showings. You want to get as many buyers as possible into your home, especially in the first few weeks it is listed. Similarly, having tenants that only allow limited hours for showings can seriously hinder selling the home. In this case, it may be beneficial to wait to sell until the home is vacant.
- Taking the negotiation process personally. This is a business transaction. Don’t waste time and energy taking offense at low price offers or getting caught up on the little things. The last thing you want is to have the entire transaction fall apart over a few hundred dollars. Keep the bigger picture in mind—you want to sell!
The best way to avoid these pitfalls is to have a great Realtor at your side. If you or someone you know is considering selling or buying, contact us today. We’re here to help!
The Zenith City Group:
Brok Hansmeyer – 218-390-1132, firstname.lastname@example.org, licensed in MN
Kevin Kalligher – 218-606-0198, email@example.com, licensed in MN and WI
Do you know of any homes that could meet these buyers’ needs? Please let us know if you do!
J.Y.: Up to $50k, buildable vacant land, 2+acres, zoned residential, Saginaw, Twig, Meadowlands, Brookston
Z.T.: Up to $180k, 3 bed, 1+bath, 1+car garage, Lakeside
M.S.: Up to $400k, 3+bed, 2+bath, 2+car garage (a must), Hermantown, Rice Lake, Esko, Saginaw
S.K.: Up to $130k, 2 bed, 1 bath, garage preferred, large backyard with fence/room to build one, move in ready, Denfeld, Spirit Valley, Lakeside
G&S: Up to $300k, 2+bed, 2 bath, garage, acreage, north of Duluth – Lakewood, Gnesen, Rice Lake, etc
C&E: Up to $285k, 3 bed, 1+bath, garage, Lakeside, Congdon, Woodland, Hunter’s Park, Chester, Kenwood, Piedmont
C&A: Up to $250k, Duplex, Woodland, Hunter’s Park, Chester, Lakeside, Congdon, Kenwood
J&C: Up to $150k, 3 bed, 1+bath, garage, West Duluth, Piedmont, East End, Chester, Lakeside, Congdon
P&S: Up to $200k, 3+bed student rentals, single or multi-family, all East End neighborhoods
S&B: Up to $500k, 3 bed, 2 bath, garage, Esko
Click below for Duluth area market statistics and more! Or click here to download a pdf version.