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Today, I have five tips to help you prepare your home for the market and avoid that exact scenario.
1. Understand the market and the value of your home. Do some online research on the real estate market in your area and neighborhood. Some sellers dream up a price or base their price on what they owe on their home. If your home is valued at $200,000, buyers don’t care that you owe $220,000. If that’s the case, it just may not be the time to sell. Talk to a real estate expert. They can get you dialed into the value of your home and what your neighborhood is going for.
2. Fix up your home. Your agent will likely have a list of recommended repairs to help sell your home. They can also recommend a contractor who can come in and take care of some of those items so that you will recoup the cost of those repairs. Most buyers don’t want to buy a home with must-do repair items, so get those repairs done ahead of time. That way, you will avoid delays in getting your home sold. You may even avoid price reductions.
"Talk to a real estate expert about your home value and the market in your neighborhood."
3. Don’t pull your home off the market. If your home isn’t selling in the first month or two, don’t get discouraged. Buyers are still looking. Even if you are heading into fall and winter and other sellers are pulling their homes off the market, there are still buyers out there. By staying on the market, you have the chance of more buyers looking at your home.
4. Consider offering incentives. Even basic incentives will help get buyers interested or get them off the fence to move forward with an offer on your home. For example, you could offer a home warranty to cover the buyer for the first year or 13 months after they buy the home. The home warranty covers items like appliances, the HVAC system, all your mechanicals, electrical, and plumbing. The warranty covers things that typical home insurance would not cover, so the buyer wouldn’t have to worry about the cost of repair for that first year of homeownership.
5. Stage your home. Staging your home is different from home maintenance or making repairs. Staging is about getting expert advice from a staging consultant to show exactly what your home needs to be market ready. Stagers prepare model homes. They are experts who have been trained on market trends and what buyers are looking for, so they will stage your home perfectly for showings.
These five steps will help you cut out delays and possible price reductions when selling your home.
If you have any other questions about selling your home in today’s market or would like to know the market value of your home, just give me a call or send me an email. I would be happy to help you!