Does the thought of putting your home on the market send you into panic mode?
Your stomach churns when you think of strangers roaming through your home…
Your mind frantically jumps from place to place as you think of everything you know needs to be done
…but what about the things you don’t know about…Oh My!!
What will an inspection reveal?
The Good News…
Your completely normal…and you’re not alone!
Everyone who decides to put their home on the market (with the possible exception of “Serial Sellers”) faces these home selling fears sooner or later.
If you’re like most people, and you only stick their toe in the real estate world every 5-7 years how can you possibly know what curve balls the Real Estate Market will throw in your path?
The fear of the unknown is VERY real…
The Bad News…
“Worry is praying for something you don’t want” ~Unknown
Worry # 1 – What if my house doesn’t sell?
It’s the truth!! Having you home on the market is just not fun.
With all the hard work it takes to prepare it, stage it and show it, having your home stamped “Rejected by the Market” ( a.k.a. Expired) is the worst outcome possible.
Yet even in a “hot” market, it happens… every day. Why?
The cause: You aren’t clear about what causes a home to sell…
The cure: Understand…there are only three factors that cause a home to sell…Price, Location, Condition.
Location…this is the ONE factor you have over which you have NO control.
None. Zip. Nada.
Except, that is, when you are buying.
However, your location is THE most important sell-ability factor and the reason we dissect it first when developing a winning pricing strategy.
Price… How many people do you know that are willing to pay more than something is worth? When you over-price your home, the only thing you will accomplish is helping the other homes in that price range look like a bargain. The other home sellers will love you…but buyers, the very ones who fuel your home selling hopes, will give you a wide berth.
Condition…Condition includes maintenance, upgrades, curb appeal and cleanliness…
and “Great Condition” separates the men from the boys…the full price sales from the low-ball offer
“Great condition” is usually the reason one home is chosen over another in the same price range.
I just have to ask…the right time for whom? Since homes are bought and sold every month of the year, “the market” always says it’s the right time, if not the optimal time, to sell.
But is it the right time for you…for your family…or your finances? Everyone’s answer will be different here, and getting crystal clear here is imperative to wiping out this fear.
The cause: The Seller doesn’t have a compelling reason to sell, isn’t clear on how it will benefit them, or doesn’t know what they can expect to receive from a sale after expenses.
The cure: Get clear about why you want to sell and how it benefits family members. (bigger home, different area, job relocation).
With the big “Why” front and center, you’ll have a compass to guide you through the inevitable tough times that come along with a sale.
Along with a CMA (Current Market Analysis) of your home, ask you Agent to provide a detailed Seller’s Net Sheet.
Best case to worst case…The good, the bad and the ugly.
Is it right for you financially? Then it could be the right time to sell.
Worry #3 – What if it’s not priced right?
Priced right for you (and your finances) or priced right to sell? If your first worry is “getting the money you need”, refer back to Worry #2…because you still need to find out it the timing is right for your financial situation.
Priced right to sell? That’s a bit more straight forward.
Looking back at what homes like yours have sold for over the last 6 months, we can get a good idea of what buyers have been willing to pay.
Look at the homes buyers have rejected (expired) and we know what buyers declined to pay.
To get a solid idea of what buyers could pay, look at the homes currently on the market. This is the competition.
The cause: You don’t understand the dynamics of the Real Estate Market and how it affects your pricing strategy.
You may even believe a good Agent has a magic marketing wand that will somehow get your home sold even if your price is unrealistic.
The cure: Understand the current buyers control the market. You can never know exactly what a buyer will be willing to pay, but by analyzing what buying habits have been in the recent past and the current choices are for comparable homes, a narrow range of appropriate pricing becomes obvious. Miss this and you’ll have good reason to worry.
No amount of marketing will sell an over-priced home.
Worry #4 – What if my home “fails” inspections?
Here’s the good news…your home can’t “fail” an inspection.
A Licensed Inspector will only report what he finds. With the Inspection Report in hand, your buyer will accept, accept with conditions (request repairs) or reject.
Major defects or a multitude of smaller ones can scare your buyer, causing them to worry about future expenses and loose confidence in purchasing your home.
They may even get suspicious that you didn’t fully disclose everything you knew about the home.
The cause: This fear is biggest for Sellers who don’t have a regular maintenance program and/or hasn’t upgraded systems and structures at regular, periodic intervals.
The cure: Beat the Buyer to the punch! Have your own inspection and make repairs in advance of the sale. (Talk to your Agent on this one…they can recommend repairs based on your particular pricing strategy) Try this if you want to completely eliminate Worry #4
Worry #5 – What if I get into a “nightmare” deal?
It happens…and it’s best to have a plan of action before your completely tangled up in one.
You’ve accepted an offer, you’ve exploded into your happy dance and then… the wheels start coming off.
Maybe the buyers makes unreasonable demands, important deadlines are missed and the blame-game is in full blow…with emotions running at full-tilt.
Do you remember the lyrics to an old-time Frank Sinatra song?
“take a deep breath, pick yourself up, dust yourself off, and start all over again”
No winners here and the added stress can put you over the stress-of-home-selling edge.
The cause: This is just “one of those things”… A quirky buyer, an inexperienced agent, or an inspection-gone-bad are a few of many outside-of-your-or-my-control situations which can derail a home sale.
The cure: Remember the goal is to sell your home, not play a game of lock-horns with a buyer. When you see you’re in a “nightmare” deal, get out as soon as you can.
Take these cures and you’ll conquer your home selling fears!
√ Be confident your home will sell…
√ Know it’s the right time for your situation, your family and your finances…
√ Secure that you’re priced correctly for a strong sale…
√ Be unconcerned about inspections, and
√ Live your dreams, not your nightmares!
Didn’t see a cure for your particular home-selling fear? Let me know in the comments and I’ll help you discover the cause and dispense the treatment.