Pay attention to the Warning Lights when selling your South Florida home?
When a homeowner decides to sell their home here in Coral Springs and South Florida, they’re going to have a lot of expectations. I too, as a South Florida Coral Springs REALTOR®, will have expectations in getting the homeowners home sold.
To set the stage up front when selling a home, here’s what Sellers can expect to happen:
- The Seller will have no showings
- The Seller will have showings, but no offers
- The Seller’s home sells fast and for top dollar.
All Sellers are going to expect #3, right?! So what are the Warning Lights when #3 doesn’t happen? Warning Lights can come from Buyer’s feedback after they’ve viewed the Seller’s home such as;
- The Buyer thought the Seller’s home was too small means they found larger homes for the same price
- The Buyer liked the Seller’s home but bought another means they found another home for a better value
- The Buyer did not like the carpet in the home means the carpet is likely worn, wrong color and should consider replacing.
- The Buyer thought the yard was too small and the street was just too busy means they found homes with larger yards on more peaceful streets
- The Buyer thought the Seller’s home needed some work means the Seller should consider doing repairs or neutralizing home
These Warning lights can suggest that the Sellers home is not priced at the right price point to be the best value in their price range.
Well-priced properties generate immediate interest among Buyers and if the price is too high, that interest and excitement will never happen. Plus, if you later decide to reduce the price, the level of excitement is not the same as what a newly listed home will generate.
Warning Lights most often mean the price is not right. Let’s look a bit closer at some well known facts about finding a Buyer for a Seller’s home:
- Grab Buyer’s attention right away. Buyers and their Agents have seen all the Listing currently on the market and they’re just waiting for a new Listing to come to market to get them excited. The highest level of activity on a new listing will occur during the first 30 days. The best offers will come during this time period as any new interest will only come when a new Buyer starts looking to buy a home and will enter the market.
- Find Qualified Buyers. When the Seller’s home is not priced right they won’t be receiving qualified Buyers interest as they’ll be looking at homes that are within their price range; what they’re approved to buy. The Seller’s home is priced out of their range and they won’t even get a chance to notice the Sellers over priced home as they’re not looking in the higher price range. Make sense?
- Don’t sell the Competition’s homes. Overpricing of a Seller’s home only helps the competition by pointing out the good value of the competition’s homes. They’ll say, “Hey, Buyer look at our home price less than {your} home…our home is comparable for a much better value”
- Buyer’s will ask; How long has this home been on the market? They’ll wonder if something is wrong with the Seller’s home for having been on the market for so long even after later when the Seller has reduced the price. It is often too late, as the reputation of this Seller’s home is now cast in stone. The Seller also loses on having an upper hand in negotiating.
So what does it all mean in a nutshell? If you’re selling your home and you want to receive top dollar and fast, make sure you work together with your REALTOR® to get your home priced right from day one and who knows it may even spark a bidding war which can be common place in a home priced right to sell. Happy Selling!
