I know you hate to imagine swallowing 10 tough pills when you’re thinking about selling a home, yet it happens. There can be some tough pills you have to deal with once that sign goes in the front yard and the sale doesn’t go as planned and you weren’t prepared for the outcome.
Handling the tough pills is the discussion here. The tough pills and how best to resolve them. You’ll be glad to learn now instead of learning the hard way, while you’re in the midst of selling your home. Swallow hard and let’s jump in.
Don’t expect dollar for dollar return from your lovely upgrades
Buyers will only pay what the local Real Estate market will bear and not what you spent. Unfortunately when you over improve, you risk losing the money you invested. Therefore, choose wisely.
A minor Kitchen remodel will recoup roughly 80% of your costs, which varies according to the area in which you live. An upgraded Kitchen however, can certainly have added appeal to bring in more interested Buyers. Simply know you cannot add the cost of the remodel to your home’s selling price.
Don’t let this discourage you however, as there are a few home feature replacements that will recoup over 100% of the cost. Now that’s good to hear. This good news will offset the fact that most will not come in at 100% coverage.
To brighten your mood, if you replace your front door with a new steel replacement door you can look at recouping your cost nicely at about 110% of the cost. You liked that good news, I’m sure! It’s short lived, as I must continue with the 9 other tough pills to swallow when selling a home. Let’s keep going.
Just because your neighbors home sold for such and such doesn’t mean your home will sell for the same amount of money
If I could tell you the number of times I’ve heard homeowners spout out that their neighbors home sold for $350,000 so their home should too, as they just love the home that they’ve lived in for the past 15 years. Little do they know that their neighbors home just had a complete Kitchen renovation. Do they think a Buyer will pay the same price for the home they’re trying to sell that has an outdated Kitchen with laminate countertops and cabinets? I bet you know the answer to that. Emotional attachment routinely gets in the way of making an educated decision regarding the home you want to sell. You simply need to trust the advice of a Real Estate professional who sells homes for a living, like I do.
Get rid of your Realtor friends
What, get rid of your friends you ask?! One of your friends that you chum around with, has their Real Estate license and occasionally dabs in selling homes. She sold her mom’s home when her mom had died this past year and she’s helping her cousin who is relocating to Boca Raton Florida to escape the winter cold from Michigan. Other than that, you can’t remember her last Real Estate transaction. She really doesn’t have the time while fulfilling a full time job as administrative assistant to a busy law firm. But heck, you think, “…she’s my friend, how can she do me wrong?…” After all, the two of you have so much in common.
There are so many ways that she can do you wrong. In fact, these wrong ways will stop you from selling your home. Can you afford to take the risk? I understand it’s not always easy to say “no”, especially to a friend, but in this case, you must. Hire a skilled Real Estate Agent and sell your home fast and for the most money.
You have to keep you home show ready when selling
Did you know that over 81% of home Buyers express that it’s easier for them to envision living in a home when it’s staged and show ready? Not a made up percentage either as the National Association of REALTORSⓇ reported.
Plan your showing schedule so when a prospective home Buyer visits, it will be a breeze for them to see themselves living in your home. If you always keep a tidy, neat home than just a quick notice that a Buyer is on their way should be enough. However, if you need a little more time to spruce up, then an hour’s notice to a home showing or up to 24 hours might be a requirement you’ll need. If you work all day, make sure your home is pristine before you leave for the day even if no showings have been scheduled.
What a pain in the you know what, you think! Would you rather be inconvenienced for a few weeks before you get an offer on your home, or do you want it drawn out for months on end? It gets drawn out when Buyers visit your home and see a mess, while the previously staged home now seems non-existent. Know that there aren’t any shortcuts or tricks to avoid this either. (Note that I said receiving an offer within a few weeks. This brings up a whole other topic not covered in this Real Estate article, that discusses the importance of pricing a home for sale so you get offers and your home doesn’t languish on the market for weeks on end.)
Not everybody will love your home in its current condition and/or style
Understanding this from the beginning will result in less heartaches. More than likely you love your home. You love how you decorated your home. You love that red dining room wall. You love having the children’s bedrooms right next to your bedroom. Yet, diversity makes the world go round and some prospective Buyers may like certain things about your home, while not other things about your home. They may plan a remodel. Understanding Buyer differences and that certain things about your home will appeal to certain Buyers, while not all things will appeal to them. Not all Buyers will like where your home is located, how your home is decorated or what amenities your neighborhood offers them or lack of amenities. What does matter is that just one Buyer thinks the price of your home is fair, likes where your home is located and can envision themselves living in your home, even if they want to get rid of the red dining room wall and do a bit of remodeling. That’s okay. It doesn’t matter. You just need that one Buyer. Of course, if your home is priced right and presented well there will likely be more than one interested Buyer, particularly in the current Real Estate market that showcases a Seller’s market in most southeast Florida cities. So remember, if they send you an offer to buy your home, you’re halfway there.
Eliminating your garage to add on an extra room in your home will cost you many prospective Buyers
You thought you would convert your garage to have the use of a home office. Your argument is that many Buyers want a home office, don’t they? Sure they do, but not at the expense of losing a garage. Do you now understand the tradeoff here? If that garage was really a must, then swallow hard and accept the fact that the perfect Buyer may be harder to come by for you when selling your home.
Your home’s selling price is not a simple square foot calculation
What? No way. Really, you ask? Who knew?! Unfortunately, you’re not alone, as many, including Real Estate Agents, wrongfully calculate a home simply by its square footage. A home’s value is so much more than it’s square footage. It’s about the updates or no updates, it’s about the good/bad location, it’s about the functionality, it’s about the condition, it’s just so much more that must be factored into your home’s selling price.
Now, that you’re feeling that lump in your throat as you really had no idea, by all means, make sure your Real Estate Agent doesn’t try a simple square foot calculation, as that’s just one of many things to avoid in a Real Estate Agent.
Not requiring a solid Pre-Approval from prospective Buyers you risk not selling your home
“Oh, but I do on all Buyer’s offers. See, this letter says they’re pre qualified to buy our home”. Too funny! How many times have I heard Buyers say they’re pre qualified to buy a home. I’ll respond to them by saying, “… oh, okay, so you provided your Mortgage Lender with your bank/asset statements, pay stubs, tax returns and your credit report?…”. “Well no,” they’ll reply. “We just had a phone conversation and I told them how much money I made and that I have good credit and they advised me that based upon that, I’d be qualified to buy a home with a sales price of $350,000”. I shiver in thought. Here we go again. Unfortunately, such a conversation is worthless, utterly without value. Meaningless. All of the financials mentioned above need to be reviewed by the Mortgage Lender in order to get a meaningful Pre-Approval letter.
The Pre-Approval letter will provide home Sellers with the best knowledge of knowing the Buyer’s ability to secure a mortgage. Without it, you could go through all the steps of selling a home only to find out a week before closing that the Buyer’s Lender cannot approve them for a loan. Could you imagine finding that out, after all you’ve gone through in getting to that point in the Real Estate transaction? That would be really hard to take, hard to swallow, wouldn’t it? So will you require a strong Pre-Approval letter now? I thought you’d say yes.
There may be a gap between the time you sell your home and buy your home
Perfect timing of selling your home and then buying your home can certainly happen, yet not always 100% of the time. In the event, there’s a snag and you can’t move into the new home, it’s best to anticipate such an event and don’t be thrown into a tailspin when it happens. You may have to put your sold home belongings briefly into storage while you shelter up in a short term rental or bunk with family and friends until you can move into your new home. Knowing it can happen is best so you don’t worry yourself crazy over it, just anticipate.
Your home never sells and your home listing expires
Ouch. You went through all the mental and physical preparation to get ready to sell your home, endured the showings, the waiting and nothing. No Buyer was interested in buying your home.
When your home expires from being listed for sale, it’s a great disappointment and shouldn’t happen. There are a number of factors to consider as to why your home hadn’t sold, and the greatest number of times it will lead back to your home’s pricing strategy. Be sure to click through and read the article highlighted above “why your home hadn’t sold” so you don’t have to experience an expired listing.
The Short and Sweet of it
As you read, many of these scenarios that can play out during the selling of a home, can be avoided, while others can’t and it’s all about knowing the facts about home selling. However, planning for their possibility will certainly make it a lot easier to swallow. Whether it’s not hiring your friend or perhaps one of the most difficult in letting go of the emotional attachment to your home, often times knowing what to do can make selling a home so less stressful. Now go sell your home!
Book an appointment now to learn more about 10 tough pills to swallow when selling a home in Southeast Florida. Call/Text Lynn at 954-464-1100 or email Lynn at LynnP@ImagineYourHouse.com
Today’s article “10 Tough Pills to Swallow when Selling a Home” written by Lynn Pineda. You’ll find Lynn selling homes in Southeast Florida in the cities of Boca Raton, Boynton Beach, Coral Springs, Delray Beach, Coconut Creek, Deerfield Beach, Margate, Parkland, Pompano Beach, Tamarac, Sunrise, Plantation and Ft Lauderdale areas within Broward and Palm Beach counties.
Lynn Pineda, a licensed Southeast Florida Real Estate Agent serving Southeast Florida for over 10 years. Keller Williams Coral Springs Realty. Real Estate Promises Delivered. You can speak with Lynn by calling/texting her at 954-464-1100 or you can email her at: LynnP@ImagineYourHouse.com if you need to buy or sell a Southeast Florida home. Your local, trusted professional when it’s time to buy or sell a home. Real Estate promises delivered. Jan 21, 2016.
I’m very impressed with how well you covered the topic, Lynn. You didn’t miss anything, and anyone selling a home soon needs to read this article. I’ll be linking to it on my website for sure. Great graphics too, by the way 🙂
Thanks a lot Dustin! Home Sellers can make their lives a lot easier when they know what matters when selling a home. Happy to hear you liked my graphics too! 🙂
Well i am agree with your point of view, Thanks for sharing your thoughts and valuable information.
LOL Mark! Yes, I had in mind exactly what I wanted and was happy when I came upon this image!
It’s best to make updates/upgrades for yourself that will give you pleasure and convenience, as well as improve the value when it comes time to sell. Just don’t get too radical.
So true Gabe. Going overboard is never recommeded!
Thank you for this informative article. I intend to sell my Pembroke Pines home soon and will definitely give you a call when I’m ready.
Hi Shannon, great to hear you found my article to be informative! I’d be happy to help you get your home sold.